What is NEM?
NEM, or New Economy Movement, is a blockchain platform centered around its XEM token. It offers a variety of unique features, including a reputation-based consensus mechanism POI, a notarization service NEM Apostille, its own NEM Smart Assets System, and lots more. Founded by Lon Wong in 2015, the NEM foundation has successfully promoted the project to commercial and governmental organizations worldwide.
By the People, For the People
NEM was first started by a BitcoinTalk user, “utopian future,” who proposed to create a flexible payment network that would be to Nxt what Litecoin was to Bitcoin. The community managed to build the cryptocurrency from the ground up, opening up many opportunities for individuals and businesses alike. First and foremost, NEM employs a unique consensus algorithm called Proof-of-Importance (POI), which resembles Proof-of-Stake but takes into account not just the balance but also the nodes’ activity in the network and their reputation. This “harvesting” is much more secure than mining or staking and encourages the engagement of all nodes in the community. Moreover, NEM holders can also delegate their XEM coins to be used for harvesting and earning rewards.
The NEM Smart Assets provide a wide functionality that includes the capability to create digital assets on top of XEM that are functionally similar to tokens on platforms like Ethereum and TRON. Elements of this system are called “mosaics” and can represent virtually anything the user wishes. Then there is NEM Apostille, a notarization service that assigns a unique key to any document using the user’s account information. This is a particularly useful feature for document management systems. Another service built on NEM is Mijin, which allows companies to build and operate their private blockchains inaccessible to unauthorized users.
Time For An Overhaul
Having been a community-driven project from the start, NEM has evolved significantly over the years to satisfy the needs of its users. In 2019, it was again striving to beat its competitors with the new four-layered Catapult engine. Among other things, it will bring aggregate transactions, which will be used in decentralized swaps, allowing users to exchange funds in XEM without an intermediary. Catapult will also introduce multilevel multi-signature accounts, enabling various security configurations to be created on top of the existing protocol and bringing blockchain technology one step closer to mass adoption by the big industry.
Where to store XEM?
With the Magnum Wallet, you can send and receive XEM anywhere in the world in seconds. You can also exchange your XEM with over 1000 other coins and tokens in real-time and enjoy many of our cool features, such as the Telegram Notifier Bot, watch-only wallets, and hardware wallet support. Your data is kept safe in Magnum, as no one but you has access to your private keys, and no personal information is collected in the process.