NEM (XEM) is a pioneering Layer-1 blockchain platform with a Proof-of-Importance consensus mechanism and a flexible Smart Asset system for enterprises.
Launched in 2015, NEM developed independently without forking from Bitcoin, focusing on high performance, easy integration, and allowing diverse customizations of digital assets on enterprise blockchain.
MAIN CONTENT
NEM uses a unique PoI mechanism, assessing importance based on network activity, not just token holding.
The Smart Asset System facilitates easy and flexible development of enterprise blockchain applications.
A team with international experience, developing the ecosystem through partnerships and the Symbol project.
What is NEM (XEM)?
NEM is a Layer-1 blockchain built from the ground up using Java and C++, launched in March 2015. With the native token XEM, NEM provides a fast, easy-to-integrate platform for businesses to develop applications and digital assets.
Rather than learning from forks like Ethereum or Bitcoin, NEM focuses on creating an optimal blockchain for business applications, emphasizing performance and high adaptability.
How does NEM (XEM) work?
NEM operates a unique Proof-of-Importance (PoI) consensus mechanism that prioritizes active nodes based on the amount of vested tokens, transaction frequency, and interactions with other reputable nodes.
Unlike PoW (Bitcoin) or PoS (Ethereum), PoI creates strong incentives for users to actively contribute, promoting a more decentralized network.
PoI "asserts the importance of each node beyond token balance, creating a dynamic and equitable blockchain network."
Quote from Alex Tinsman, Former President of NEM Foundation, 2023
The two-tier architecture separates the core blockchain and application logic, making NEM flexible and easy to integrate into diverse enterprise systems, optimizing development experience.
NEM (XEM) Products
NEM develops a modular ecosystem with 4 key products, supporting businesses and developers in customization, including:
Smart Asset System
The Smart Asset System allows for easy configuration of asset types and applications on the blockchain without complex smart contracts.
Comprising key components: Address (wallet representative address, organization...), Mosaics (digital assets such as tokens, loyalty points...), Namespaces (hierarchical domain names similar to DNS), Transactions (transactions and asset ownership management).
This system helps businesses build separate blockchain solutions, saving development costs.
Proof-of-Importance (PoI)
PoI evaluates the role of nodes based on the amount of vested XEM tokens, transaction levels, and relationships with other reputable nodes, encouraging active participation rather than just holding tokens.
This helps maintain a decentralized, stable, and more efficient network compared to traditional consensus mechanisms.
NEM Infrastructure Server (NIS1)
NIS1 is the first public blockchain to operate the XEM token, featuring fast transaction speeds (average block time of 1 minute), powerful RESTful API, support for multi-signature wallets, and the ability to create customizable private blockchains.
Based on NIS1, businesses can build a flexible blockchain ecosystem suitable for various purposes.
NEM Wallet
The official wallet of the NEM network fully supports managing XEM, Mosaics, Namespaces, creating multi-signature wallets, and integrating the Apostille solution for document verification.
Wallet available on both desktop and mobile, ensuring a convenient, secure, and fast user experience.
Notable features of NEM (XEM)
PoI creates a fair network, encouraging genuine participation rather than passive token holding.
The two-tier architecture separates blockchain and applications, easily integrating various enterprise systems.
Flexible APIs allow access to the blockchain using various programming languages.
Supports both public and private blockchains, catering to diverse business needs.
Flexible asset design and data modeling thanks to Mosaics, Namespaces, and Address.
Overview of NEM Token and Tokenomics
Technical Information
Token Name: NEM
Symbol: XEM
Blockchain: NEM (NIS1)
Consensus Mechanism: Proof-of-Importance (PoI)
Token Type: Native Coin
Total Supply: 8,999,999,999 XEM
Current Circulation: 8,999,999,999 XEM
Token Allocation
All NEM tokens have been unlocked and allocated, with no traditional ICO or IEO. Development resources are primarily based on internal budgets and the community.
Token Utility
Pay transaction fees on the NEM network
Reward for validating nodes
Staking and maintaining PoI network activity
Roadmap
Although NIS1 no longer develops large features, NEM focuses on transitioning to Symbol – a next-generation blockchain inheriting core technology, aiming for cross-chain, DApps, and DeFi integration.
Node security improvements
API optimization and reduced block creation time
Building bridges with Symbol and other blockchains
Expanding connections with the DeFi ecosystem through the global community
Project team, Investors, and Partners
The NEM team is led by blockchain, technology, and marketing experts from various countries, with experience working at large corporations and tech startups.
Core Team
Alex Tinsman – Former President of NEM Foundation, with over 20 years of experience in B2B technology marketing, having worked with Xbox and Microsoft.
Jason Lee – Vice President of NEM Foundation, a FinTech expert and digital marketing professional in the Asia-Pacific region.
Jeff McDonald – Co-founder of NEM, CEO of LuxTag, developer of the Apostille protocol for notarizing digital documents on the blockchain.
A multinational team of engineers and blockchain experts from Japan, Malaysia, and Europe contributes to building a global development network.
"The combination of technological expertise and market experience of the team is the key to maintaining NEM's development potential."
Jason Lee, Vice President of NEM Foundation, 2024
Investors
NEM is primarily developed through community funding and internal NEM Foundation funds, not relying on venture capital or traditional ICOs.
Strategic Partners
LuxTag – A NEM blockchain startup combating counterfeiting with the Apostille solution.
CopyrightBank – A platform protecting intellectual property rights based on NEM's Smart Asset.
Symbol (XYM) – Next-generation blockchain developed by the NEM team, supporting multi-chain and DApps.
The United Nations with a blockchain project for sustainable development.
Many universities and academic organizations in Japan, Malaysia, and the Philippines.
Summary
Although it no longer holds a top position in the cryptocurrency market, NEM is still regarded as a pioneering blockchain platform with the PoI mechanism and Smart Asset System serving businesses. The development direction towards Symbol opens up many new application potentials, especially in modular blockchain and enterprise.
Note: The information is for reference only and is not investment advice.
Frequently Asked Questions
What is the difference between NEM (XEM) and Bitcoin and Ethereum? NEM uses a proprietary PoI mechanism to evaluate the importance of nodes based on network activity, rather than traditional PoW or PoS, which helps to create a fairer and more decentralized network. What is the total supply of XEM tokens? The total supply of XEM is 8,999,999,999 tokens, all of which have been unlocked and are fully circulating on the NEM network. How does NEM's Smart Asset System work? The system allows for the creation and management of various digital assets such as tokens, shares, and loyalty points, configured directly on the blockchain without complex smart contracts. What notable experience does the NEM team have? The team consists of experts with over 20 years of experience in various fields such as technology marketing, FinTech, and blockchain, having worked with Microsoft, Xbox, and global startups. What is the future direction of NEM? NEM is focusing on developing Symbol – a next-generation blockchain with cross-chain features, DApps, and integration within the DeFi ecosystem.
Source: https://tintucbitcoin.com/nem-xem-la-gi/
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