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What Is NEM?

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Nov 28, 2022
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4 min read
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This blog post will cover:

  • About NEM (XEM)
  • Where did NEM (XEM) come from?
  • What are the advantages of NEM (XEM)?
  • What are the disadvantages of NEM (XEM)?
  • How to buy NEM (XEM) on SimpleSwap?

About NEM (XEM)

What is NEM (XEM)? NEM is a peer-to-peer cryptocurrency and a development platform. NEM has some very unique features that make it stand out from the other cryptocurrency. The main thing is the formation of the blockchain, which uses an innovative Proof of Importance algorithm. The other is the fact that XEM doesn’t have any miners, it has harvesters. Harvesting is a reward for the formation of crypto blocks. To take part in the "harvest", you need to have at least 10,000 XEM and a tuned node. After the block is formed, the user receives XEM to their wallet.

The other outstanding features of NEM are multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. Now the NEM team is working on a new level of protection which will make the coins simply useless in case they were stolen. XEM has great potential, and it is already one of the largest cryptocurrencies in Japan.

Where did NEM (XEM) come from?

NEM was founded in March, 2015 by a Bitcointalk user UtopianFuture. The NEM code was written in Java. The main plan was to create a fork of NXT blockchain, but later it was decided to build a completely new codebase. In late 2015, core NEM developers began working with Tech Bureau on Mijin, a private blockchain project based on the NEM open-source code.The NEM blockchain was designed for integration with and use by commercial and government enterprises. The NEM Foundation is endorsed by an international network with expansive experience in IT, business processes, property and asset development, and academia. In July 2018 the NEM Foundation opened a Blockchain center in Kuala Lumpur, Malaysia. On January 2019 Alexandra Tinsman became the new President of the NEM Foundation.

What are the advantages of NEM (XEM)?

  • High level of protection
    
    Reliability is ensured by using the Catapult algorithm. The probability of a system error or a double debit is excluded because the blockchain is looped on checking itself.
  • Transaction speed
    
    The average NEM transaction speed is 30 seconds. That’s why XEM is incredibly scalable.
  • No inflation
    
    All XEM coins have already been created. This means that there is zero inflation.
  • Low transaction fees
    
    XEM transaction fee is fixed and is only 0.1% of the transaction volume.
  • Ease of use
    
    A NEM node can be run on an ordinary computer and needs very little electricity.

What are the disadvantages of NEM (XEM)?

  • The number of users
    
    As Ethereum is widely accepted and has no significant drawbacks right now, it is hard to see a huge amount of people switching to XEM.
  • Marketing and community
    
    NEM has a huge budget on the development fund, however, if you look at the marketing and community behind it is not as strong as some of the other coins’.
  • Lack of сlarity
    
    There is not enough clarity on the part of the blockchain developers as to how we must differentiation is to exist between the Mijin fork and the original NEM blockchain.

How to buy NEM (XEM) on SimpleSwap?

Let’s say you want to buy NEM. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for XEM. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select XEM in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. XEM will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to XEM exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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