NEM Price

NEM (XEM) is a cryptocurrency launched in 2015 as the native token of the NEM blockchain platform. Currently ranked #1023 with a price of $0.002374, it has seen a +0.63% change in the last 24 hours. NEM uses a unique Proof-of-Importance (PoI) consensus algorithm that rewards users based on their network activity and holdings rather than just mining power. The platform focuses on payment solutions, DeFi applications, and smart contracts functionality. With a circulating supply of 8.99B XEM and a maximum supply capped at 8.99B XEM, NEM has a market capitalization of $21.36M. The token powers transactions on the NEM blockchain and enables features like multisignature accounts, encrypted messaging, and a reputation system. NEM is part of the Fantom ecosystem and serves as a medium of exchange for various blockchain applications.

NEM (XEM) was created on March 28, 2015, when the NEM blockchain platform officially launched. The cryptocurrency was developed by a team of developers who initially started the project as a fork of NXT but later built an entirely new codebase from scratch. NEM was designed with a focus on business applications and introduced the Proof of Importance (PoI) consensus mechanism, which was innovative at the time. The cryptocurrency remained under $0.01 for its first two years before gaining more significant market attention in 2017.

NEM was founded by a team led by Lon Wong, who served as the first president of the NEM.io Foundation. The project was initiated in 2014 by a Bitcoin Talk forum user known as 'UtopianFuture' who wanted to create an improved cryptocurrency based on NXT's codebase. Unlike many cryptocurrencies, NEM wasn't founded by a single individual but rather developed by a community of contributors. The NEM Foundation was later established in Singapore to promote and develop the XEM ecosystem globally. The founding team implemented a unique Proof-of-Importance consensus algorithm, differentiating NEM from other cryptocurrencies at the time of its launch in March 2015.

NEM works through a unique Proof-of-Importance (POI) consensus mechanism that rewards users based on their network activity and stake. Unlike traditional proof-of-work systems, POI considers factors such as transaction partners, transaction amounts, and account balance when validating blocks. XEM operates on its own blockchain platform that enables high-speed transactions (up to 4,000 per second) with minimal fees. The NEM blockchain features a two-tier architecture with a public chain for transactions and a private chain for applications. It supports multisignature accounts, encrypted messaging, and a namespace system similar to domain names. Currently ranked #1023 with a price of $0.002374 and market cap of $21.36M, XEM has a fixed supply of 8.99B XEM tokens, with 8.99B XEM currently in circulation. NEM's technology also powers the Symbol blockchain, which extends its capabilities with advanced smart contracts and cross-chain interoperability.

NEM operates on a unique technical architecture built on the NEM blockchain platform. At its core is the Proof-of-Importance (POI) consensus mechanism, which differs from traditional Proof-of-Work or Proof-of-Stake systems by considering not just wallet balances but also transaction activity and network support when validating transactions. The platform is primarily developed in Java, making it accessible for mainstream developers to integrate with existing systems. NEM's architecture features a two-tier design with a secure core network and an API layer that facilitates easy interaction with the blockchain. Key technical components include: - Harvesting system for transaction processing - Eigentrust++ reputation system - Smart Asset System for digital asset management - Namespace system (similar to domain names) - Multisignature account support - Encrypted messaging capabilities This architecture allows NEM to process 4,000 transactions per second, offering scalability while maintaining security and decentralization.

NEM has a challenging but potentially transformative roadmap ahead. Currently ranked 1023, XEM is focusing on enhancing its core technology with upcoming protocol upgrades in 2025 and 2026. The development team is prioritizing scalability solutions, cross-chain interoperability, and expanding its DeFi ecosystem. Key milestones include the Symbol blockchain integration, improved smart contract functionality, and enhanced PoI (Proof of Importance) consensus mechanism. The team is also working on enterprise adoption strategies and partnerships with financial institutions. While XEM has faced market challenges (down +0.63% in the last 24 hours), its long-term vision remains focused on becoming a leading payment and smart contract platform. The maximum supply is capped at 8.99B XEM, with current circulating supply at 8.99B XEM, providing a solid foundation for future growth in the evolving Web3 landscape.