The current price of NEM (XEM) is $ 0.03788984, which has increased by +1.07% in the last 24 hours. However, like all other cryptocurrencies, NEM's price fluctuates, so investors are advised to track regularly.
NEM (XEM) is a blockchain platform that was launched in March 2015. It was one of the pioneers of the blockchain industry, and its mission was to address and improve the flaws found in earlier chains. One of its remarkable features is its non-turing complete chain that offers user-defined tokens, also known as "mosaics," and namespaces, multisignature accounts, and a peer-to-peer reputation system based on EigenTrust++. Today, NEM remains a widely traded cryptocurrency.
NEM was developed by an anonymous group of developers known as the NEM Foundation. The team aimed to create a blockchain platform that can provide more scalability and speed than traditional blockchain systems. Despite this anonymity, NEM has gained a reputation for its advanced and unique features.
NEM operates through a unique consensus mechanism known as Proof-of-Importance (PoI). Unlike Proof-of-Stake or Proof-of-Work, PoI seeks to reward on-chain activity and discourage the concentration of wealth that's common in proof-of-stake mechanisms. This system encourages users to actively transact on the network, ultimately promoting decentralization.
NEM's distinct feature is its Proof-of-Importance consensus algorithm. It's also one of the first blockchain platforms to offer user-defined tokens, multisignature accounts, and namespaces. These have made it a favourite among many crypto enthusiasts and have contributed to its recognition in the industry.
Unlike other popular consensus algorithms like Proof-of-Work and Proof-of-Stake, NEM's Proof-of-Importance focuses not only on the amount (stake) of XEM that a user holds but also takes into account the user's overall support to the network. This includes the user's transaction history and interactions with other network nodes. This unique system ensures that more active network members have a higher chance of harvesting (mining) the next block.
The current circulating supply of NEM (XEM) is 9.0B, while the total supply is limited to 9.0B. The circulation of new coins happens through a process known as harvesting.
NEM (XEM) is available for trading on several crypto exchanges, including Indodax, GMO Japan, BitMax, BTC Trade UA, YoBit. Investors also have the option of storing their XEM in a compatible wallet or opting to harvest more XEM.
To safeguard your NEM coins, it's recommended that you use a hardware wallet or any secure digital wallet that supports NEM. Always ensure your wallet has a strong, unique password, and remember to keep it in a safe and secure place. Regular software updates are crucial to maintaining wallet security.
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