NEM, or New Economy Movement, is a cryptocurrency that was launched on March 31st, 2015. It is meant to be used as an efficient and secure way of making transactions. NEM works by using blockchain technology for its network. Blockchain is the technology powering almost all cryptocurrencies; it consists of a decentralized database spread out over a large number of nodes.
NEM was created to be unique from its predecessors using a new consensus algorithm called Proof-of-Importance (POI). POI is a measure of how important a NEM account is and takes into consideration things like the number of coins in the wallet and the number of transactions sent from that wallet. Generally, accounts with more NEM receive higher POIs than those with less. NEM also has an integrated P2P secure and encrypted messaging system, multisignature accounts for securing funds, and an Eigentrust++ reputation system that helps ensure that malicious users aren’t allowed on the network.
With all these features, it seems that NEM really does aim to be a complete cryptocurrency. As seen with Bitcoin and other cryptocurrencies, just because a cryptocurrency is more secure and has more features than others does not mean it will be widely adopted. What NEM lacks right now is name recognition and trust built up around it .
At the time of writing this article, NEM’s current market capitalization stands at $858,509,933 USD with each coin worth $0.09 USD. It is ranked as the 87th most popular cryptocurrency in terms of market cap.