NEM (New Economy Movement) is a blockchain network that is a fork of another blockchain called NXT. Yet, since its inception in 2015, NEM has since forged their own path and created a different blockchain with their own codes, aiming to build a more advanced, faster, and more scalable network powered by the XEM token. It introduces two new concepts to the world: Proof of Importance and Harvesting. With these two pillars, NEM effectively sets itself apart from other blockchains and stays among the top crypto projects.
Proof of Importance (POI) is the unique consensus mechanism of NEM. It takes into account the XEM balance, time holding XEM, as well as transactions made within the network, to send rewards to those who help the NEM economy. POI also decides who is permitted to create new blocks.
The process of creating new blocks and receiving transaction fees as rewards in NEM is called Harvesting. While it bears much resemblance to mining, harvesting does not mint new XEM tokens.
XEM is the native token of the NEM blockchain network. The total supply of XEM is 9 billion and 100% is being circulated.
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