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NEM (XEM)

  • Category: Smart Contract Platform
  • Coin Launched: March, 2015
  • Resources: White Paper
  • Reddit: NEM
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About NEM

NEM is a highly versatile crypto solution which seeks to adhere to a host of mainstream industry requirements. It is written in Java and JavaScript with 100% original source code.

NEM has a stated goal of a wide distribution model and has introduced new features in block chain technology in its proof-of-importance (POI) algorithm.

ledger wallet

NEM History / Information / Buying / Staking

  • NEM HISTORY

    When did NEM crypto start? Image result for nem crypto history 2015 NEM, which stands for the New Economy Movement, is a technology platform intended to be used to manage assets and data easily and inexpensively. NEM was spun out in 2015 from NXT, a blockchain-based virtual currency and payment network platform.

  • HOW NEM WORKS

    NEM is a blockchain written in Java, the double-layer blockchain supports multiple ledgers on its cryptocurrency layers. NEM’s ecosystem is built in such a way that seamlessly connects and transfers any type of digital assets between private and public blockchains. A collective growth mindset, made NEM to abdicate the POS consensus and introduce the POI. NEM is the world’s first practitioner of POI (Proof-of-Importance) consensus. Although it is similar to Proof-of-Stake which requires locking of certain amounts of coins in the ecosystem.

  • BENEFITS OF USING NEM

    Some of the benefits of using NEM are:

    ADAPTIVE API
    It is one of the few cryptocurrencies that has an adaptive API interface, which is compatible with Java, as well as, C++.

    FAST TRANSACTIONS
    The increased speed of transactions is also an advantage that NEM has over Bitcoin. It can handle around 3000 transactions per second, mostly because it has created its own system from scratch by writing a whole new set of code.

    NEM WALLET
    Although not very user-friendly, it does have its own wallet called Nano Wallet, which is very simple and fast to start with.

    CONSENSUS SYSTEM
    It has a consensus system of its own and is used only by NEM in the crypto market space. As a replacement for Bitcoin’s Proof of Work (PoW), NEM has a system called Proof of Importance (PoI) which guarantees that every participant is paid as much importance as they deserve.

  • CAN YOU STAKE NEM

    XEM holders will be eligible to lock their holdings in the MyContainer wallet and earn staking rewards from them. Users who are confused about staking XEM in MyContainer are assured that it’s similar to other wallets and coins.

  • COINS SIMILAR TO NEM

    Direct competition to Nem which are considered similar coins are:
    ETHEREUM AVALANCHESOLANA CARDANO