NEM (XEM)
NEM (New Economy Movement) is a Blockchain platform and Cryptocurrency designed for easy use, scalability, and advanced features for businesses and individuals. The native Cryptocurrency of the NEM platform is known as XEM.
XEM is used for transactions within the NEM ecosystem, facilitating the creation and transfer of Assets, as well as Smart Contracts. NEM’s architecture is unique in that it employs a Proof-of-Importance (PoI) consensus mechanism, which considers the importance of nodes in the network, rather than just their stake.
Examples of NEM and XEM in use include:
- Asset Creation: Businesses can create and manage Asset/">Digital Assets on the NEM Blockchain, using XEM for transaction fees.
- Smart Contracts: Developers can deploy Smart Contracts that automate processes, paying fees in XEM.
- Cross-border Payments: XEM can be used for fast and low-cost international transactions.
Cases of NEM implementation include:
- Financial Services: Financial Institutions using NEM for secure transactions and Asset-management/">Asset Management.
- Supply Chain Management: Companies tracking products and transactions on the NEM Blockchain for transparency.
- Charity Organizations: Using NEM to ensure traceability of donations and their allocation.