You must have come across many cryptocurrencies like Bitcoin, Etherium, TRON, Litecoin and many others. According to blockchain analysis study, it is noticed that most of the cryptocurrencies get overshadowed due to big cryptocurrencies like Bitcoin and Ethereum. But that doesn’t mean all other cryptocurrencies are of no importance at all. Among many of the cryptocurrencies, there is NEM (XEM) which we are going to discuss in this blog. Not sure whether you are aware of this cryptocurrency or not, but if it seems new to you, then you need to know about NEM (XEM). So let us help in providing detailed insight about this crypto coin to you in this blog.
Know About NEM (XEM)
NEM stands for New Economic Movement and was launched on 31st March 2015. It is known to be peer to peer cryptocurrency written in java. Besides considered to be a ‘Smart Asset blockchain’, NEM is an efficient technology that deals with managing data and assets at low cost in a simple way. It is known to be evolved from the version of NXT, which is a very famous virtual currency and payment network platform based on the blockchain. Its functioning is controlled by NEM.io Foundation, which is a Singapore based non-profit organization.
Later on, the foundation decided to move and wished to advance NEM by developing a codebase to make it run faster and scalable. And from that NEM made its new beginning as a new cryptocurrency platform, which made it apart from NXT.
What is XEM?
While discussing NEM, you must have observed XEM, which is seen along with the name. Now you must be wondering about this term which is correlated and is attached to NEM. Then let us inform you about that. XEM is actually the NEM’s own cryptocurrency. Although, it is not much preferred as means of payments like Bitcoin, somehow, it still has managed to grow in value and holds the twelfth position as the highest market cap among cryptocurrencies. Another interesting fact to know about NEM is that it is supportive of one’s wallet, which is NANO wallet.
POI: An Efficient Pillar Of NEM
To build a better blockchain NEM aims to rely on its key concept or to say efficient pillar, which is POI called as Proof Of Importance. It is being used for rewarding users, who make transactions in the network. When a user being the participant makes more transactions from the minimum range, it adds to the POI score that makes him/her claiming rewards. Apart from it, to prevent misuse of transactions by a group of users, NEM focus on improving the POI score by considering net transaction amount.
Benefits Of NEM’s Usage
An interesting fact to know about NEM is that is beneficial in offering the continuous ability of interfacing between public and private blockchains. Apart from it, it also makes digital assets like contracts, tokens, files – from private internal enterprise network, through a public blockchain way and finally, other business private network. NEM is well enough to manage financial, digitized assets, contracts and documents.
Conclusion
Besides being familiar with popular cryptocurrencies, you need to know about NEM, that made its beginning on 31st March 2015 and which also made it apart from NXT. In this blog, you briefly got understood about the XEM, which is known to be NEM’s cryptocurrency and the position which it holds as highest market cap among other cryptocurrencies. Also, you came to know about the fact that it is supportive of one’s wallet, which is NANO wallet that is built with javascript and HTML. According to blockchain educational news, NEM cryptocurrency truly justifies to its tagline which reads ‘Smart Asset Blockchain, Built For Performance’.