About NEM (XEM)
New Economy Movement (NEM) is a blockchain that poses similar functionalities to Ethereum, designed for business enterprise use.
XEM is the token which powers the NEM platform. XEM has a total supply of 8,999,999,999, with all the tokens having been issued in the genesis block. The coin currently ranks 22nd according to a market cap of $437,702,335 USD. XEM has a current trading price of $0.048634 USD.
Proof of Importance (PoI)
The NEM blockchain platform uses a proprietary protocol called Proof of Importance to manage how the nodes compete and verify the next block. This order relies on the “importance” of each node which is determined by a score, consisting of factors, such as the number of coins held, number of transactions in the last month, and other details.
NEM’s PoI algorithm is a modified algorithm of Eigentrust++, which is a system for measuring reputation on peer-to-peer networks. It works by enabling nodes to monitor other nodes on the network and create a reputation for them relying on their…