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Submitted by on Sep 3, 2021

The New Economy Movement, or NEM, aspires to create a smarter, more technologically sophisticated blockchain. It distinguishes itself as more than simply another cryptocurrency running on another blockchain.

NEM, also known as the Smart Asset blockchain, is a technological platform that aims to provide a cost-effective and efficient method to handle assets and data.

Let’s look at how NEM works, its features, benefits, and prospective applications.

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What is NEM (XEM)?

NEM began as a fork of NXT, another prominent blockchain-based virtual currency and payment network platform, in March 2015.

It is run by the NEM.io Foundation, a Singapore-based non-profit organisation. Following the split, NEM.io chose to create its own codebase in order to improve NEM’s scalability and speed. As a result, a new NEM cryptocurrency platform arose, which differed significantly from the original NXT.

The NEM network has its coin, XEM. Even though retailers do not as widely accept XEM as bitcoins, it has increased in value and now has the twelfth-largest market capitalization among cryptocurrencies.

NEM currently supports one wallet, called Nano wallet.

Proof-of-Importance and Harvesting are two of NEM’s efficiency pillars.

NEM seeks to create a “better” blockchain by incorporating two important concepts: proof-of-importance (POI) and harvesting.

Other cryptocurrency networks, such as Bitcoin, employ a proof-of-work (POW) or proof-of-stake (POS) mechanism, which necessitates the deployment of a mining equipment. The miners are given incentives based on how much labour they put in.

Miners with more computing/processing power, on the other hand, have an unfair edge over those with less powerful computers in POW. Furthermore, POW increases power consumption, making the process inefficient. Coin hoarders have an unfair advantage in POS because those who have more coins have a better chance of acquiring additional coins through mining and transaction processing. It also encourages cryptocoin saving rather than spending.

The POI mechanism in NEM solves the issue by giving greater “value” to how much one is “invested” in the NEM system, with realistic “vested” interest. The number of XEM coins in the wallet and the time spent holding them are important factors in determining the value.

To qualify for creating and earning new blocks, as well as earning different transaction fees, one must have 10,000 “vested” XEMs in their wallet.

How POI Works

Assume Martin receives 20,000 XEMs today in his wallet. NEM’s methodology assigns 10% of assets as vested with each passing day. Martin’s assets will be vested in 2,000 XEMs on day one, leaving 18,000 XEMs unvested. On day two, 10% of the 18,000 will become vested, bringing the total number of vested XEMs to 3,800, and so on. The vested XEMs will surpass the 10,000 barrier on the seventh day, allowing Martin to pursue blockchain incentives.

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