NEM (XEM) - an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of the NEM NIS1 public blockchain.
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Information about the NEM (XEM) project
Blockchain works similarly to Bitcoin (BTC): it has a network of distributed independent nodes that process and record transactions on a public ledger, called a "blockchain". These nodes are incentivized to waste their time and computing resources and remain incorruptible through transaction fee rewards; these rewards are paid out in XEM to each node that manages to add a new block of transactions to the end of the blockchain.
However, the NIS1 blockchain has a number of unique features that set it apart from Bitcoin and most other cryptocurrencies. The alpha version of NIS1 - or NEM as it was known at the time - was launched on June 25, 2014, and its main network went live on March 31, 2015.
Platform features
XEM - an open source decentralized cryptocurrency that comes with a number of unique features. Perhaps the most important of these is how the NIS1 blockchain is secured. NIS1 uses its own Proof of Identity (PoI) algorithm - as opposed to the much broader Proof of Work and Proof of Stake - to ensure that transactions are processed and recorded on the network in a timely and fair manner.
What is the uniqueness of the project:
| POI | Instead of using a proof-of-work (POW) algorithm, NEM uses POI. The platform uses a client-server model where the NIS (NEM Infrastructure Server) operates independently of the NCC (Platform Community Client), allowing light clients to operate without a full copy of the NEM blockchain. Proof of importance is used in NEM for timestamped transactions, and the “importance” of each user is determined by the number of coins they have and the number of transactions, coming from wallets. |
| Open source and closed source | The platform client is open source and available on GitHub. However, the NEM Server Component (NIS) is closed source and has an obfuscated binary. |
In addition to its unique PoI algorithm, NIS1 also supports features such as multi-signature contracts, encrypted messages, the Eigentrust++ reputation system, and the Apostille service for notarizing and authenticating files on the blockchain. Another important market for NIS1 is enterprise-level solutions: through a specialized API system, NEM allows developers to integrate their blockchain infrastructure into third-party applications.
Buying and selling tokens
The total supply of XEM is 8.999 billion coins, all of which have been created since the launch of the network - no new XEM can be mined. Network nodes are incentivized to process transactions by allocating transaction fees that are included in each new block. You can buy XEM or use available trading pairs such as:
- Zaif;
- Binance;
- OKEx;
- HitBTC.
The platform has released NEM WeChat Wallet applications. The new application expands the functionality of the WeChat messenger. WeChat users will be able to link NEM wallet addresses to contacts in order to send cryptocurrency transfers subsequently to each other directly through the messenger.