What is NEM (XEM)? Latest information about NEM project

In the wave of blockchain technology innovation in 2015-2017, NEM (New Economy Movement) was one of the pioneering platforms with a completely new approach to governance, consensus and digital asset management. With the Smart Asset System model and unique Proof-of-Importance algorithm, NEM was once considered the ideal platform for businesses to deploy blockchain applications. So what is special about this project? Let's find out with Allinstation through the article below!

What is NEM (XEM)?

NEM (New Economy Movement) is a Layer-1 blockchain platform launched on March 29, 2015, developed in Java and C++. NEM was built from the ground up (not a Fork of Bitcoin) with the goal of creating a high-performance, enterprise-friendly blockchain that also provides a flexible Smart Asset System.

NEM 's native Token , called XEM, Vai as a means of paying transaction fees and rewarding validating nodes.

How does NEM (XEM) work?

NEM uses the Proof-of-Importance (PoI) consensus mechanism – a proprietary algorithm of NEM, different from Bitcoin's PoW or Ethereum's PoS:

• PoI not only considers account balance, but also evaluates the level of network participation (transaction frequency, relationships with other nodes, etc.)
• This mechanism helps prioritize active and influential nodes, motivating users to make real contributions rather than simply holding coins.

In addition, NEM operates on a dual-layer architecture, separating the core engine (blockchain) and application logic (Smart Asset System). This makes the system more flexible and easy to integrate into business applications.

NEM products (XEM)

NEM builds an ecosystem based on modular components, making it easy for users, businesses, and developers to customize and deploy blockchain solutions. Here are the four core products:

Smart Asset System

Smart Asset System, which is a system that allows users to configure their assets and applications on the NEM blockchain flexibly without writing complex smart contracts.

Smart Asset System consists of 4 main components:

• Address: Can represent a personal wallet, organization, contract, user ID, or business data.
• Mosaics: Are digital assets created on the NEM blockchain, which can be Token, stocks, reward points, virtual currencies...
• Namespaces: Hierarchical domain names, identifying businesses or organizations (like DNS for blockchain).
• Transactions: Allows asset transfers, authorization, Multisignature wallet creation, asset ownership configuration…

The system is extremely flexible, suitable for businesses to build their own blockchain applications without writing code from scratch.

Proof-of-Importance (PoI)

Pol is NEM’s proprietary consensus mechanism, different from PoW (Bitcoin) and PoS (Ethereum 2.0). Instead of relying solely on the number of coins held, PoI evaluates the “importance” of an address based on:

• Number of XEM vested (long-term commitment)
• Level and frequency of transactions
• Interact with other reputable nodes

This helps create a truly decentralized network, incentivizing users to be active and transact, rather than just holding coins.

NEM Infrastructure Server (NIS1)

NIS1 is the Core Blockchain, the first public blockchain version of NEM , operating the XEM Token and fully supporting the features of the Smart Asset System.

Some outstanding features of NIS1:

• High speed transactions, Medium block generation time about 1 minute
• Powerful RESTful API, easy to integrate into enterprise systems H
• Support Multisignature wallet, encrypted messages, asset access lock…
• Enables building highly customizable Private Blockchain based on NIS1

NEM Wallet

This is the official wallet of the NEM network, fully supporting basic and advanced functions:

• Send/Receive XEM and Mosaics
• Manage Namespaces, Assets, Ownership
• Create Multisignature wallet, set up co-management rights
• Integrating Apostille protocol – a solution for authenticating and notarizing documents on blockchain
• Available on desktop and mobile platforms

NEM Wallet Vai as an important tool for users to interact with the NEM network in an intuitive, secure, and convenient way.

Outstanding features of NEM (XEM)

• Proof-of-Importance (PoI): Mechanism to encourage genuine contributions, without favoring those who hold more Token
• 2-tier architecture: Separate blockchain and application logic, making integration easy
• Powerful API: The NEM blockchain can be accessed using any programming language
• Public & Private Blockchain: Enterprises can deploy private NEM and link to public blockchain
• Flexible Asset Customization: With Mosaics, Namespaces and Addresses, users can design arbitrary Token & data models

Overview of NEM Token and Tokenomics

Basic information

• Token Name: NEM
• Ticker: XEM
• Blockchain: NEM (NIS1)
• Consensus: Proof of Importance (PoI)
• Token type: Native Coin
• Total Supply: 8,999,999,999 XEM
• Circulating Supply: 8,999,999,999 XEM

Token Allocation

Token payment schedule

100% unlocked

Token utility

• Pay transaction fees on the NEM blockchain
• Rewards for network validating nodes
• Staking and maintaining the PoI network

Roadmap

Although the NIS1 network has stopped developing new features to focus on Symbol (a 2nd generation blockchain of NEM), some of the major updates include:

• Upgrade node network security
• Improved API system performance & Block times
• Bridge to Symbol and other chains
• Ability to connect to new DeFi ecosystems through community

Project Team, Investors and Partners

NEM is led by individuals with extensive experience in blockchain, technology, and global product development:

Alex Tinsman – Former Chairman of NEM Foundation

• With over 20 years of experience in B2B product and technology marketing, Alex has worked with major brands such as Xbox, Microsoft, and Fortune 500 companies.
• She has Vai as the strategic director, market expansion, and global community development lead for the NEM Foundation.

Jason Lee – Vice President of NEM Foundation

• An Australian national, Jason is an expert in FinTech, banking, digital marketing and has served as an advisor to numerous non-profits and startups.
• He plays a Vai in bridging partnerships and strategic development in the Asia-Pacific market.

Jeff McDonald – Co-founder of NEM

• Proponent and developer of the Apostille protocol, a solution for notarizing digital documents on the NEM blockchain.
• Jeff is also the CEO of LuxTag, a startup that uses NEM technology to combat counterfeiting and manage supply chain for businesses.

In addition, NEM 's development team also includes many software engineers, researchers and blockchain experts from countries such as Japan, Malaysia, Europe, forming a global development network.

Investor

The NEM project is built and developed primarily from community Capital and the NEM Foundation, instead of relying on traditional Venture Capital .

• Without an ICO or IEO, NEM was initially launched through crowdfunding.
• Development resources are sustained by internal budgets, community contributions, and strategic partners during the ecosystem expansion phase.

Partner

NEM has established many important partnerships in the fields of technology, education and blockchain:

• LuxTag – Startup applies NEM blockchain to verify products and fight counterfeiting, using Apostille solution.
• CopyrightBank – Copyright and intellectual property protection platform, based on NEM's Smart Asset technology.
• Symbol (XYM) – Next generation blockchain built by NEM development team, inheriting many technologies of NIS1 and expanding cross-chain capabilities, DApps.
• UN Blockchain for Sustainable Development Goals – NEM has been involved in several blockchain initiatives for sustainable development.
• University and academic organization – NEM Foundation cooperates with many organizations in Japan, Malaysia, Philippines to promote blockchain education and research.

Summary

Although it is no longer at the top of the list as it was at its peak, NEM is still one of the first blockchain platforms to pioneer the new PoI consensus mechanism and the Smart Asset model. The project still maintains its community and practical applications in the enterprise sector. With the development direction of Symbol inherited from NEM technology, users can still find potential in this ecosystem, especially if they are interested in modular blockchain and enterprise applications.

Note: This article is for informational purposes only and is not investment advice.