NEM (New Economy Movement) is a blockchain-based platform that provides a wide range of services, including a cryptocurrency, smart contracts, and distributed ledger technology.
It was created in 2015 by a group of developers who wanted to create an open-source platform that would be more efficient and secure than existing blockchain technologies. NEM is designed to be a secure, fast, and reliable platform for businesses and individuals to use for their digital transactions. NEM's native cryptocurrency is called XEM.
It is used as the primary currency on the NEM network and can be used to pay for goods and services or exchanged for other cryptocurrencies. XEM also serves as an incentive for users who contribute to the network by running nodes or providing other services. The NEM blockchain uses a consensus algorithm called Proof-of-Importance (POI).
This algorithm rewards users based on their importance in the network, which is determined by their activity level and the amount of XEM they hold. This encourages users to be active participants in the network, which helps maintain its security and stability. NEM also offers smart contracts, which are self-executing contracts that are stored on the blockchain.
These contracts can be used to automate processes such as payments or asset transfers without requiring third-party intermediaries. Smart contracts are secured by NEM's POI consensus algorithm, making them highly secure and reliable. In addition to its cryptocurrency and smart contract capabilities, NEM also provides distributed ledger technology (DLT).
DLT allows multiple parties to securely store data on a shared ledger without relying on a central authority or third party intermediary. This makes it ideal for applications such as supply chain management or asset tracking where multiple parties need access to data but don't necessarily trust each other.