NEM is a blockchain ecosystem providing solutions for businesses and individuals which is based on the idea of decentralization, solidarity, and financial freedom.
What is NEM (XEM)?
- NEM (New Economy Movement) provides easy transfer of any digital assets and its blockchain can send data from an internal enterprise network to another network.
- NEM is designed to build an advanced and efficient distributed ecosystem, it self-named as a smart asset blockchain which represents tangible and intangible assets.
- Users benefit from NEM with harvesting, getting rewards by the block validations. NEM leverages the Proof-of-Importance consensus that selects not only the size of staking but also activities on the network.
- XEM token is a native token of NEM blockchain that is used to pay for transactions and incentivize to validate public nodes on the network and record transactions for participants.
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Who is behind NEM (XEM)?
NEM was created by three developers known by their pseudonyms on the Bitcointalk.org forum: Jaguar0625, BloodyRookie and gimre in 2014. NEM’s overall is currently managed by NEM Group, a parent company supporting the growth of the NEM ecosystem. NEM Group operates three separate sections: NEM Software, focused on the product and business development; NEM Trading, responsible for all finances, including liquidity management, exchange support and token lending; and NEM Ventures, the venture capital and investment, focused on strategic partnerships.
What is the purpose of NEM (XEM)?
NEM aims to create a new economy to become a blockchain technology provider that innovatively and dynamically creates an impact to the digital era.
XEM token powered on the NEM blockchain is used for transaction fees and voting network governance decisions. Also, it is used in the NEM ecosystem for value transfers and payments, shipping tracking, loyalty reward points, encrypted messaging, and anti-counterfeiting. Token holders validating transactions (harvesting) get XEM as a reward.
- NEM uses a unique Proof-of-Importance mechanism, similar to Proof-of-Stake in that those who hold large amounts of coins are randomly selected to process transactions. The main difference for Proof-of-Importance is nodes which are selected based on how many XEM the node has reinvested in the system. This was done in order to decrease the benefits of holding large amounts of tokens as an investment.
- Users selected for the Proof-of-Importance process hold at least 10,000 XEM then the system gives the user a rating based on how long they hold these coins as well as how many they reinvest into the system. This selection process is operated by the EigenTrust+++ Algorithm.
- NEM uses HTTP API in interacting with a blockchain to make an application creation easily and offers off-chain smart contracts for businesses.
- In 2018, 523 million XEM tokens were stolen in hack of a Japanese cryptocurrency exchange, Coincheck.com. The stolen tokens were stored in a hot wallet connected to the internet. However, all affected users received compensation.
- When the top 50 wallets were inspected, it found that the top wallet holders are employees. Therefore, the Proof-of-Importance consensus may be manipulated in someone’s favor.
- The stolen SEM token topic may be negative to the NEM company even they are hacked from a hot wallet of crypto exchange which was not related to the NEM security system.
News and Updates
- NEM announced its seventh hard fork, Harlock, which enables voting on whether NEM integrated into the Symbol blockchain.
- NEM launched its tokenization chain, Symbol, despite pre-mainnet configuration issues.
All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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