What is NEM (XEM) ?

NEM Official Logo
NEM Official Logo

NEM is a peer-to-peer cryptocurrency and dual-layer blockchain similar to Ethereum. The initial plan for NEM was to create a fork of NXT, but this was eventually dismissed in favor of a completely new codebase. Approximately $50,000,000 worth of XEM is traded on a daily basis. Exchanges that accept XEM include Binance, Upbit, Zaif, Poloniex, Kryptono, and Exrates. NEM’s design architecture consists of two components. One is the node or NEM Infrastructure Server (NIS) and another client was the NEM Community Client (NCC). NEM’s multi-signature contracts are universal, meaning they are built into the blockchain, not on top of the blockchain as in third-party reliant software. The contract enables several people to administrate the activity of an account, control assets such as XEM from one account, other mosaics, or create additional contracts such as creating a new token. The first hybrid public/private blockchain solution built from scratch, and first to use the Proof of Importance algorithm using EigenTrust++ reputation system.

Original author – Lon Wong
Programming language of implementation – Java
Initial release
 – 31 March 2015
Development status – Active

Website – nem.io

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