NEM (XEM)
NEM (XEM) price, charts, market capitalization, history. Check NEM live and history price in charts and tables, do analysis with special XEM tools below. New Economic Movement or NEM is a decentralized peer-to-peer cryptocurrency system based on blockchain technology that was launched in 2015. The programming was done in Java and is based on a unique Proof of Importance (POI) algorithm. The coin of NEM is called XEM and is publicly traded by that name. The NEM blockchain is used commercially as a blockchain called Mijin. This new commercial approach for the core technology of the cryptocurrencies is being tested by financial institutions and other entities in Japan and the rest of the world. A bulk of the following of NEM is from Japan. NEM’s lesser upkeep costs and extra features like NEM mosaics mean that a lot other stuff can be achieved through NEM than bitcoin which is just a cryptocurrency in all. NEM also has a new wallet named Nano Wallet that allows you to store and trade your XEM tokens.
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The NEM was originally part of a wider effort to shift to a new economy based on financial freedom, decentralization and efficient transactions. While the cryptocurrency field as a whole is part of that movement, the NEM sensed that bitcoin’s system was inherently rigged and it was not meant to be a currency for the future as it wasn't designed to get inflated over time. The NEM may not be able to change the entire economic outlook in the future but its stellar features are here to stay. Its crypto wallet Nano Wallet will also help the currency in the long-term.
Who created NEM? The NEM was created by Makoto Takemiya, the former CEO of Soramitsu who has worked with the Linux project’s Hyperledger system. Takemiya’s work on NEM was around the same time the Japanese government legalized the sale/purchase of bitcoins and other cryptocurrencies. Since NEM had originated from Japan itself, there was a lot of interest in the new cryptocurrency and resulted in major gains for the currency initially. Mr Takemiya is no longer associated with the development of the NEM system though.
Can you mine NEM XEM tokens? Mining XEM tokens is called harvesting and you can use your computing power to harvest these tokens. You generate new blocks and earn transaction fees of that block as a reward. There are two ways by which you can harvest your coins, local harvesting and delegated harvesting. Local harvesting is when your computer needs to be on at all times for the harvesting to work and your private keys of the new coins are sent to your locally running NIS. The delegated approach is in which you can shut off your pc. Delegated harvesting needs to be activated before you can use it. You need a startup investment of 10000 XEM to start harvesting.
