NEM (cryptocurrency)

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NEM

Development
Original author(s)| Jaguar
Gimre
BloodyRookie
Code repository| https://github.com/NemProject
Written in| Java
Developer(s)| Jaguar
Gimre
Hatchet
Website| nem.io
Ledger
Timestamping scheme| Proof-of-Importance
Block explorer| https://explorer.nemtool.com

NEM ( New Economy Movement ) is a public blockchain Launched on March 31, 2015.[1][2]The native currency is XEM.[3]

## Contents

* 1 History
* 2 Design
* 2.1 XEM
* 2.2 Harvesting
* 2.3 Mosaic
* 3 References
* 4 External links

## History

The idea for NEM came from UtopianFuture on the bitcointalk.org forum and was inspired by the NXT project to implement the NEM blockchain.[4] The goal was to create a new economic zone based on the principles of financial freedom, decentralization, equality, and solidarity.[5]

After an open alpha test and an open beta test, the mainnet was launched on March 31, 2015.[1][6]

## Design

### XEM

NEM defines XEM as its native currency, with a total issuance of approximately 9 billion (8,999,999,999) XEM, all of which were issued when NEM went public and will not be issued again. XEM is used to pay for transaction fees and to reward those who approve transactions, known as harvesters.[3]

### Harvesting

NEM uses Proof-of-Importance (PoI) as a consensus algorithm, and the process of block generation is called harvesting.

In PoI, the importance of a NEM account is determined by the number of XEMs owned and the number and amount traded to and from the wallet, and about every minute, the fees in the block are randomly distributed to the wallet according to the importance.[3]

### Mosaic

NEM has the ability to issue tokens, and these tokens are called mosaics. The native currency XEM is a type of mosaic, a token that is built in from the beginning.To create a token, a domain name is created in the namespace area and a mosaic is created underneath it.[7]

## References

1. ↑ 1.0 1.1 "NEM Launches, Targets Old Economy with Proof-of-Importance" (in en). https://cointelegraph.com/news/nem-launches-targets-old-economy-with-proof-of-importance.
2. ↑ "NEM" (in en). https://github.com/NemProject.
3. ↑ 3.0 3.1 3.2 "仮想通貨ネムとは｜初心者でもわかる仕組みとユースケースを紹介" (in ja). https://coinpost.jp/?p=203724.
4. ↑ "An Introduction to the New Economy Movement" (in en). https://cointelegraph.com/news/an-introduction-to-the-new-economy-movement.
5. ↑ "仮想通貨 ネム（XEM）とは｜今後の将来性とおすすめ取引所" (in ja). https://coinpost.jp/?p=1321.
6. ↑ "中国のCERT報告書：NEM(XEM)が最も安全なプロジェクト" (in ja). https://coinpost.jp/?p=12200.
7. ↑ 馬渕 邦美, ビットバンク株式会社 (2016) (in Japanese). ブロックチェーンの衝撃: ビットコイン、FinTechからIoTまで社会構造を覆す破壊的技術. 東京: 日経BP社. ISBN 978-4-8222-3659-5. OCLC 952367804. https://www.worldcat.org/title/burokkuchen-no-shogeki-bittokoin-fintekku-kara-aioti-made-shakai-kozo-o-kutsugaesu-hakaiteki-gijutsu/oclc/952367804.

## External links

* NEM official website

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Cryptocurrencies

Technology|

* Blockchain
* Cryptocurrency tumbler
* Cryptocurrency exchange
* Cryptocurrency wallet
* Cryptographic hash function
* Distributed ledger
* Fork
* Lightning Network
* Smart contract

Consensus mechanisms|

* Proof of authority
* Proof of space
* Proof of stake
* Proof of work

Proof of work currencies|

| SHA-256-based|

* Bitcoin
* Bitcoin Cash
* Counterparty
* MazaCoin
* Namecoin
* Peercoin
* Titcoin

|

Ethash-based|

* Ethereum
* Ethereum Classic

Scrypt-based|

* Auroracoin
* Bitconnect
* Bitcoin Gold
* Coinye
* Dogecoin
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* PotCoin

Equihash-based|

* Zcash

CryptoNote-based|

* Monero

X11-based|

* Dash
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Lyra2-based|

* Taler

Other|

* Primecoin
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Proof of stake currencies|

* Gridcoin
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* Nxt
* Steem
* Tezos

ERC-20 tokens|

* Aragon
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* Basic Attention Token
* Centra
* Kin
* KodakCoin
* Minds
* Power Ledger

Other currencies|

* BitShares
* Filecoin
* Libra
* NEM
* NEO
* Ripple
* Stellar
* Tether

Related topics|

* Airdrop
* BitLicense
* Blockchain game
* Complementary currency
* Crypto-anarchism
* Cryptocurrency bubble (2018 cryptocurrency crash)
* Digital currency
* Double-spending
* Initial coin offering
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* Initiative Q
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