NEM 2017-11-29T22:42:12+00:00

What is NEM what is XEM what is proof of importance

What is NEM?

NEM is a peer-to-peer blockchain based platform, written in Java. NEM was launched back in March 2015 and has since brought about completely new concepts to the cryptocurrency space. The overall aim of the project is to implement their goal of a model which is widely distributed.

NEM runs on it’s own blockchain and was not a fork of any other cryptocurrency. NEM aims to use brand new technologies in order to improve upon certain criticisms on other blockchain based projects which have preceded NEM. Some of the new technologies which feature in the NEM platfrom are;

  • Proof-of-importance algorithm
  • Peer-to-peer secure and encrypted messaging system
  • Multisignature accounts
  • Eigentrust++ reputation system

What is Proof of Importance

The NEM blockchain is designed around a proof-of-importance algorithm, this concept was both designed and introduced by NEM. Proof-of-importance is similar to proof-of-stake in as much as nodes are required to stake a certain amount of coins/token in order to eligible for creating a new block. With proof-of-stake you are generally scored based on the amount of the currency you have tied up (staked). With proof-of-importance there are a number of other factors taken into account:

  • Net transfers: the total of you transactions in the last 30 days, the more transactions and the more recently you have transaction the higher you are ranked.
  • The amount you are staking
  • Cluster nodes: this is when you are part of an interlinked community, this community is then rated higher than those who do not link at all to these cluster’s

Where to buy NEM

More information and resources

NEM (XEM) Live Price:

Recent cryptocurrency news

ABBC Foundation Deepens Its Lineup of Global Partnerships

May 9th, 2019|0 Comments

ABBC Foundation witnessed huge improvements and continuous development within Q1 2019. Since the official settlement with Alibaba Group, ABBC Foundation established its new R&D facility in the United States to facilitate the soon-to-be-launched Coin Shopping [...]

  • Ripple update Ripple cryptocurrency

Trading Ripple vs Other Cryptos: Comparison

May 5th, 2019|0 Comments

The cryptocurrency market has recently become crowded, with the leading coin – Bitcoin - having risen nearly 60% from its bottom of $3,147 in December 2018. Many altcoins have exhibited dramatic increases, including Ripple, which [...]

  • abbc coin

China’s Alibaba Group Successfully Seizes “Alibabacoin”

March 18th, 2019|0 Comments

The vast power and potential of the Internet as a medium for trade and business has been utilized through the years. Multiple e-commerce platforms have been developed and is taking advantage of the digital world’s [...]

  • cryptocurrency digital marketing choosing the right domain crypto website

Choosing the Best Domain Name for a Crytocurrency Related Website

February 14th, 2019|0 Comments

Cryptocurrencies are quickly becoming one of the most sought-after trading and investment instruments. While the concept of Bitcoin was foreign to the average trader only a handful of years ago, recent statistics have shown that [...]