What is NEM (XEM)?
NEM, short for New Economy Movement, seeks to develop a blockchain that is smarter and more advanced on a technological level. It presents itself as not just being any other altcoin or blockchain.
Moreover, it also describes itself as a smart asset blockchain, which is a technological platform seeking an efficient method of managing assets or data easily while not incurring any significant expenses.
The Genesis of NEM: A Brief History
NEM’s inception can be traced as far back as 2014β2015. The entire concept underlying it began when UtopianFuture, who’s a forum user at Bitcointalk, mentioned that the NXT token had inspired him to produce a completely new initiative.
NEM, then forking from NXT, started its operations in March 2015. It only took a bit of time for developers to eventually decide to rebuild the whole thing, laying its very foundations.
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NEM’s Technology
Now that we have brushed up on NEM’s inception and what the project actually is, we can move on to its underlying technology, namely the POI consensus mechanism.
The Smart Asset System
Smart assets are essentially unique digital currency tokens representing tangible real-world assets or purchasable, sellable, and tradable non-tangible ownership, which can be defined by rules that govern those smart contracts on blockchains.
NEM is stated by many to be the first token out there to implement that smart asset platform. Consequently, the NEM blockchain enables smart asset transactions, which are logged on that distributed ledger.
NEM users can then launch their own cryptocurrencies or tokens that can serve as smart assets.
Proof-of-Importance (PoI) Algorithm
In its attempts to build an enhanced blockchain, NEM uses two key concepts known as harvesting and POI (proof-of-importance), the latter of which we’ll be looking at here.
To address the issues commonly associated with the PoW (proof-of-work) and PoS (proof-of-stake) consensus mechanisms, NEM utilizes POI as its consensus mechanism to grant more “importance” to exactly how much a user is “invested” within the NEM ecosystem with that realistic “vested” interest.
Additionally, the XEM tokens within the wallet, along with the holding period, are instrumental in gauging such “importance.”
One has to hold exactly 10,000 “vested” XEMs within their wallet if they are to qualify for the generation and earning of new blocks while receiving some transactional fees.
Why Should You Pay Attention to NEM?
Here, we will discuss some of the features that may warrant interest on your end, namely its scalability and security.
Enhanced Security Measures
Going over some of its more noteworthy security features, NEM includes built-in spam filters that eliminate useless transactions from clogging up or flooding the network.
In addition, it even includes multi-signature and encrypted messaging solutions to protect the integrity of the data transmitted over its network, among other things.
The Scalability Promise
One thing that has been a common trend among blockchains recently is the promise of scalability, with every new blockchain catering to that end to some extent. Here, the whole POI and harvesting architecture that NEM has set up has enabled a significantly more scalable blockchain than its predecessors, especially when compared to the likes of Ethereum and Bitcoin, the former of which still struggles with the problem despite the recent shift to PoS.
Flexibility in Development
The NEM ecosystem has set forth numerous potential use cases within the real world, which range from transfers and payments to voting systems, logistics solutions, and even recordkeeping, which, together, stimulate the wider applicability of the platform.
Moreover, on its official website, one may even see multiple examples of such applicability being implemented. Consequently, this also implies that the wide range of use cases being implemented indicates a developmental flexibility that makes it easier for developers to launch applications.
Comparing with Other Cryptocurrencies
Here, we will be looking at how NEM compares to both Bitcoin and Ethereum, i.e., at things that may elevate it over them.
NEM vs. Bitcoin: The Pioneer’s Dilemma
The major drawback of Bitcoin since its inception has always been that of scalability and even centralization when it comes to its miners, since only those with the most mining power tend to mine more.
NEM seeks to tackle both of these problems through its POI consensus mechanism and harvesting. And then there is also the Catapult update that NEM released a while back, which brought aggregated transactions to the mix, playing its own part in increasing scalability.
NEM vs. Ethereum: Battle of the Smart Contracts
One of the fundamental differences between the two is that Ethereum’s code, aka its “smart contracts,” is put on the blockchain, whereas NEM’s is off. You will only find assets and data on the NEM blockchain, hence the term “smart assets.”
Among the advantages that NEM could have because of this are that bugs can be more easily fixed, and NEM can also be made lighter and quicker.
Unique Features That Set NEM Apart
So far, from what we have discussed, the features that stand out would definitely be its POI consensus mechanism, harvesting, and aggregated transactions, as these are unique takes on the blockchain trilemma, which is a problem, more or less, specific to blockchains.
The XEM Token: Fueling the NEM Platform
Within this section, we will be directing our attention to its native token and looking at the various roles it plays within the ecosystem it’s a part of, along with a few stats.
Role of XEM
Naturally, within its own ecosystem, it exists as a primary form of payment, serving as a medium with which to incentivize block validators, along with playing a vital role within the platform’s governance.
XEM Tokenomics
Moving on to tokenomics, its circulating supply and total supply appear to be exactly the same, sitting at nearly 9 billion tokens. The same is true for its market capitalization and fully diluted valuation, both of which sit at over $242.6 million. Its daily trading volume, on the other hand, is almost $3.7 million, and as for its price, it’s at $0.026.
