What is NEM cryptocurrency? NEM stands for New Economy Movement. NEM is a latest-generation crypto platform. The cryptocurrency belonging to the platform is called XEM. The system was officially launched on March 31, 2015. Manufacturers of food supplements are primarily committed to the basic values of self-determination and equal opportunities.
The development team of the crypto platform is about to create a sustainable and modern economy. NEM’s current market capitalization is just under $2 billion. What is NEM crypto? Is there any other information investors should know about? Let’s try to find out!
What is NEM Crypto Used for: What’s Special About the Platform?
So, what is NEM crypto used for? What is new and special about NEM is that the crypto platform is based on the ‘Proof of Importance’ concept. A so-called importance value is determined for each XEM account using the algorithm. However, Bitcoin and Ethereum are based on Proof of Work and Proof of Stake concepts.
In the Proof of Importance (POI) factors such as activities, skills, or reliability of an account holder are included in a monetary system. With this innovation, the reputation of a participant flows into the blockchain via the ‘Proof of Importance’ algorithm. What is NEM crypto used for? With the XEM cryptocurrency, services, interactions, and evaluation mechanisms can also be implemented.
The higher an account’s importance rating, the more likely it is that a holder will receive transaction fees. Accounts with higher credit aren’t automatically the most profitable ones. In this way, there should be a desire to actually use XEM and not just keep it in an account. This prevents centralization tendencies as well as price fluctuations.
What is NEM Crypto Trading: Is It Worth Investing in NEM?
What is NEM crypto? NEM is a very promising system that just needs the right investor in order to develop its full potential. The two-part software, consisting of the Infrastructure Server NIS and the Community Client NCC, is definitely one of the most advanced ones. Numerous innovative apps are planned for the crypto platform in the future. Since no third-party providers were involved in the architecture of the software, it can be used on a wide variety of devices. This means that NEM will be accessible to a large group of users in the future.
What is NEM crypto trading? Well, you can trade NEM with over 150 cryptocurrencies on most exchange platforms.
Where to Buy NEM Cryptocurrency: NEM Security Mechanisms
With the Eigenentrust ++ algorithm described above, NEM ensures how trustworthy the individual nodes of the network are. A new and efficient spam protection function and time synchronization are also integrated between the nodes. Users themselves are protected by an easy-to-use blockchain-based multi-signature security method. Messages can also be encrypted.
Well, once we’ve found out what is NEM cryptocurrency, let’s make a conclusion. Currently, the market capitalization of NEM is just under $2 billion. By the way, mining is called ‘vesting’ at NEM. Vesting means something like ‘to harvest’. To start harvesting XEM, you need 10,000 XEM coins on a balance. The NEM ecosystem is still at the very beginning, but it may have a great future.
What is NEM crypto trading? What do you know about it? Just share your knowledge in the comments!