What Is NEM (XEM)? The New Economy Movement aims to finish what Bitcoin started.

What Is NEM (XEM)?

NEM (XEM) is a peer-to-peer (P2P) cryptocurrency  and blockchain platform written in Java. It uses a Proof-of-Importance (PoI) consensus algorithm, Eigentrust++ reputation, encrypted messaging, and a smart-assets layer that incorporates multiple digital ledgers for interoperability.

XEM is the native cryptocurrency coin of the NEM ecosystem. In January 2018, $400 million worth of XEM was stolen from the Coincheck exchange in Japan.

Who Is NEM?

NEM was conceived in the Bitcoin Talk forums by user UtopianFuture as an NXT fork. It was instead built from the ground up in 2014, with the NEM Foundation being created in 2016. The Singapore-based Foundation supports branding, development, and incubation on the platform.

Use Cases of NEM

NEM has similar blockchain applications to other blockchain 2.0 smart contract platforms like Ethereum and NEO/GAS. It’s being used in elections in the Ukraine and to authenticate academic certificates in Malaysia. The brand will continue to grow as The Foundation continues onboarding partners around the world.

Look for NEM to be used in enterprise B2B applications, gaming, tech, resource management, government, health care, and more.

How to Mine XEM

XEM is harvested using PoI, which takes into account hodled balances, network usage, and trust. Harvesting is similar to mining, but a different term is used because of the extra factors being considered.

Learn More About NEM/XEM

If you want to learn more about the NEM blockchain and XEM cryptocurrency, check out this basic starter guide on Investopedia. It’s a great investment site that focuses on mainstream investments, so the inclusion of NEM is a great sign of things to come. Or check out this intro guide to Kucoin Shares on Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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