NEM (XEM), which stands for New Economy Movement, is a dual-layer blockchain that is written in Java and launched in 2015. The NEM mainnet supports multiple ledgers and has a NEM Smart Asset system, where nodes on the NEM blockchain process API calls. Its native currency is XEM, is 'harvested' using its POI (Proof-of-Importance) algorithm. The 'importance' of NEM users is determined by the number of coins they have and the number of transactions associated with their wallet. NEM also has an encrypted P2P messaging system, multisignature accounts, and an Eigentrust++ reputation system.
NEMs blockchain platform was designed and coded from the ground up for scale and speed. NEM"s permissioned private blockchain delivers industry-leading transaction rates for internal ledgers. And its revolutionary consensus mechanism and the Supernode program ensure that NEM"s open, public blockchain can grow without ever compromising throughput or stability.
Such kind of protocol means that a XEM user’s value is determined through how many coins he controls and the amount of transactions he makes. The creators also offered an integrated system for the exchange of encrypted data, the use of a multi-signature and the Eigentrust ++ system. This recipe has been successful so far and helped the cryptocurrency win its way into TOP 10 currency rating.
The NEM Smart Asset System allows you to totally customize how you use the NEM blockchain. First, your Namespace defines your home on the blockchain where you can name your own Mosaics, provide easy-to-remember names to user addresses, and more. Mosaics then are the basic building blocks of Smart Assets that you can use to represent lots of simple things: it could be a coin, a signature, a status update or more – you decide.
To create truly Smart Assets however, NEM allows you to create Addresses that act as containers for Mosaics that can be connected with Multisig rules. An address can simply represent a user, such as an account holder. But it can also represent an individual unique asset such as a document, or a song, or a package. You can then update that asset through configurable Transactions. See our “example use cases” below to see how Smart Assets can be used to create a wide variety of blockchain solutions, quickly and reliably.
* Forex Rating accepts no liability for any errors in the NEM Price or XEM Information. For the most recent information please visit the NEM official site.
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