New Economy Movement

(XEM)

Company Statement:  New Ecomony Movement (NEM) is a movement that aims to empower individuals by creating a new economy based on the principles of decentralization, financial freedom, and equality of opportunity.
(NEM Technical Reference)

NEM is written in Java and the currency itself is called XEM. Launched in 2015 it is now traded across many major cryptocurrency exchanges. The new consensus mechanism called Proof of Importance (PoI), was introduced to reward users’ contribution to the NEM community. It is roughly based on proof-of-stake, but it also reflects how active a user is in transacting with other users. NEM also implemented a method of guarding against potentially colluding nodes. The founders have also said that one of NEM’s goals is to address wealth inequality, a feature of both existing cryptocurrencies and the “old economy.”

Some important advantages of NEM include it being a decentralized crypto with very low transactions fees. For example. the transaction fee is as little 10 cents to send $1,000. It is considered by programmers as a superior coin and has very fast transaction time. It can easily do 3,000 transactions per second as compared to Bitcoin only processing 6 transactions per second. NEM was built from scratch so it is considered a third-generation coin.

Full details about NEM found HERE:
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