NEM (XEM) Cryptocurrency Review – What is NEM Cryptocurrency? The NEM.io Foundation is a non-profit organization founded in Singapore with members across the globe. The Foundation is dedicated to the ongoing development of NEM blockchain technology and the promotion of a vibrant ecosystem of NEM users and developers in governments, academia, industry, and the public at large.
Originally intended to be a fork of NXT, the community decided to go with a completely new codebase with an alpha version released on June 25, 2014, and the first stable release on March 31, 2015.
NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
The NEM blockchain powers what they call the Smart Asset System. This system is intended to be an open, customizable blockchain solution for any number of use cases built on top of simple, powerful API calls. The blockchain is secured and transactions are processed by a global network of nodes running the NEM core software, and the network is used as an API Gateway server.
NEM offers a truly impressive system that promises to be a major player in the coming blockchain-powered economy. The ease of development, flexibility, and unique PoI system make NEM a very attractive platform for any developer or company that’s looking to build out a blockchain solution.
