NEM (XEM) is a top 20 cryptocurrency project in the market. It currently takes up the 17th positioned with a market cap of $951 million. About $8.2 million in exchange volume has been recorded by CoinMarketCap in the last 24 hours. NEM is a mined cryptocurrency with a current circulating supply of 8,999,999,999 XEM.
The project was launched on March 31, 2015, as a peer-to-peer digital currency and blockchain protocol. Unlike most of the altcoins in the industry, NEM is not trying to be another Bitcoin (BTC). Instead, NEM is rapidly growing to become a smart ecosystem with advanced technological features using the foundation of blockchain.
NEM in full is New Economy Movement. The platform, since inception, has stayed true to the original vision; bringing new features to the blockchain system. Although NEM began as a fork of NXT, it has over the years redefined its own code and also rebuilt the entire systems to where it stands at the moment. The NEM.io Foundation is the non-profit organization that oversees the development on the NEM platform. The Foundation gives the NEM ecosystem direction while fostering growth and development.
NEM (XEM) is listed on most of the world’s largest cryptocurrency exchanges starting with Malta-based Binance, Huobi, Bittrex, Poloniex, KuCoin, ShapeShift, Cryptopia and Changelly among others.
NEM is among the most advanced blockchains in the crypto space. The protocol has contributed a lot in terms of technology as well as upgrades. The blockchain “offers a fundamentally streamlined method of maintaining a secure ledger of transactions compared to a traditional database.”
As mentioned above, the NEM team bootstrapped the entire system following the fork from NXT. They built the codebase from the ground up in order to achieve the desired speed and scaling levels. At the moment, NEM is among the fastest blockchain networks when transaction rates for internal ledgers. The protocol utilizes the Proof of Importance consensus algorithm. This consensus mechanism is one of the most advanced in the world and works on the principle of assigning a rating of every account’s importance in the protocol. Contrary to the commonly used proofs; Proof of Work (PoW) and Proof of Stake (PoS), Proof of work is fair in its rewards and consumes less computational power.
NEM has recently been expanding its reach globally while pushing the smart economy ecosystem agenda. The team also recently highlighted the companies and projects that are using NEM protocol around the world. NEM stated:
“As we continually expand our reach globally, our #NEMecosystem is getting bigger and bigger! Here are the projects and companies that are building and deploying on #NEM!”
Some of the companies powered by NEM include Pantos; an open-source, innovation-driven research project, Xpos Consortium; an ecosystem focused on developing a new economic model that is crypto and blockchain driven, Free Market Token; a robust utility token that is aprearheading the e-commerce experience, Choice; a payment provider that is charity centered and giving ledger; a blockchain project designed to increase transparency in the sector of philanthropy and donations among others.
NEM price has been performing incredibly well in the past couple of weeks owing to the partnerships that the network has been signing. XEM/USD is trading at $0.106 on October 1, 2018, following a 2.66% rise in the last 24 hours. While the surge has slowed down NEM continues to trade at higher levels than many other digital assets. Moreover, the buyers are looking forward to breaking above $0.115 resistance but first, they must defend the support at $0.1.