What is NEM?
NEM is a blockchain platform designed for high-performance and enterprise solutions. Its native token, XEM, is used as a medium of exchange within the NEM ecosystem. The platform, also known as the 'New Economic Movement', aims to provide enterprise-level clients with a more efficient way to authenticate and transport blockchain assets. It acts as a bridge between private and public blockchains, increasing their usefulness through integration.
NEM was first introduced in 2015 by UtopianFuture, a member of the Bitcointalk forum, as a fork of the cryptocurrency NXT. The platform's codebase was improved in 2015 to increase scalability and speed. In 2016, the NEM Foundation was established as a non-profit organization dedicated to increasing NEM adoption through marketing, training, and collaborations.
The total supply of XEM is fixed at 8.99 billion, with 53% allocated to stakeholders, 21% set aside for the development fund, and 26% for the sustainability fund. The platform uses a unique consensus mechanism called proof of importance (PoI) which is based on a time and stake-based network incentive. The network is maintained by a network of 'supernodes' and new tokens are 'harvested' rather than mined.
In March 2021, NEM launched Symbol, a new proof of stake (PoS) public blockchain. XEM holders received XYM tokens in proportion to their XEM holdings. XEM is primarily used to pay for transactions on the NEM blockchain, but can also be customized for other uses such as harvesting. The NEM blockchain also exposes its capabilities through an API that can interact with any programming language, making it easy for developers to generate, distribute, and exchange coins and tokens.
Additionally, NEM is used for a wide range of use cases such as supply chain management, digital identity, and asset tracking. The platform is designed for enterprise-level clients, and it offers various features such as multi-signature functionality, encrypted messaging, and customizable smart contracts.
NEM also has its own enterprise solution called Catapult, which is a full-featured blockchain engine designed for businesses. Catapult utilizes a new codebase and architecture to provide improved performance, scalability, and security. It allows for the creation of private chains, and it also has a built-in multisignature feature, which enables users to sign transactions with multiple private keys.
Another key aspect of NEM is its focus on security. The platform utilizes a unique consensus mechanism called Proof of Importance (PoI) that minimizes the risk of 51% attacks, and it also has a built-in spam prevention system that prevents malicious actors from flooding the network with fake transactions.
NEM also has a strong community and a dedicated team that is constantly working on improving the platform. The NEM Foundation is a non-profit organization that is responsible for promoting NEM adoption and educating the public about the platform. They also collaborate with other organizations to drive the development and adoption of NEM.
In summary, NEM is a smart contract platform that is geared towards enterprise solutions and high performance. It is designed to provide a more efficient means of authenticating and transporting blockchain assets, and it offers a wide range of features that cater to the needs of enterprise-level clients. The platform’s native token XEM is used to pay for transactions on the NEM blockchain, and it also serves as a medium of exchange among NEM ecosystem players. NEM’s unique consensus mechanism, strong focus on security, and dedicated team make it a promising platform for businesses to consider as they explore the potential of blockchain technology.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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