NEM (XEM) is the cryptocurrency existing on the blockchain-based platform powering the project called the New Economy Movement (NEM). Its goal is to make the blockchain-based projects more flexible and easier to run by pairing them with the NEM’s proof-of-importance algorithm and Smart Asset system.
The NEM project started out as a pet project of the Bitcointalk forum user going under the name of “UtopianFuture”. Initially, it was supposed to be developed on the Nxt platform, but it was eventually built from scratch and launched in 2015. Its Smart Asset System entails the use of blockchain for managing transactions and developing apps with the focus on customizability. This is achieved by the lack of need to use NEM software to run apps, as the platform allows for customization via API calls.
Unlike Ethereum which focuses on decentralization and transparency, the NEM platform goes for partial centralization. This allows its users to run private and public blockchains. The NEM platform had an opportunity to test its mettle when it came to finding solution to the financial crisis it went through in early 2019 which was widely reported by the news outlets.