NEM (XEM) launched in March 2015 as an enterprise blockchain platform for developers and enterprises that want to efficiently and easily build, customize, and scale decentralized applications, manage assets, and use the native token, XEM. Generally, it is known for its innovative consensus mechanism and ease of use. Applications range from supply chain, finance, to data management.
NEM was founded by a group of pseudonymous developers with the goal of building a platform that is simple, scalable, and enterprise-friendly. The project was initially started as a fork of the NXT blockchain but later transformed into an independent platform with its own codebase. The XEM token is the native cryptocurrency of the NEM blockchain, allowing its holders to conduct transactions, stakes, and other interactions within its decentralized ecosystem.
Founded by Lon Wong and Jeff McDonald. Wong, having been one of the key contributors to NEM, pictured a blockchain platform that would make it easier for enterprise adoption while offering extensive functionality such as multi-signature accounts and asset creation. McDonald focused on evangelizing the adoption of NEM and its usability in real-world applications, especially in sectors related to finance and logistics. NEM’s team planned for a blockchain that connects decentralized technology with enterprise requirements while offering practical solutions for enterprises.
NEM adds some exciting innovations to make it more user-friendly and functional. NEM has a unique consensus mechanism called Proof of Importance (PoI), which ranks its users by their stake and activity on the network, thereby incentivizing participation in securing the blockchain.
NEM has a flexible system for creating and managing assets, such as tokens, domain names, and documents, making the platform suitable for enterprise use cases. Advanced multisignature capabilities let businesses and organizations manage their assets securely and transparently.
NEM’s namespace feature lets users create unique, identifiable names for assets and domains, while mosaics represent customizable tokens and assets. NEM achieves high-speed transactions with confirmation times of around 20 seconds and offers a cost-effective fee structure, making it accessible for both enterprises and individual users.
NEM can support 4,000 transactions per second (TPS) and is designed to work with high-volume applications and enterprise operations.
NEM has been able to grow its ecosystem immensely with strategic partnerships and developments. NEM introduced Symbol, its enterprise-grade blockchain platform addressing sophisticated business use cases and offering seamless interoperability and scalability. Symbol works as the next-generation platform while complementing the existing NEM network.
NEM has teamed up with the Lithuanian government to create a blockchain-driven platform that can issue and manage digital collectibles and certificates, illustrating the potential of blockchain in governance and public administration. LoyalCoin, a loyalty points platform, utilizes NEM to tokenize rewards and make the loyalty ecosystem interoperable, creating connectivity between businesses and their end-consumers.
NEM has partnered with Tech Bureau to advocate for blockchain in Japan in industries such as real estate, finance, and supply chain management. NEM is very active in blockchain center initiatives around the world, from Australia to Malaysia, promoting blockchain education, development, and adoption.
The go-live of Symbol has furthered the capabilities of NEM with higher functionality for enterprise applications by introducing hybrid chain models, on-chain multi-signature accounts, and compliance tools. NEM has begun a smooth migration process for XEM holders onto the Symbol network, allowing them to access new features while ensuring backward compatibility. NEM has entered the digital space of NFTs, supporting marketplaces and platforms where artists and creators can mint, trade, and showcase their unique digital collectibles.
Green operations have been one of NEM’s top priorities lately, with its Proof-of-Importance consensus algorithm being more energy-efficient than traditional proof-of-work blockchains. NEM is planning to enter the DeFi space, focusing on yield farming, liquidity pools, and tokenized assets on its Symbol platform.
NEM has devised grant programs and hackathons to bring developers on board and stimulate innovation within its network, resulting in various dApps and enterprise solutions. NEM is among the busiest in educating about blockchain, offering webinars, workshops, and other resources necessary for onboarding developers, enterprises, and enthusiasts into its network.
Recent updates have enhanced NEM’s security infrastructure, offering great protection against threats and vulnerabilities. NEM has implemented interoperability features that enable the cryptocurrency to interface with other blockchains, making it easy to transfer assets and share data between those networks.
At 27 December 2024, XEM trades at $0.025, which is a 3.88% gain over the last 24 hours. Its market capitalization sits at $227 million—resilient in the ever-changing world of blockchain.
NEM (XEM) reached its all-time high (ATH) of $2.09 on January 4, 2018, and its all-time low (ATL) of $0.000079 on September 15, 2015. Several factors influence the price movements of XEM. The successful launch and adoption of Symbol have increased demand for the XEM token. Partnerships with governments and enterprises drive real-world utility for NEM. DeFi integrations, NFTs, and developer incentives have enhanced the value proposition of XEM.
NEM has established a place in the blockchain space for scalable and customizable solutions for enterprise and developer use. From its innovative Proof-of-Importance consensus to strong partnerships and continuous technological advancements, such as the Symbol blockchain, NEM is one of the leading enterprise-grade blockchains. With interoperability, sustainability, and real-world applications at the core of its focus, NEM is well-positioned to drive blockchain adoption and innovation across industries worldwide.
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FAQs
Q1. What is NEM (XEM) used for?
- A: XEM is utilized in the NEM ecosystem as a form of transaction fees, staking, and management of smart assets.
Q2. What is different about NEM?
- A: The Proof-of-Importance consensus, Smart Asset system, and advanced enterprise features are unique attributes of NEM compared to all other blockchain platforms.
Q3. How does Symbol complement NEM?
- A: Symbol is NEM’s next-generation blockchain, planned to cater to enterprise requirements with a range of superior functionality and interoperability.
Q4. Which industries does NEM target?
- A: The industries that NEM targets are finance, supply chain, governance, real estate, etc., providing custom blockchain solutions for different industries.