NEM Xem Price USD

NEM, which stands for "New Economy Movement," is an open-source cryptocurrency token and blockchain platform that aims to build the "NASDAQ of the new economy." Specifically, the NEM foundation gives companies the architecture and programming interface they need to build on the blockchain.

It was one of the first cryptocurrencies, and it tried to fix the problems that other chains had at the time. It was one of the first non-Turing complete chains to have user-defined tokens (called mosaics), namespaces, multisignature accounts, and a P2P reputation system based on EigenTrust++. Its most important contribution to the space is the proof-of-importance consensus mechanism, which was meant to reward on-chain activity and stop the concentration of wealth that often happens with proof-of-stake. Java is used to write its client, NIS.

The NEM project started in March 2015 as a hard fork of NXT, another open source cryptocurrency and payment network. In December 2021, NEM went through a hard fork. This was done by a team of cryptocurrency experts and fans who didn't want to be named. This hard fork, called Harlock, showed that the community wanted to turn NEM from a shadow of its former self into the world's leading payments platform for on-chain and off-chain media content. In March of 2021, NEM put out a new blockchain platform for businesses called Symbol.

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