NEM

Halal Rating :
Comfortable
Last Price $0.021 Last updated:
Rank 257
1D Change 3.60 %
Market Cap $184.64m
Circulating supply 8,999,999,999
Maximum supply 8,999,999,999

Crypto Overview

Categories
  • PoI
  • Medium of Exchange
  • Payments
  • Smart Contracts
  • Fantom Ecosystem

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.

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