NEM stands for „New Economy Movement“. This is a blockchain that wants to provide a platform dedicated to the goals of this movement. The New Economy Movement wants to establish a just and sustainable economic order.
Social media and free trade should be able to take place on the decentralized platform. The focus is on financial freedom, equal opportunities and self-determination. The actual coin used for this blockchain is called XEM.
NEM Coin – What is this crypto currency?
The NEM coin, also known as XEM, is the crypto currency to be used within the NEM platform. A total of 8,999,999,999 XEMs are already in circulation. At the heart of Coin’s development is the NEM platform, which will be able to offer a wide variety of innovative solutions for a whole range of applications. XEM is to be used for various operations on the blockchain. In addition, there are no fees for the transactions in the form of some XEM. The focus is on Internet trading, secure and anonymous transmission of messages, personal finances and automation processes for the office.
The team is primarily concerned with safety and reliability. The blockchain provides the basis for the platform. This is basically the software behind the crypto currencies. This works decentralized and is distributed to all computers participating in the network. The platform, called NEM Infrastructure Server, should also be decentralized and enable other programmers to develop software based on the blockchain and to offer a decentralized trading platform.
One of the most outstanding elements of the coin is the proof-of-importance process. The importance of each account is determined by an algorithm. The account must have XEM. The importance results not only from the financial capacity of the account, but also from the reliability and frequency of the account holder’s activities. This evaluation mechanism should influence the interaction within the network. And helps mining the coins. The higher a user’s reputation, the more XEM the user digs. This should ensure that not only users with a high credit balance benefit from the crypto currency. It should provide an incentive to actually use the coins. In addition, this procedure is intended to prevent tendencies towards centralisation and to dampen price fluctuations. This should also ensure that there is always enough XEM in circulation.
The reputation mechanism „Eigentrust++“ regulates how trustworthy the nodes of the network are. These nodes are used for communication. If a node is not trustful, no communication takes place via it. At the same time, an anti-spam function is integrated. Another function for which the crypto currency can be used is the Smart Asset.
Smart assets are digital assets that can be shares, currencies, assets, identity cards, patents and much more. The „multi-signature solution“ is another independent feature of the coin. This allows payments to be linked to contractual conditions. For example, a payment is not executed until a certain number of signatories have agreed to it. Multi-signature solutions are suitable for companies and communities pursuing a common project. You can use it to control a disbursement exactly.