Charts price for NEM (XEM)

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Description of NEM (XEM)

NEM origin

Release Date: June 25, 2014.

The idea to create NEM was initially started on the BitcoinTalk forum, by a user known as UtopianFuture. The initial plan was to fork NXT. However, an entirely new codebase was decided to be made. The developers behind NEM are pseudonymous.

NEM Functionality

The NEM Blockchain is responsible for powering what is known as the Smart Asset System. Which is a Blockchain system and solution that is fully open sourced and allows for Blockchain powered applications to be built without downloading any special software due to the API calls provided by NEM.

NEM addresses act as containers within the software which hold assets. So, an address can represent a crypto wallet or a notary document that needs signatures. Using these addresses, developers can create Mosaics, which are transferrable assets that can represent a variety of things.

The algorithm that is employed on the NEM Blockchain is known as Proof-of-Importance. Each node on the NEM Blockchain carries an importance score that determines how often it can mine. How mining or harvesting works on the NEM Blockchain: XEM is vested, overtime vested coins increase your importance score, the frequency and quantity of your transaction score also improves it. The importance score impacts the amount of XEM that you can mine/harvest.

Additionally, NEM has built in spam filters that bar nonsense transactions from clogging the chain. P2P time synchronization, which grants the network the ability to maintain accurate time data without the need to rely on outside servers. Encrypted messaging and multisignature addresses are also part of NEM.

Individuals are also able to generate private versions of the NEM Blockchain for internal purposes.