NEM, New Economy Movement, is a crypto-based project founded in 2015 that aims to create smarter blockchains that are more advanced in technological terms. In particular, it hopes to create new and more efficient ways to manage assets whilst retaining low costs. The NEM ecosystem also includes a crypto wallet, the Nano wallet.

XEM is the platform’s native cryptocurrency. It has a maximum supply of 8,999,999,999.

What are NEM’s key features and how does it work?

NEM has developed a unique consensus mechanism as part of its goal of advancing crypto technology. This involves combining the concept of Proof-of-Importance (POI) and harvesting. They are designed to address the issues related to Proof-of-Work, requiring substantial computational power, and Proof-of-Stake, which favours those who have large quantities of the coin being mined.

In more detail and within the context of the NEM ecosystem, Proof-of-Importance works by rewarding those who have invested in the NEM system. Rewards are determined by several factors which contribute to a user’s POI score. The higher the POI score the more rewards are distributed. 

This includes the NEM “vesting” or holding period of specific users. 10,000 XEMs are needed for “vesting” and to, therefore, qualify for earning block rewards and transaction fees. It is worth noting that the longer XEM is held the higher the reward amount.

NEM also rewards those who actively use the network. For example, those who execute transactions within the network via the POI mechanism.

What can NEM be used for?

Thanks to NEM’s interoperability with both public and private blockchains it has a broad range of use cases.

For example, users can transfer many different types of digital assets via the network, including tokens, files, contracts, and more, to any type of network. For example, money can be moved from Paypal to another private network directly using NEM. 

Other potential use cases include:

Where can you buy NEM?

NEM is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, AscendEX, Huobi Global, and KuCoin. The price of NEM will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for NEM market prices, please view the price charts on this page.