$ 0.05451 right now
Trade name: XEM
Year of Foundation: 2015
What is NEM?
A P2P crypto Nem has recently taken the 8th place among other cryptocurrencies. Compared to most of the popular coins, NEM is considered one of the quietest ones. Nem is created using Java thanks to which it can serve as a platform used for the online businesses, various industries and institutions and developing games. This makes NEM to be in a strong demand among investors and developers.
How does NEM work?
Unlike most of the cryptos, NEM uses a modernized Proof-of-Importance (PoI) system. While some crypto technologies (Bitcoin) using PoS systems allow investors earning only under the condition of possessing large amounts of funds, NEM technology opens to users to earn more with less amount of funds. The idea of PoI is that the nodes weigh as much as how much funds are on the balance as well what is the amount of activity produced by a wallet. NEM consists of two parts: a node and client. The last one must be connected to the P2P network like a gateway for the client.
The history of NEM
NEM was created in Japan in 2015 by an anonymous developer UtopianFuture. At first, it should be a fork of NXT though later there appeared an idea to create some crypto oriented on Japanese private and governmental organizations. Also, NEM has its own token called XEM functioning in a similar way as Ethereum. In 2018, there occurred a massive hack on one of the Japanese exchanges. It resulted in a loss of about $500 mln XEM tokens worth $400 mln.
How to use NEM?
As a private platform, NEM is widely used in the private and governmental institutions, particularly, in banks. It is expected to cut down banking costs by up to 80%, not to mention that transaction security is drastically increased. Being a PoI coin, NEM is not mined but harvested which is much less time-consuming. User’s hardware is not even required to be turned on.
Currently, NEM’s worth reaches $0.19. with a market cap $1.79 bln. Just recently, in 2018, NEM hit a point of $1.80. Though, after the market fall, its worth has lowered to $0.38.