NEM (New Economy Movement) is a platform ecosystem that uses blockchain and encryption to deliver solutions to companies and people. XEM is the native token of NEM’s NIS1 public blockchain, which functions similarly to Bitcoin (BTC) but has several distinct characteristics that distinguish it from Bitcoin and most other cryptocurrencies.
The NEM.io Foundation is a non-profit corporation located in Singapore that announced the introduction of NEM as a fork of the NXT in March 2015. The creation of XEM (the native coin) is the consequence of the project’s unique coding being developed to advance the project and make it more scalable. In addition to global finance, the team believes they can solve a variety of other financial and commercial issues. Smart contracts, crowdsourcing, supply chains, gaming data, and legal papers are just a few examples.
NEM was founded by three developers who went by the pseudonyms Jaguar0625, BloodyRookie, and gimre on the Bitcointalk.org forum. NEM has evolved from a personal initiative of three programmers to a huge network comprised of multiple platforms since its start in 2014-2015.
NEM Group is a parent business created to promote the expansion of the NEM ecosystem in the run-up to the release of Symbol (NEM 2.0) and beyond. It was founded by a group of seasoned NEM reps and enterprise veterans who saw that a more streamlined structure would benefit the whole ecosystem.
The NEM Group Board of Directors is in charge of developing the strategy and budgets, as well as guaranteeing that all affiliates are working toward shared goals. NEM Group is made up of three distinct entities: NEM Software, which focuses on product and business development; NEM Trading, which is in charge of all finances, including liquidity management, exchange support, and token lending; and NEM Ventures, which focuses on strategic alliances.
How It Works
NEM (XEM) is a unique Proof-of-Importance (PoI) consensus method that this flexible blockchain presents to the market. PoI enables users to do transactions with other networks while earning incentives and to ensure those network transactions are executed in a timely and honest way. NEM and PoI consume far less energy than a PoW system like Bitcoin. This provides NEM with a significant competitive advantage for firms that invest in their sustainable initiatives. For future investments, trust a reliable trading platform such as Bitcoin Profit.
To maintain the PoI reputational architecture, the EigenTrust algorithm is implemented into NEM’s blockchain. This protocol can carefully manage network nodes to ensure that those contributors who are especially high-quality are included throughout the consensus procedure. The system includes a security clustering algorithm that evaluates previous node activity and allows cluster nodes to lend reputation points to their peers.
Users can utilize the PoI algorithm to conduct transactions with other networks while earning incentives. All you need to do to improve your PoI score is send more transactions to individuals. NEM nodes do not require their computers or mining equipment to be operational. This technique is advantageous because it allows the NEM blockchain to remain secure without requiring massive amounts of computing power from all users.
The PoI system considers each node’s coin holdings, frequency of transactions, and who they trade with. Based on this score, nodes earn a portion of the fees from the transactions they assisted in processing. When compared to blockchains of generations one and two, this technique maintains NEM efficiency and compactness.
On July 16, the price of the XEM (XEM) token increased by 35% to $0.151, following a month in which the average 24-hour trading volume for NEM was $50 million. The surge coincides with the revelation that Symbol (XYM), an enterprise blockchain technology developed by the NEM group, has decided to collaborate on a project with the Colombian government.
Investors are advised to avoid FOMO, seeing as how NEM’s prices are currently bullish. It’s important to note other factors before fully committing to new crypto investment.