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NEM, short for New Economy Movement, is a crypto project launched in 2015 with the goal of building blockchains that are more capable from a technical standpoint. It specifically targets smarter and more streamlined ways to handle assets while keeping costs low. The wider NEM ecosystem also includes a crypto wallet called the Nano wallet.

XEM is the platform’s native cryptocurrency. Its maximum supply is 8,999,999,999.

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

NEM has created a distinctive consensus method as part of its mission to push crypto technology forward. The approach combines Proof-of-Importance (POI) with harvesting. Together, these are meant to counter common drawbacks of Proof-of-Work, which depends on significant computing power, and Proof-of-Stake, which tends to benefit participants with larger coin balances.

More specifically, within the NEM ecosystem, Proof-of-Importance rewards those who have put value into the NEM system. A user’s POI score is calculated using multiple factors, and a higher POI score results in a larger share of rewards. 

This setup also relies on NEM “vesting,” or the holding period for certain users. To be able to “vest” and qualify for receiving block rewards and transaction fees, users need 10,000 XEMs. It’s also important to note that keeping XEM locked for longer can increase the reward level.

NEM additionally incentivizes active network participation. For instance, users who carry out transactions on the network through the POI mechanism can earn rewards.

What can NEM be used for?

Because NEM is interoperable with both public and private blockchains, it supports a wide variety of potential applications.

For example, the network can be used to move many forms of digital assets-such as tokens, files, contracts, and more-between different types of networks. For example, funds can be sent from Paypal to another private network directly via NEM. 

Other potential use cases include:

Building systems for retail businesses to record customer loyalty reward points; Coordinating end-to-end supply chain logistics workflows;Running ICOs.

Where can you buy NEM?

NEM can be traded on the CEXs and DEXs listed here. Among the most well-known venues with high liquidity are Binance, AscendEX, Huobi Global, and KuCoin. NEM’s price changes based on the exchange you choose and prevailing market conditions. For the latest and historical NEM market pricing, please check the price charts on this page.