What is NEM?

NEM (New Economy Movement) is a blockchain-based platform that provides a secure, decentralized, and open source environment for businesses and individuals to interact with each other.

It was created in 2015 by a group of developers who wanted to create an alternative to the existing financial system. NEM is built on a unique consensus algorithm called Proof-of-Importance (POI). This algorithm rewards users for their contributions to the network, such as transactions and messages.

The more transactions and messages you send, the higher your importance score will be. This score determines how much NEM you can earn as rewards. NEM also has its own cryptocurrency called XEM.

XEM is used to pay for transactions on the NEM network and can be exchanged for other cryptocurrencies or fiat currencies. NEM also has its own smart asset system called Mosaics which allows users to create their own digital assets on the blockchain. These assets can be used for various purposes such as crowdfunding, loyalty programs, digital identity management, and more.

Overall, NEM is an innovative blockchain platform that provides users with a secure and efficient way to interact with each other without relying on third parties or centralized authorities. It offers numerous features that make it attractive for businesses and individuals alike, such as its POI consensus algorithm, XEM cryptocurrency, Mosaics smart asset system, and more.