NEM Price

About the coin

NEM was launched in March 2015 as a pioneering blockchain platform aimed at addressing the limitations of existing chains. It introduced several innovative features that set it apart from its contemporaries. NEM's blockchain was one of the first to offer user-defined tokens, known as mosaics, and namespaces, which allowed for a more organized and hierarchical structure of assets and accounts.

Main features

NEM introduced multisignature accounts, enhancing security by requiring multiple signatures for transactions. It also implemented a P2P reputation system based on EigenTrust++, which helped in building trust within the network. However, its most significant contribution was the Proof-of-Importance (PoI) consensus mechanism. Unlike traditional proof-of-stake systems, PoI rewards users based on their activity and engagement on the network, rather than just their wealth, thus promoting a more equitable distribution of rewards.

How it works

The NEM client, known as NIS, is written in Java, providing a robust and efficient platform for developers and users. The PoI consensus mechanism works by evaluating the importance of each account based on its activity, encouraging users to participate actively in the network. This approach helps in preventing the concentration of wealth and power, which is a common issue in other consensus mechanisms. Currently, NEM is undergoing a significant development phase as it merges with another blockchain platform, Symbol, aiming to enhance its capabilities and reach.