NEM Price - XEM Price in USD with Live Chart

What Is NEM (XEM)?

This new programmable blockchain, called NEM (XEM), is more technologically advanced and user-friendly than its competitors. The Proof-of-Impact system makes NEM unique compared to Ethereum (ETH) and other programmable blockchain networks.

In late 2017 and early 2018, NEM experienced great success during the crypto boom but has yet to recover. It has even been questioned whether the project will continue. NEM will be explained in this guide, and if it can be revived.

Who are the founders of NEM (XEM)?

Jeff McDonald and Lon Wong founded NEM in 2007. Lon Wong and Takao Asayama built the Apostille solution. He co-founded LUXTAG, a blockchain startup, in the early days of blockchain technology. 

A team of over 40 individuals works at NEM. The team is established in the United States, the Philippines, and the United Kingdom. Consultants and top management personnel make up the NEM Group.

What makes NEM (XEM) unique?

The NEM platform is designed for enterprise use. As it's API-based, it allows separate programs to communicate with each other, and it's written in Java, a widely used programming language. With its smart assets system, NEM's blockchain can model real-world assets
 

A mosaic is a crypto token that users can create on NEM by creating their own crypto tokens. A namespace, such as a web domain, must first be registered. Once the namespace has been created, mosaics may be issued, just like files. As a versatile tool, mosaics can be used for various purposes, including storing value and giving users voting rights.

Despite similar functionality, the method of validating transactions in NEM differs from those in other blockchain projects. As Bitcoin (BTC) introduced proof-of-work, many blockchains use a system where miners verify transactions by spending computing power. Validators may also be selected based on the amount of cryptocurrency they've put up as collateral in a proof of stake system.

The consensus algorithm used in NEM is known as proof-of-importance. In contrast to proof of stake, the algorithm rewards token owners who generate authentic network transactions by awarding them an "importance score," thus incentivizing blockchain use and growth. Rather than giving the largest participation opportunities to those who have invested the most, the algorithm rewards token owners who own more tokens.

Where NEM (XEM) came from?

It was founded by a user named UtopianFuture on the BitcoinTalk forum. Community members would manage it exclusively, as UtopianFuture proposed on January 19, 2014.

Initially, the developers planned to use a similar blockchain to Nxt, but instead, they decided to create their own. March 31, 2015, marked the launch of NEM's mainnet. By that time, UtopianFuture had left NEM.

NEM is developed and marketed by an anonymous team. Several nonprofit organizations were formed to guide the development of NEM in 2017.

Primary features of NEM (XEM)

• As cryptocurrencies or crowdfunding tokens, NEM Smart Assets are similar to bonds and securities but are issued as ‘mosaics.’
• NEM uses delegates to harvest data instead of mining. In addition to connecting to a node, account holders can help produce blocks on the blockchain by holding a minimum stake of 10,000 XEM. Records and verification of transactions are conducted between accounts, with transaction fees collected in exchange.
   
• Based on the number of tokens stacked, the number of transactions to other NEM accounts, and the magnitude and frequency of those transactions, the proof-of-importance (POI) algorithm assigns a hierarchy to harvesting accounts based on network theory.
• A private blockchain can be created and managed on the NEM network using Mijin, which prevents unauthorized users from accessing it.
• To preserve the reputational structure of the PoI, NEM incorporates the Eigentrust++ algorithm.

Pros & Cons of NEM

Pros

• Blockchains from all over the world can be adopted through the platform.
• Large corporations are the firm's primary focus. Exchanges of coins are increasing in volume. 
• As the platform has a comprehensive API interface and is open for further development, developers recognized the need to remain nimble to maintain market share.

Cons

• There needs to be more communication with its community due to its highly secretive team. 
• Smart contract platforms are not unique, but they all have similar characteristics. 
  
  
   

NEM (XEM) Token Matrics

Where is the NEM (XEM) coin available?

NEM (XEM)  is available on a variety of cryptocurrency exchanges. The list of quick, secure, and easy exchanges is listed below.

• Binance
• KuCoin
• Coinbase
• Bittrex

You can check the whole list of exchanges here to buy NEM (XEM)