Mar 21, 2018 - 10:54:04 AM UTC
Value and price movement of XEM is different in USD and BTC markets.
Price has moved -6.32% (USD) or -10.55% (BTC) in the last 24h.
Market Cap Rank: 13. of 1000+
NEM trading volume was 198,550,000 USD in the last 24h with circulating supply of 8,999,999,999 XEM.
NEM (XEM) Price graph
NEM (XEM) price in fiat
About NEM (XEM)
NEM is a cryptocurrency like Bitcoin but also can be used as a platform to utilize blockchains for your own use without having to build or maintain your own blockchain from scratch.
NEM’s code is totally new code and is not based off Bitcoin’s code. Also a common myth is that NEM is a NXT fork. NEM and NXT codebases are totally different and NEM has been built from the ground up.
NEM uses Proof of Importance (PoI) which is a modified version of Proof of Stake to secure its blockchain. Instead of just basing it off the number of coins someones holds, PoI also rewards economic participation, meaning those who transact using XEM also have a higher chance of submitting the transaction to the permanent record so pure bagholding isn’t as profitable. NEM calls this process ‘harvesting’ and like PoS mining can be done with very little computing power or electricity. Even a small device like a Raspberry Pi can do harvesting.
NEM’s implementation of PoI offers added security over PoS. With traditional PoS, your wallet holding your coins need to be kept online to ‘stake’ which puts your coins at risk of being hacked. NEM offers the option of delegated harvesting which means that you can keep your wallet offline and have an external device still ‘harvest’ without putting your coins at risk.
NEM also has a spam protection in built that kicks in when its blocks are full. Once the network detects these ‘attackers’ and makes transaction fees exponentially more expensive for these attackers in relation to the spam they produce while keeping other normal transactions with the normal fees.
NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014. NEM’s public blockchain launched on March 31, 2015, and is now running without interruptions for more then two years.