NEM (XEM) Rank 17 $0.097444 USD (-2.8)%
NEM (New Economy Movement) was developed by Bitcoin forum user, UtopianFuture, who planned to create a fork of NXT. This idea was abandoned in favor of creating a new coin from the ground up. XEM’s entire token supply is in circulation at 8,999,999,999 tokens. NEM has shrugged off Proof of Work (PoW) and Proof of Stake (PoS) in favor of Proof of Importance (PoI). By replacing miners with harvesters, NEM has managed to conserve electricity, thereby reducing overall transaction cost. Thus far, XEM has been used on the NEM platform i.e. to pay other members or cover transaction fees. The addition of a rating system creates a reputation - the higher you score, the more valuable you become to the network regarding transaction verifications. NEM’s roadmap is focused on setting a new standard for blockchain technology through the Catapult.