NEM Price (XEM)

What Is NEM (XEM)?

NEM, which is an acronym for “New Economy Movement,” is a peer-to-peer (P2P) open-source cryptocurrency token and blockchain platform that aims to build the “NASDAQ of the new economy.” Specifically, the NEM foundation provides companies with the architecture and programming interface for companies to build onto the blockchain.

It was one of the pioneers of the cryptocurrency industry, and sought to improve on the imperfections found on other chains at the time. It was one of the first non-turing complete chains to feature user-defined tokens (called mosaics), namespaces, multisignature accounts, and a P2P reputation system based on EigenTrust++. Its most notable contribution to the space is the proof-of-importance consensus mechanism, which sought to reward on-chain activity and deter the concentration of wealth commonly associated with proof-of-stake. Its client, NIS, is written in Java.

The NEM project began March 2015 as a hard fork of NXT, another open source cryptocurrency and payment network. In December 2021, NEM was hard forked by a pseudonymous team of cryptocurrency experts and enthusiasts alike. Titled Harlock, this hard fork signaled the community’s intent to take NEM from a shadow of its former self into the world’s leading payments platform for on-chain and off-chain media content. In March of 2021, NEM released a new enterprise blockchain platform known as Symbol.

Who Are the Founders of NEM?

Lon Wong is the co-founder of NEM, but is no longer on the team. Wong is a Malaysian-based tech entrepreneur and engineer. He resigned in April 2018 and has since moved onto other endeavors such as Dragonfly Fintech, a blockchain fintech company, and ProxiMax, a blockchain powered storage and infrastructure project, where Wong now serves as Founder and CEO.

Alexandra Tinsman is the current president of the NEM foundation. She is a blockchain consultant and marketing strategist for numerous Web3 and blockchain companies including Predixa, Baobab Studios and Nemus. She was elected president of NEM in December 2018, right before the company descended into financial chaos. Tinsman oversaw this financial turmoil and set out to rebuild and restructure the NEM foundation from the inside out.

Jeff McDonald is the Founding Board Advisor at NEM, as well as the inventor of the Apostille protocol for NEM. As an early blockchain advocate, McDonald has devoted much of his career to the NEM foundation, helping the foundation grow to a $15 million market cap. Other than NEM, McDonald also serves as the co-founder of LuxTag, a startup that aims to issue digital certificates of authenticity through blockchain.

What Makes NEM Unique?

NEM launched an enterprise-friendly blockchain — Symbol — in early 2021, allowing businesses to build their own customizable blockchain solutions via Java, a popular and widely adopted programming language. The NEM foundation has assisted the governments of countries like Ukraine, Malaysia and Lithuania to produce their own blockchain projects through their software. The Ukrainian government and NEM even collaborated on piloting a blockchain based e-voting system.

NEM uses a Proof-of-Importance (PoI) consensus mechanism which encourages authentic blockchain usage and growth. NEM has pioneered the PoI mechanism, which was developed to prevent the hoarding of tokens and prioritize users that support the network.

Related Pages:

Learn more about consensus mechanisms like Proof-of-Importance and Proof-of-Work.

Read more about Solana — one of the top peer to peer crypto ecosystems.

Find out more about Ethereum — the leading programmable blockchain network.

Interested in deeper analysis and industry leading reports? Check out CMC Research.

New to this space and want to learn more? Visit CMC Alexandria, our educational portal.

How Many XEM Coins Are There in Circulation?

NEM has a maximum circulating supply of 9 billion and there are 9 billion XEM coins in circulation, meaning that the currency is fully diluted.

In January 2019, when the company was in financial turmoil, the Foundation requested 160 million XEM to be drawn from the marketing funds.

How Is the NEM Network Secured?

NEM is secured via a Proof of Importance consensus algorithm, which builds upon the proof-of-stake mechanism. PoI uses an algorithm to determine a rating for every account on the network and prioritizes those that support the network, rewarding users with high importance ratings.

When Will XEM Trading Begin?

XEM began trading on April 1st 2015, following the fork of NXT.

Can XEM Hit $10?

NEM hit an all time high of $1.87 on January 7th, 2018, but has tumbled since.

Where Can You Buy NEM?

You can purchase and trade NEM on all major cryptocurrency exchanges including Binance, Zaif, Gate.io, KuCoin and Poloniex. To see the whole list of available markets for NEM trading pairs, visit this CoinMarketCap page.