NEM Price

NEMwhich stands for New Economic Movementis a peer-to-peer blockchain platform that allows users to transact with digital assets and also build new and exciting applications. NEM built a new codebase from the ground up and has a Smart Asset system that can be applied to a variety of use-cases such as supply chain managementownership recordsnotarizationsetc.

Following the success of the NEM blockchainthe developers have created a second blockchain called 'Symbol'which is set to launch sometime in 2021.

NEM works similarly to other blockchainsalthough it does have some distinguishing features.
A unique aspect of the NEM blockchain is that it employs the Proof of Importance (POI) protocol to reach consensus. POI doesn't require expensive mining hardwarelike what we see with Bitcoin and Ethereum. Insteadit involves “harvesters” who are staking their coins to assist in network validation and are in charge of validating the network.

This is very similar to Proof-of-Stake (PoS)where you need a specific amount of coins to be a validator. But this is not enough. There are additional requirements to becoming a harvestersuch as the level of your net transfers and cluster nodes.

The NEM blockchain is completely transparentsimilarly to Bitcoin. The NEM blockchain is designed with an emphasis on opennessaccountabilityease of use and scalability.

The most basic use-case for NEM would be simply transferring XEM tokens between users. Howeverthe platform can also be used to issue custom tokenswhich can represent a wide variety of assets.

NEM is one of the examples showing that blockchain technology can be used not only to transact money or any kind of digital assetbut can be used for anything of value. For exampleit can be used for accounting systemssupply chain trackingstock tradingrecords managementvotingand even storing important documents like real estate deeds. NEM’s wide range of capabilities allowed users to save money on their business transactionswhile maintaining a high degree of security and auditability.

All of the existing XEM was created at launch. NEM has a total of 9 billion XEM coins circulating which they initially spread among 1,500 users to make it a fair distribution to start.

On the price of one XEM coin is .

There is no mining of NEM. Insteadthe NEM blockchain achieves consensus through a process called harvesting. Harvesting requires no specialized hardware and is environmentally friendly. When your account harvests a blockit confirms all transactions in that blockadds it to the blockchain permanently and you automatically collect all transaction fees in that block. Howeverplease know that it takes a minimum of 10,000 vested XEM coins to start harvesting.

Many of the top cryptocurrencies have been directly forked from Bitcoin or are connected to Bitcoin in other important ways. NEMhoweveris built with 100% original code from scratch.

It's the first cryptocurrency to use the proof-of-importance (POI) protocol. This consensus protocol provides fast transactionslow fees and low power consumption. The XEM cryptocurrency was designed to be functional and easy to use in the modern economy.

Unlike BitcoinNEM does not need a massive amount of energy to maintain its peer-to-peer network. A node can run on a microcomputer which requires less than 5W to operate. The “harvesters” that secure the NEM network are compensated with transaction fees.

One very important feature they have is a multi-signature feature where the contracts are built into the blockchain and don't require third-party software.

While more countries are warming up to cryptocurrenciestheir acceptance varies from country to country. Click here to see in which countries and territories cryptocurrencies are legal.

XEM has a fairly large market cap and it has been able to withstand the test of timeat least for the cryptocurrency market’s standards of longevity. As suchXEM could definitely have its place in a cryptocurrency investor’s portfoliodepending on their investment strategy.

The NEM project isn’t known for generating a lot of hypebut they have been quietly building their technology and working on boosting adoption. While NEM does have a presence in Europe and USAthe project is particularly popular among Asian cryptocurrency enthusiasts. Many of the project’s associations and partnerships are focused on the Asian market.

On some exchangesit is possible to directly exchange your XEM coins for USD or EUR. If that’s not possiblethe best way would be to trade your XEM for BTC and cash out those coins for USDEURor whichever currency available that suits your needs.

Since NEM has a few wallets listed on their websitewe suggest using those. NEM Nano Wallet is a desktop wallet that can be installed on most major operating systemswhile NEM Mobile wallet can be used on smartphones and is compatible with both Android and IOS. If these don’t work for youyou can always use a multi-currency wallet such as Trezor WalletGuarda WalletAtomic Walletetc.

You can buy XEM coins on many different exchangesincluding Binance and OKEx. If your exchange of choice doesn’t offer a direct pairing of XEM against your local currencyyou can buy some ETH or BTC and then exchange them for XEM on an exchange that lists it.

The cryptocurrency markets are very volatileand this also applies to XEM. You should never invest more than you are willing to lose. If you decide to enter the crypto market andconsider starting with a smaller amount.

NEM has standard level security that relies on private keysjust like all other blockchain platforms. Howeverit does have improved efficiency. NEM integrates the Eigentrust++ algorithm. This system can determine the global trust level of a peer and allows nodes to lend reputation points to neighbors in clusters. With this strategyNEM is able to remain more efficient when compared to generation one and two blockchains.

The NEM transaction fee is 0.1% of the transaction volume. For most usersthis will mean that NEM transaction fees will be very manageable.