What is NEM?
A dual-layered P2P platform known as the New Economic Movement (NEM) operates on a blockchain. The language of this platform is Java and it came to life in Spring 2015. There are numerous innovations that NEM has brought to a classic blockchain: Proof-of-Importance, encryption, accounts that have multiple signatures and Eigentrust++ system. By using PoI NEM has solved a problem with a number of transactions per second, this algorithm began making the system faster than other leading platforms like Ethereum and Bitcoin. NEM software works with many various blockchains. Saying precisely, blockchains operate on this software. The best example is Mijin. It’s a commercial blockchain based on NEM. It suggests various services to financial corporations in Japan and several countries. There are two indicators of “importance” in this system. The first is the number of coins user owns and the second is the number of transactions that he has executed. The unusual point of NEM is that it has smart assets (named a Mosaics), which are not in control of its own smart contracts but alternately are executed by an off-chain code. This platform has its own coin known as XEM (actually it’s read as “zem”) and it’s the chief asset of NEM. XEM was created to pay charges for other Mosaics operation.