NEM $XEM

NEM is a notable blockchain platform launched in March 2015. Known for being one of the industry pioneers, NEM aimed to rectify the imperfections observed in other blockchain networks of its era. Its most striking innovation is the Proof of Importance (PoI) consensus mechanism, which was devised to promote on-chain activity and discourage the wealth concentration often associated with proof-of-stake systems. Presently, NEM remains a popular cryptocurrency in the market, with current developments focusing on its integration with another blockchain platform, Symbol.

The Innovations of NEM

NEM set itself apart from other blockchain platforms by being one of the first non-Turing complete chains to introduce user-defined tokens known as mosaics. These mosaics, along with namespaces, allow for the creation of unique assets and tokens on the NEM platform.

Multisignature Accounts and P2P Reputation System

Another groundbreaking feature of NEM was the introduction of multisignature accounts, which added an additional layer of security for transactions. NEM also set up a Peer-to-Peer (P2P) reputation system based on the EigenTrust++ algorithm. This system aimed to ensure the trustworthiness of the nodes in the network.

Proof of Importance Consensus Mechanism

The Proof of Importance (PoI) consensus mechanism, NEM's most significant contribution, rewards participants based on their network activity and their stake, unlike the traditional Proof of Stake (PoS) systems which only consider the stake. This approach was a proactive measure to prevent the concentration of wealth and foster a more democratic ecosystem.

The NIS Client

NEM's client, known as NIS, is written in Java. This choice of language was strategic to reach out to a vast developer community and make the platform more accessible and easier to adopt.

NEM's Current Development: Integration with Symbol

The latest development in the NEM ecosystem revolves around the merging with Symbol, another renowned blockchain platform. This integration aims to leverage the advanced features and protocols offered by both platforms to create a more robust and versatile blockchain environment.