Question 1

How much does NEM (XEM) cost?

Accepted Answer

The current price of NEM (XEM) is £ 0.00504431, which has decreased by -4.64% in the last 24 hours. However, like all other cryptocurrencies, NEM's price fluctuates, so investors are advised to track regularly.

Question 2

What is NEM (XEM)?

Accepted Answer

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.

Question 3

Who created NEM?

Accepted Answer

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.

Question 4

How does NEM work?

Accepted Answer

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.

Question 5

What makes NEM unique?

Accepted Answer

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.

Question 6

How is NEM's Proof-of-Importance consensus algorithm different?

Accepted Answer

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.

Question 7

How many NEM (XEM) coins are in circulation?

Accepted Answer

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.

Question 8

Where Can You Buy NEM (XEM)?

Accepted Answer

NEM (XEM) is available for trading on several crypto exchanges, including Coincheck, BTC Trade UA, CoinEx, Indodax, BitMax. Investors also have the option of storing their XEM in a compatible wallet or opting to harvest more XEM.

Question 9

How to Keep Your NEM (XEM) Safe?

Accepted Answer

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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