NEM (New Economy Movement) is an ambitious form of cryptocurrency which provides new features on the Blockchain model. It was written purely on Java from the bottom making it 100% original. NEM was designed for practicality and as such it is able to run on any web browser.
It consists of two components the NIS (NEM Infrastructure Server) and the client side. These server-client system prevents attacks from unauthorized access to its user’s wallets.
NEM was inspired by the crypto currency Nxt and was created by a Bitcoin Talk forum user known as “Utopian Future” with the intention of making sure digital currency was going to be fair and widespread. It started open alpha on June 25, 2014, open beta on October 20, 2014 and released a stable version on March 31, 2015.
NEM partnered with Tech Bureau Corporation on 2015 and created Mijin which is based on NEM.
A new version of NEM is to be released in 2017 called Catapult, it will be an enhanced version of the previous ones providing faster and more reliable transactions. Catapult will be a combination of both the NEM and Mijin platform and will be implemented on C++ for better optimization, performance and stability.
Today NEM is currently under the top 10 of the cryptocurrencies being used today.
Being a peer-to-peer client NEM allows its users to connect, trade and create a reputation for themselves.
Namespaces- allows the users to create their owned named domain,
Mosaics- custom assets which help in building reputation within the network.
POI (Proof of Importance) – ranks the user to determine their importance and reliability within the community.
Supernodes- A system in which NEM rewards active nodes with cash as long as they meet the minimum requirement of having 3 million XEM. Running Supernodes are great since they are alternatives to bitcoin mining and can be run using a simple computer.
Harvesting and Delegated Harvesting – Using the Supernode feature above, NEM will harvest and collect the rewards you have earn through harvesting. NEM also features a delegated harvesting which is basically safer and secure.
Multisignature transactions – Unlike Bitcoin, NEM allows multi-signature accounts without relying on a 3rd party application.
Messaging- NEM allows its users to send encrypted or unencrypted messages to one another without using a 3rd party application.
ALL Time High of NEM
Market Cap as of September 13, 2017
Volume (24 hours) as of September 13, 2017
Circulating Supply as of September 13, 2017
Backers of NEM
NEM is backed by multiple countries worldwide.
Here are some of the most well-known countries:
NEM is also supported by more than 300 companies and banks worldwide.
Well-known companies like:
- Arara Inc.
- SBI Sumishin Net Bank
- BC Fintech
- Dragonfly Fintech
- Metro Money Exchange
- NEM’s private chain is Mijin which is owned by the same company. Mijin is just as successful as NEM containing millions of online wallets.
- NEM can also be referred to as XEM since NEM is XEM’s mosaic notation
- Behind the economy of NEM is Lon Wong, the founding President of the NEM foundation. He has been overseeing NEM’s development ever since its inception in 2014.