New Economy Movement (XEM)

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NEM

$0.12

XEM 2.43%

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The New Economy Movement (NEM) evolved from the NXT blockchain currency and payment platform in 2015. Designed to be a Smart Asset blockchain that manages assets and data easily, faster, at lower cost, and more scalable.

NEM’s cryptocurrency is XEM. XEM has the twelfth-highest market cap of $450 million and a circulating supply of 9 billion.

NEM offers two blockchain platforms: NEM NIS1 and Symbol. The NEM NIS1 is the original platform created for developers. Symbol is a blockchain solution to help businesses cut costs and streamline innovation.

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What is New Economy Movement (XEM)?

Written in Java, NEM’s blockchain technology uses proof-of-importance (POI) and harvesting to reduce processing time and network congestion. By leveraging these technologies, NEM can support financial assets, documents, contracts, and other digitized assets. NEM is also API compatible, allowing any mobile app, database, or web app to connect to the NEM blockchain and interact with high security.

Proof-of-Importance Algorithm (POI) places more importance on how much the user is invested in the NEM system using vested interest. The holding period and amount of XEM tokens in the wallet factor into how many new blocks are earned and generated. The longer a user allows their XEM tokens to vest, the greater blockchain rewards they receive. POI also rewards transactions with other users on the network to earn more XEM tokens.

New Economy Movement (XEM) Market Price Ticker Chart

About New Economy Movement (XEM)

Used by other blockchain platforms like Bitcoin and Ethereum, harvesting is an alternative mining process. NEM’s harvesting method allows a user to link their account to an existing supernode. Then it lends that account’s POI score to the supernode to increase the block harvesting without increasing the processing power.

Written in C++, Symbol uses modified Proof-of-Stake, receipt, and Merkle State Transition Proof protocols. It also uses cross-chain transactions and offers metadata controls beyond the original NIS1 platform. Symbol offers an integrated hybrid public/private blockchain to increase data flow and innovation while securely exchanging and protecting business assets.