Questions » What is the NEM network?

What is the NEM network?

The NEM network is a decentralized blockchain platform and cryptocurrency that was launched in 2015. NEM stands for “New Economy Movement” and is designed to provide a more efficient and customizable blockchain solution for businesses and developers.

The NEM network uses a consensus mechanism called Proof of Importance (PoI), which takes into account a user’s overall support of the network, rather than just the amount of cryptocurrency they hold, to validate transactions and secure the network. This makes it more accessible to smaller users and incentivizes participation in the network.

NEM offers several unique features, including the ability to create customizable assets and smart contracts using a simple drag-and-drop interface, and the ability to send encrypted messages and attachments with transactions. The platform also offers multi-signature transactions, which require multiple users to sign off on a transaction, adding an extra layer of security.

NEM’s native cryptocurrency is called XEM, and it is used to facilitate transactions and pay transaction fees on the network. The supply of XEM is fixed at 8.999 billion, and the cryptocurrency can be bought and sold on several major cryptocurrency exchanges.

Overall, the NEM network offers a flexible and user-friendly blockchain platform with a range of potential applications, from supply chain management to asset tracking and more.