The New Economy Movement, or NEM, aspires to create a blockchain that is smarter and more technologically sophisticated. It portrays itself as more than simply another cryptocurrency running on a different blockchain.
What is NEM (XEM)?
NEM (New Economy Movement) is a platform that uses blockchain and encryption to give corporate and individual solutions. NEM’s NIS1 public blockchain’s native coin is XEM.
NIS1 is similar to Bitcoin (BTC) in that it is based on a network of distributed independent nodes that process and record transactions on a public ledger known as “blockchain.” Transaction fee incentives are handed out in XEM coins to any node that adds a new block of transactions to the end of the blockchain, incentivizing them to donate their time and processing resources while remaining incorruptible.
NIS1’s blockchain, on the other hand, has a number of distinguishing characteristics that separate it distinct from Bitcoin and most other cryptocurrencies.
NIS1, or NEM as it was then known, released its alpha version on June 25, 2014, and its mainnet went live on March 31, 2015.
The Symbol is a project run by NEM. The Symbol is mainly focused on business. The Symbol is a hybrid blockchain, which implies that it is not completely open to the public but yet has the benefits of a blockchain, such as transparency, security, and solidity. The hybrid blockchain is completely customizable, with blockchain nodes deciding which transactions should be verifiable, who may join in the blockchain, and which transactions should be open to the public.
The interoperability of public and private chains appears to allow for cost-effective, smooth data movement between the two chains, eliminating the use of third-party bridges that are commonly used to connect public and private chain protocols.
Symbol, like other modern blockchains, is interoperable, which implies that data transmission and token exchanges between any blockchain and Symbol may be done without the use of middlemen.
NEM: Roots and History
NEM was founded by three coders who went by the pseudonyms Jaguar0625, BloodyRookie, and Gimre on the Bitcointalk.org forum. NEM has evolved from a three-programmer project to a big ecosystem with several platforms since its beginnings in 2014-2015.
NEM Group is currently in charge of NEM’s general development and promotion. The NEM Group is a parent business created to help the NEM ecosystem expand in the run-up to the introduction of Symbol (NEM 2.0) and beyond. The NEM Group was founded by a group of seasoned NEM representatives and enterprise veterans who recognized that a more straightforward structure would benefit the whole ecosystem while also encouraging greater community input and involvement.
How Does NEM Work?
NEM enables easy interoperability between public and private blockchains. It facilitates the transfer of any digital asset—such as tokens, contracts, or files—from a privately held internal corporate network to a public blockchain and then to the private network of another company. A user can’t transfer money straight from their PayPal account to a Venmo account right now. If all parties involved agree, NEM’s private to public blockchain interface can make such transactions feasible.
Financial assets, contracts, records, and a range of electronic assets may all be handled using NEM.
On the NEM network, one may construct their own PayPal or Venmo. For example, on NEM, NEMPay is an open-source payment tool that can be readily configured to use a participant’s own custom crypto tokens for quick money transactions.
A retail shop chain may also use NEM to manage and track its customer loyalty rewards points program, a shipping firm to handle data concerning shipment and handling, or as an open, secure, end-to-end supply chain logistics management system.
Why Choose NEM?
XEM is a decentralized open-source cryptocurrency with several distinctive properties.
The manner the NIS1 blockchain is safeguarded is maybe the most crucial of them. For the goal of guaranteeing that transactions on the network are processed and recorded in a timely and honest way, NIS1 employs its own proof-of-importance (PoI) method, as opposed to the far more widely used proof-of-work and proof-of-stake algorithms.
Through a mechanism known as “delegated harvesting,” anybody may host a node on the NIS1 network and assist transactions. In order to approximate a node’s “importance score” in NEM’s economy, the algorithm considers the number of coins already owned, how frequently they trade on the network, and whom they deal with.
The nodes then earn a part of the fees from the transactions they assisted in processing based on their score.
The proof-of-importance approach, according to NEM, guarantees that the network can identify and reward people who utilize it the most.
NIS1 also supports multi-signature account contracts, encrypted communications, the Eigentrust++ reputation system, and the Apostille service for notarizing and confirming the validity of data on the blockchain, in addition to its unique PoI algorithm.
Enterprise-level solutions are another key market for NIS1: NEM lets developers link its blockchain infrastructure into third-party apps via a purpose-built API framework.