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NEM
About NEM
NEM is a blockchain platform that was launched in 2015 and aimed to improve on the imperfections of other chains at the time. It was one of the first non-turing complete chains to offer user-defined tokens, namespaces, multisignature accounts, and a P2P reputation system. It introduced the proof-of-importance consensus mechanism to reward on-chain activity and deter wealth concentration. NEM's client, NIS, is written in Java. In 2021, NEM was hard forked by a team aiming to turn it into the world's leading payments platform for on-chain and off-chain media content.
NEM (New Economy Movement) is a blockchain platform that was launched in March 2015. It's noted for its unique architecture and the incorporation of several advanced features. The platform has its own native cryptocurrency known as XEM. Unlike many other blockchain platforms, NEM is built from scratch and introduces several innovations, including its POI (Proof-of-Importance) algorithm, multi-signature accounts, and encrypted messaging.
NEM is used for a wide array of applications, primarily revolving around the management and transfer of assets and data. Its features like multi-signature accounts, encrypted messaging, and the Eigentrust++ reputation system allow businesses to develop secure, efficient, and future-proof blockchain solutions. NEM's native currency, XEM, is used for transaction fees on the network and incentivizes the nodes that maintain the blockchain.
In addition, NEM's blockchain platform is used to launch Initial Coin Offerings (ICOs), and its smart asset system allows businesses to customize their use of the blockchain. This can involve creating tokens, managing supply chains, notarizing documents, and many other potential use cases.