Coin Spotlight: NEM

Responsibly providing blockchain services that enable growth and economic progress.

What is NEM?

NEM (New Economy Movement) is a dual-layer blockchain, similar to Ethereum, launched on March 31, 2015 and written in Java. The NEM main net supports multiple ledgers on its cryptocurrency layer and the NEM Smart Assets layer supports Mosaics, essentially built-in tokens that can represent any real or digital asset, to represent any store of value. NEM’s proprietary crypto token is XEM, which is mined using a Proof-of-Importance algorithm.

NEM designed and coded their permissioned blockchain platform from the ground up for scale and speed and it delivers industry-leading transaction rates for internal ledgers. The platform contains a revolutionary consensus mechanism and the Supernode program to ensure that the open, public blockchain can scale appropriately without compromising throughput or stability.

NEM’s blockchain exposes its functionality through a powerful API interface that can be used with any programming language, not a specific “smart contract” language. This allows users to configure NEM specifically for their application and gradually deploy the advantages of blockchain without forced retooling of existing infrastructure.

NEM Smart Assets

NEM Smart Asset System can be used to quickly and reliably create a wide variety of real-world blockchain solutions and allow its users to customize how they utilize the NEM blockchain. Using the Smart Asset System allows users to focus on building exactly what they need such as a fintech system, tracking logistics, document notarization, decentralized authentication and much more with minimal development.

Platform Architecture

NEM’s architecture is designed for simplicity and flexibility of development and provides a secure, stable platform through the use of Eigentrust++. The blockchain itself is supported by nodes running NEM-provided software that implement NEM’s feature set and unique consensus mechanism. This may either be the open, decentralized, self-supporting NEM public blockchain, or it may be a permissioned private NEM blockchain running on a user’s own servers that allows for complete control over internal data privacy.

Coinplan is very excited to feature NEM because their Blockchain Technology has the potential to change the way every industry manages its information and data whilst being run by the people, for the people. You can view NEM inside Coinplan’s Platform Portfolio here.

To learn more about NEM, please take a look at these helpful links:

NEM Website

NEM News

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