How to Earn XEM
On the NEM blockchain, the primary way to earn is to vest your tokens or simply hold them within your wallet for a certain period of time for the chance to add new blocks to NEM’s blockchain. Other than that, you can earn the token on various other exchanges or platforms to provide liquidity.
Buying XEM Token on Binance
Now, if what we have highlighted so far has gotten you interested in buying the XEM token, then we will show you how one may do that on Binance, the world’s most popular cryptocurrency exchange.
Registering on Binance
Creating an account on this exchange is relatively straightforward. Simply click on the link below, which will take you to Binance’s Registration Page using a special Coin-Labs referral code. Fill in every detail asked of you, like your email address, password, etc., to get done with registration.
Securing Your Account
This step will likely involve completing 2FA and setting up biometric scanning. So, head over to Binance’s Security Page, choose the relevant options, and follow the instructions outlined to get done with both of them. This shouldn’t take that long.
Funding Your Binance Account
To buy those XEM tokens, you will need to deposit a few funds first. So, head to its Deposit Page, select a token you own and like, and choose the network for it.
Once done, a deposit address should be generated. Simply copy and paste it into an external service provider, like an exchange or wallet’s withdrawal field, and wait for your funds to be deposited.
Searching and Making the Purchase
Once those funds have been deposited, you can move on to utilizing the numerous options that Binance provides to finally buy some XEM tokens. These options will include spot, futures, P2P trading, and swapping or converting tokens. Of these, simple token conversions are generally the easiest.
But whatever you choose, just utilize that search bar to search for XEM, and depending on what you have chosen, your order might take a while to fully process.
Transferring XEM to Your Wallet
Once your order has been fully processed, you can then transfer those funds to your wallet. Go to Binance’s Withdrawal Page, choose the XEM token and the network for it, and on the withdrawal field, paste your wallet’s address and confirm your withdrawal, which you may have to wait a while for to complete.
Future Projections
As far as value accruals are concerned, a quick look at any price chart for the token will reveal that it hasn’t been performing well lately.
And as for whether or not its price will increase significantly later on, that can be hard to determine, as it largely depends on whether or not it will see any substantial adoption later on.
Still, if you’re interested in this platform and your assessments have led you to believe that it will rise later on, then now might be as good a time as ever to invest since its price is significantly lower now.
Conclusion
NEM’s tagline, which summarizes it as being a smart asset blockchain that caters to performance, is representative of the next iteration of blockchains that have the potential to open up various possibilities for creating improved or better blockchain systems. It therefore attempts to address the most pressing issues within existing blockchain systems, all in an effort to expand blockchain utility and adoption.
We Coin-Labs.com provides only objective information about NEM.
Therefore, we are not responsible for the investment decision in NEM and the resulting loss.
NEM Basics
Here are some factors that investors should consider before investing in NEM.
| Cryptocurrency Features | NEM (XEM) |
|---|---|
| Publisher or Developers | Erik Van Himbergen, Jeff McDonald, Leon Yeoh, Lon Wong |
| Headquarters (Registration Number) | Singapore |
| Symbol | XEM |
| Platform | NEM |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 8,999,999,999 XEM |
Reliability Score of NEM in 2024
These are indexes mesuring the investment reliability of NEM conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 172 Pairs |
| Market Cap of the Cryptocurrency | 308,245,959 USD (Rank #148) |
The table above shows the result of investment suitability evaluation for NEM.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
NEM Price
Here are the price and recent trading volume of NEM. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of NEM |
|---|---|
| NEM Price | 0.016 USD |
| Price Change 24h | -0.82% |
| Price Change 7d | -6.22% |
| Trading Volume 24h | 2,753,864 USD |
| Trading Volume Change 24h | 3.76% |
Cryptocurrency Metadata
You can check the development status and social media information of NEM through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | http://nem.io |
| π White Paper | https://docs.nem.io |
| π°οΈ Source Code (GitHub) | https://github.com/NemProject |
| π¦ Twitter | https://twitter.com/NEMofficial |
| π€ Reddit | |
| πΊ Message Board | https://discord.gg/EEdJKBMVVb |
Where to Buy NEM
Here are the top ten world crypto exchanges where traders can buy NEM in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/XEM_USDT |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Listed | https://www.kucoin.com/trade/XEM-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/xem-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/xem_usdt?type=spot |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/XEMUSDT |
| Gate.io | Listed | https://www.gate.io/trade/XEM_USDT |
Frequently Asked Questions
What is the current price of NEM?
NEM price today is 0.016 USD. Furthermore, the price of NEM has fluctuated by -0.82% from 24 hours ago, and by -6.22% from a week ago.
Where is NEM listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of NEM now?
Currently, NEM has a market cap of 308,245,959 USD, which is ranking 148 among cryptocurrencies worldwide.
How much is the trade volume of NEM?
Currently, 8,999,999,999 XEM coins are circulating through 172 market pairs. As a result, in the last 24 hours, 2,753,864 USD of XEM coins were traded in the market.
