XEM is the token of the New Economy Movement (NEM), an early smart contract-like blockchain ecosystem. With XEM’s 20-second transactions costing about 1/100th the energy they do on the Bitcoin blockchain, it’s a functional commerce coin. It’s accepted by businesses as payment around the world, from a Puerto Rican artist to Italy’s oldest coffee brand.
Who accepts NEM…
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Should you buy NEM?
It’s focused on enterprise solutions for big businesses that want to get onboard technologically with blockchain technology. It’s environmentally friendly with its proof-of-importance protocol. By design, XEM is deflationary with a fixed, hard cap. But looking at its history since 2015, I wouldn’t anticipate it being a great investment — its price has remained pretty flat except for two run-ups followed by dramatic crashes…
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While it has achieved a top 100 CoinMarketCap ranking, it’s still unclear whether it’s got what it takes to hang in the extremely competitive smart contract space.
It’s no libertarian coin, all transactions are 100% traceable. I’d never buy it because perusing their website and social media, I get the distinct impression that NEM is a globalist corporate crypto. The New Economy Movement they support is the great reset economy where normal people will “own nothing and be happy.” It would seem to be betraying its espoused egalitarian ethos by serving technocratic globalist aims, using its smart contracts platform to power things like vaccine passports and the first-ever central bank digital currency (CBDC) was issued on NEM.
NEM (New Economy Movement) is an ecosystem of platforms that use blockchain and cryptography to provide solutions for businesses and individuals. XEM is the native cryptocurrency of NEM’s NIS1 public blockchain.
NEM, in its most basic form, is a crypto currency that is built on block chain technology. The NEM block chain is an improvement on existing blockchain technologies. It integrates concepts from other cryptocurrencies (e.g. Bitcoin) and academic research in network theory.
NEM’s primary contribution to the crypto currency landscape is a new consensus mechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity. PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance. It incorporates other behaviors that are believed to be positive for the holistic economy. In this way, it attempts to reward active economy participants at the expense of inactive ones and dampens the rich getting richer effect that is inherent to PoS.
From the NEM technical reference (whitepaper)