Presentation and definition of the crypto-currency Nem (XEM)
- Name of the crypto-currency : Nem
- Acronym : XEM
- Where to buy Nem ? Binance
- Creation Date : March 2015
- White paper of Nem
- Web Site of Nem
Nem : New Economy Movement
The acronym Nem means “New Economy Movement”. It is a platform for decentralized, the operation of which is based on a system of blockchain and a validation of the operations by the consensus POI (Proof of Importance”). The network offers a multitude of features to users : transactions, exchanges of messages, creation of assets. The source code of Nem has been written in the Java language.
Proof of Importance
To validate each of the transactions on the Nms, the network is based on an index of “importance”. Nem calculates this score based on the past transactions, and users with which these operations were carried out. For a new member, who has never made a transaction, the calculation of the Proof of Importance will be compared to your number of chips. It is in this case a validation by proof-of-stake (Proof of Stake), which is a classic process. The POI is thus a system which is of benefit to the miners who have a high score. Nem has the ability to generate blocks very fast : about 1 minute, compared to ten for the famous crypto-currency Bitcoin, thus reducing the energy consumption and therefore the total cost of the operation.
The creation of mosaics
NEM also proposes the creation of new assets in the blockchain : we speak of “mosaics”. These mosaics can be used in many areas and also the non-financial sectors.
The tokens XEM
The network NEM uses tokens XEM to perform transactions on the platform. You can store your chips, thanks to a virtual wallet, for example the Desktop Nano Wallet.