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What Is NEM (XEM)?
NEM (New Economy Movement) is a network of platforms that utilise blockchain and cryptography to enable corporate and individual solutions. NEM's public blockchain NIS1 has a native cryptocurrency called XEM.
NIS1 is identical to Bitcoin (BTC) in that it involves a network of distributed independent nodes to process and store transactions on a public ledger known as "blockchain." Transaction fee incentives are paid out in XEM coins to each node that proceeds to add a new block of transactions to the end of the blockchain, rewarding users to contribute their time and processing resources while also remaining incorruptible.
NIS1's blockchain, on the other side, has a number of distinctive characteristics that set it apart from Bitcoin and most other cryptocurrencies.NIS1 — or NEM as it was then known — launched its alpha version on June 25, 2014, and its mainnet went live on March 31, 2015.
Who Are the Founders of NEM?
NEM was founded by three programmers who identified by the pseudonyms Jaguar0625, BloodyRookie, and gimre on the Bitcointalk.org forum. NEM has evolved from a three-programmer personal project to a huge ecosystem with multiple platforms since its inception in 2014-2015.
NEM Group is currently in charge of NEM's overall development and promotion. The NEM Group is a parent company created to assist the NEM ecosystem develop in the run-up to the launch of Symbol (NEM 2.0) and thereafter.
The NEM Group was founded by a group of qualified NEM representatives and business experts who recognised that a more basic structure would impact the whole ecosystem while also encouraging more community input and engagement. The NEM Group Board of Directors is in responsible for formulating policy and budgets, as well as assuring that all corporations are working towards unified objectives. NEM Group is made up of three separate entities: NEM Software, which focuses on product and business advancement; NEM Trading, which is in charge of all finances, including liquidity management, exchange assistance, and token lending; and NEM Ventures, which concentrates on strategic partnerships and venture capital.
What Makes NEM Unique?
XEM is a decentralised accessible cryptocurrency with several distinctive properties.
The way the NIS1 blockchain is protected is maybe the most essential of them. For the objective of ensuring that transactions on the network are processed and stored in a timely and truthful manner, NIS1 adopts its own proof-of-importance (PoI) method, as contrast to the far more widely used proof-of-work and proof-of-stake algorithms.
Through a process known as "delegated harvesting," anybody can operate a node on the NIS1 network and assist transactions. In order to approximate a node's "importance score" in NEM's economy, the system considers the number of coins already held, how frequently they trade on the network, and who they transact with.The nodes then receive a part of the fees from the transactions they assisted in processing based on their score.
The proof-of-importance system, according to NEM, assures that the network can identify and reward people who use it the most.
NIS1 also offers multisignature account contracts, encrypted communications, the Eigentrust++ reputation system, and the Apostille service for notarizing and verifying the authenticity of data on blockchain, in addition to its unique PoI algorithm.
Enterprise-level solutions are yet another significant market for NIS1: NEM enables developers to integrate its blockchain infrastructure into third-party apps using a purpose-built API system.
How Many NEM (XEM) Coins Are There in Circulation?
There are 8.999 billion XEM coins in circulation, all of which were generated since the network's start – no additional XEM can be mined. The network nodes are incentivized for processing transactions by receiving fees from the transactions included in each new block.
How Is the NEM Network Secured?
NEM utilises the Ed25519 public-key signature system and the SHA3 hash method to safeguard its network.
Include on your website a calculator NEM and chart XEMUSD using the widgets below.
To run a calculator or chart on your site, please:
- Copy the code of the selected widget and paste it into the right place on your website
- You can also configure widgets as needed by modifying the parameters:
- data-crypto="" - enter a list of cryptocurrencies that will be available in the cryptocurrency calculator. Enter the cryptocurrency shortname. You can add many cryptos, e.g. BTC, ETH, TEO. You will find a list of available cryptocurrencies here. To add all cryptocurrencies - leave the tag empty.
- data-fiat="" - enter the list of FIAT currencies that will be available in the cryptocurrency calculator, you can choose multiple currencies by entering e.g. PLN, USD, EUR, GBP. To add all FIAT currencies - leave the field blank.
- Parameters are configurable for the cryptocurrency calculator. In the case of the chart, it is not possible to add many parameters (crypto or fiat).
- To use widgets, you must include a link to your source. The link is included in the above widget codes. The link should not contain the parameter rel = "nofollow".