NEM

What is NEM (XEM)?

CHEM This is the native token of the NEM platform. NEM is considered one of the first Turing incomplete chains in the crypto world. It provides an environment for developers to create decentralized applications (dApps), Web3 solutions, and other blockchain-based projects.

Unlike some popular blockchains that use new programming languages, NEM was written entirely in Java. NEM is known for introducing a new type of consensus mechanism, Proof of importance (PoI), which is more energy efficient. In March 2021, NEM also launched NEM symbol public blockchain.

What is the history of NEM?

NEM is under control NEM Foundation, a non-profit organization based in Singapore. However, the identity of NEM’s founder is unknown. Its goal is to ensure complete decentralization and governance at the community level.

75% of the total supply was released to stakeholders during the launch. All tokens have been distributed evenly to avoid manipulation of XEM prices and maintain equality among all holders. These measures were also taken to prove the company’s commitment to creating a decentralized network.

NEM was launched in March 2015. At that time, the price of XEM was a fraction of a penny and was around $0.0003. The asset was not significantly volatile during the first few years of its existence, while the price does not exceed its fractional cost.

At the end of 2017, the volatility of the asset increased, which marked the beginning of a new trend. It saw significant growth in January 2018, finally breaking through the $1 threshold, with the price of NEM peaking at just over $2.

In December 2021, the NEM blockchain underwent a fork, resulting in the creation of Harlock. This was a community effort to improve the network and its potential for mass adoption. The same year, the network also launched a public blockchain platform. NEM symbol.

What are the key features of NEM?

The maximum supply of NEM coins is limited to 9 billion, which means that the asset is deflationary. The price of NEM is expected to rise as supply becomes more scarce.

The NEM crypto-blockchain is two-layer and supports intelligent asset development. This means that the network can be used to build Level 2 solutionsincluding user-defined tokens known as mosaics.

NEM was written using the Java programming language. It was designed to be A Non-Turing complete blockchain. This means that it supports basic scripting functionality for smart contracts and does not support loops, recursion, or non-self-terminating processes.

Turing-incomplete blockchains are generally easier to verify and avoid network congestion. This is seen as an advantage over Turing complete networkssuch as Ethereum, which often experience slow transactions and even risk the use of smart contracts.

The NEM crypto ecosystem has pioneered the use of a unique consensus mechanism known as Proof of importance (PoI). It is a complex tool covering a range of criteria to prevent the concentration of wealth that Proof of Stake (PoS) networking experience. Thanks to its mechanics, PoI is more economical than Proof of Work (PoW).

Proof of importance is based on users’ commitment to NEM. All users either endowed or unendowed. Which category you belong to depends on how many tokens you hold. A registered user must have at least 10,000 registered XEM to start generating new blocks and receive rewards in the form of transaction fees.

The second important part of the PoI system is that active trading of assets gives higher income to wealthy users. trust indicator. Therefore, if tokens are actively in circulation, not only does the value of NEM increase, but users also contribute more to the network itself. If the user proves that they have contributed to the NEM community, they will receive a token reward.