NEM (XEM)

NEM, which stands for New Economy Movement, is a blockchain platform that was officially launched in March 2015. It emerged as one of the pioneering projects in the blockchain industry, aiming to address and improve upon the limitations present in other blockchain systems at that time. NEM introduced several innovative features and concepts that contributed to its recognition in the cryptocurrency community.

Features of NEM

NEM is distinguished by several unique features that set it apart from other blockchain platforms. It was one of the earliest non-Turing complete blockchains to introduce a variety of advanced functionalities.

Ticker	XEM
Category
Website	https://nem.io/
Twitter	@nemofficial
Reddit	https://www.reddit.com/r/nem

Mosaics and namespaces

One of the notable features of NEM is its support for user-defined tokens, referred to as mosaics. Mosaics allow users to create and manage custom digital assets on the NEM blockchain. Additionally, NEM introduced the concept of namespaces, which function similarly to domain names on the internet. Namespaces enable users to create a unique identity for their mosaics and other assets, enhancing the organization and management of digital assets on the platform.

Multisignature accounts

NEM provides multisignature account capabilities, enhancing the security and flexibility of transactions. Multisignature accounts require multiple signatures from designated signatories to authorize a transaction, reducing the risk of unauthorized transfers and providing an additional layer of security for users.

P2P reputation system

The platform incorporates a peer-to-peer (P2P) reputation system based on the EigenTrust++ algorithm. This system is designed to establish trust among nodes in the network, ensuring reliable and secure interactions between participants.

Proof-of-importance consensus mechanism

One of NEM's most significant contributions to the blockchain industry is the introduction of the Proof-of-Importance (PoI) consensus mechanism. Unlike traditional proof-of-stake systems, which often lead to the concentration of wealth among a few holders, PoI aims to reward active participants in the network. It considers various factors, such as the number of coins held, transaction activity, and network engagement, to determine a user's importance score. This score influences the user's ability to harvest blocks and earn rewards, promoting decentralization and network participation.

NEM infrastructure server

The NEM client, known as the NEM Infrastructure Server (NIS), is written in Java. This choice of programming language provides robustness and cross-platform compatibility, allowing developers to build applications and interact with the NEM blockchain effectively.

Current developments and Symbol

As of now, NEM remains a highly traded cryptocurrency with ongoing development activities. One of the significant developments is the planned merge with another blockchain platform called Symbol. This integration aims to enhance the capabilities and features of the NEM ecosystem, setting the stage for future growth and innovation.

For more information about NEM and its developments, you can visit the official website here.