What does the term Nem Xem mean?
NEM XEM Coin also has an integrated P2P secure and encrypted messaging system, multi-signature accounts, intrinsic trust and a reputation system.
In 2017, NEM XEM Coin became one of the largest cryptocurrencies in terms of market capitalization. While the blockchain industry was busy fighting the DAO wars, several Japanese banks engaged with the NEM XEM team to test the blockchain as a new payment infrastructure.
This article explains the unique blockchain capabilities of NEM XEM Coin.
The New Economy Movement
NEM XEM Coin was launched in early 2015 and is now traded through many major cryptocurrency exchanges. The cryptocurrency introduced a new consensus mechanism called “Proof of Importance”, which aims to reward users’ contributions to the NEM community.
The new algorithm is roughly based on the proof-of-stake, but it also reflects how actively a user interacts with other users. NEM Coin has also implemented a method to protect potentially conflicting nodes.
The founders have said that one of the objectives is to fight the inequality of wealth, a feature of both existing cryptocurrencies and the “old economy”. NEM Coin was formerly known as the New Economy Movement, but its full name has since disappeared and it is now referred to as NEM.
NEM XEM Coin is written in the Java programming language and the currency itself is called XEM Coin. “NEM Coin is a movement that aims to empower individuals by creating a new economy based on the principles of decentralization, financial freedom and equal opportunities.” – NEM Technical Reference.
NEM XEM Coin is not a branch of Bitcoin. NEM Coin was designed from the ground up to avoid any of the issues facing cryptos today, such as scalability, ease of use, energy consumption, governance, and the centralization and consolidation of mining hash power.
The New Economy Movement offers much more than just one currency (XEM Coin).
XEM was created in 2014 and has a fixed supply of $9 billion. At the time of this writing, XEM has climbed steadily to $0.88 and is now in ninth place in terms of total market capitalization. XEM Coin is not mined, it is harvested, unlike XEM mining.
If an account has 10,000 or more NEM coins, the money is sold by NEM’s algorithm. You can then start passively harvesting block charges. XEM Mining uses very little power because you can turn off your computer and still harvest.
The more POIs (proofs of importance) you have by holding the bet and acting in a normal manner, the more points you get. In return, the number of blocks from which you reap increases. And the more XEM is used, the higher the amount harvesters receive! This creates an incentive to invest in NEM Coin as a currency.
In terms of transaction speed, XEM takes a maximum of 10 to 30 seconds for processing. The scalability of XEM was tested on a private chain called mijin, and the devs have developed a customer validation program called Catapult.
The NEM ecosystem provides a platform for startups, industry, hospitals, real estate, game developers, artists and inventors. This allows them to easily create special blockchains for various purposes, in Java and other programming languages.
The first projects are already viewed as revolutionary new arenas, such as games. Developers can create game economies of various forms, which allow players to earn money by playing.
Features and functions of NEM Coin
NEM Coin was not the diversion of an existing project; it was built at an early stage. It focuses on the needs of end users and analyzing the advantages and disadvantages of the existing blockchain.
NEM Coin has a two-tier architecture that pays special attention to security. These two layers (server and client) are the NIS (Infrastructure Server NMS) and the NCC (Community NMS client). NCCs establish a secure connection to NIS to execute and store transactions without having to download the entire blockchain. This greatly enhances the user experience.
The NEM technology was developed under the Test Driven Development (TDD) method. This methodology focuses on all efforts to meet the predefined requirements before embarking on the implementation of the technology.
This ensured that all the code was created to meet those requirements or the tests, and avoids inefficiencies and unnecessary code. Thanks to this new way to reach a consensus, the node with the “Proof of Interest” (POI) does not need expensive machines that use a lot of energy, especially since one part can function independently of the portfolio.
By using previously annotated APIs, any application can safely build the blockchain of NEM Coin without having to download the chain of access blocks. Another strength of NEM is that the average block time is 1 minute. This time is 10 times lower than Bitcoin, enabling NEM to execute and validate many more transactions in less time.
Like other blockchains, NEM Coin enables the creation of new virtual assets. NEM Mosaics allows these assets (which can be linked to real values) to be created with fixed or variable products, descriptions, tariffs and transmission rights.
Key features of the proof-of-importance are:
- The net transfers: spending, in the last 30 days, “issued” transactions, with recent transactions being weighted more heavily
- Amount of Vested XEM Coins
- Accounts that are part of interconnected activity clusters are weighted slightly more than outliers or hubs (which only join clusters but are not part of them)
- The importance score addresses two main criticisms of proof-of-stake.