NEM (XEM) is a peer-to-peer cryptocurrency and blockchain platform that was launched in 2015. It is a decentralized, open source blockchain platform that was designed to enable users to build their own decentralized applications. The NEM blockchain is powered by the NEM Smart Asset System which allows users to create their own blockchain-based assets, such as tokens, coins, and contracts.
NEM uses a Proof-of-Importance consensus algorithm, which is a modified version of the Proof-of-Stake consensus algorithm. This algorithm rewards users who have a higher “importance” score, which is determined by the number of tokens they have, the amount of time they have held them, and the number of transactions they have made. This rewards users who are actively engaged in the network and helps to ensure that the network is secure and operates smoothly.
The NEM blockchain is also designed to be highly secure and efficient. It uses a unique protocol called Eigentrust++, which is designed to detect malicious nodes and protect the network from cyber-attacks. Additionally, the NEM blockchain utilizes the multi-signature features, which allows users to create digital signatures for transactions. This ensures that the transactions are secure and cannot be altered or reversed.
NEM also has a number of features that make it an attractive choice for businesses and developers. It has a number of APIs that can be used to easily integrate the NEM blockchain with existing applications and systems. Additionally, it has a range of tools for developers to create custom applications on the NEM blockchain.
Overall, NEM (XEM) is a powerful and flexible blockchain platform that provides users with the ability to create their own decentralized applications and assets. It is secure, efficient, and provides users with the tools they need to create innovative applications and services.