NEM is an open-source decentralized blockchain platform that offers several benefits to its users moreNEM is an open-source decentralized blockchain platform that offers several benefits to its users. One of the key features is its high level of security, which is achieved through a unique consensus algorithm known as Proof of Importance (PoI). This algorithm ensures that the network is secure and that transactions are verified quickly and efficiently.
Another advantage of NEM is its scalability, which enables it to handle a large number of transactions without compromising its efficiency. NEM also offers several built-in features such as multisignature accounts, encrypted messaging, and a decentralized domain name system (DNS).
The XEM token is the native cryptocurrency of the NEM platform and plays a critical role in enabling transactions on the network. It is used as a means of payment for transaction fees, as well as a store of value for users who wish to invest in the platform.
In addition to its technical capabilities, NEM has a strong community of developers and enthusiasts who are actively working to improve the platform and develop new applications. The NEM Foundation, which oversees the development of the platform, is actively engaged in promoting adoption and awareness of the technology.
Overall, the benefits of NEM make it an attractive option for individuals and businesses looking for a secure, scalable, and versatile blockchain platform.
Sources:
- NEM official website: https://nem.io/
- NEM Foundation: https://nem.io/foundation/
- NEM technical documentation: https://nemtech.github.io/ (AI generated summary)
The goal is a contemporary, sustainable economy
Exchange of possessions (assets)
Low transaction fees
Smart contracts possible
Messenger
User friendliness
Proof-of-Importance (POI): weighting according to transaction frequency and volume of users involved.
Less computing capacity needed (1/100 vs. BTC)
No miners, but harvesters (analogous to staking) (any wallet with more than 10,000 XEMs can generate blocks)
Accelerated block generation (one new block every minute: Bitcon 10 minutes, Litecoin 2.5 minutes)
EigenTrust++ (calculates trustworthiness of the harvesters)
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