NEM
Crypto Overview
Overview
NEM (XEM) is a peer-to-peer cryptocurrency and blockchain platform launched in 2015. The platform is built with a focus on providing solutions for businesses and enterprises, featuring a unique Proof-of-Importance (POI) consensus mechanism that rewards users based on their network activity and account balance.
Purpose and Utility
NEM was designed to serve as both a payment system and a platform for building decentralized applications. Its core features include: multi-signature accounts, encrypted messaging, and a reputation system. The platform enables the creation of assets, digital identity management, and supply chain tracking.
Business Model and Current Usage
The platform's primary focus is on providing blockchain solutions for businesses. NEM has been adopted by various organizations, particularly in Asia, for supply chain management, document notarization, and payment systems. Notable implementations include Lithuania's BLOCKCHAIN CENTRE VILNIUS and the UAE Ministry of Community Development's use of NEM for digital services.
Development Activity
While development was initially active, recent years have shown decreased development activity on the original NEM blockchain. Many resources have been redirected to Symbol (XYM), a next-generation blockchain platform built by the NEM team. However, the original NEM blockchain continues to operate and maintain its core functionalities.
Token Distribution and Governance
The initial distribution of XEM tokens was conducted through a fair launch mechanism, with tokens distributed to early community members. The NEM Foundation, which oversees development, operates as a non-profit organization. There are no significant concerns regarding token concentration among founders.
Crypto Impact
To assign a comfort level investing in NEM from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to NEM.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.