XEM (NEM) - a cryptocurrency that is to be the foundation of the new economy

In terms of scalability, it beats, among others, Ethereumand arose when Bitcoin began to "deny the ideals of cryptocurrencies." XEM (NEM) is a digital currency ideal for micropayments, based on original code and a community that cares about its independent character.

We continue the cycle of the Forex Club portal in which we present the largest, most famous, most interesting and most controversial cryptocurrency projects on the international market. Today it's time for XEM - an independent token that - at least in assumption - is to build the foundations of the new economy.

Be sure to read: Ethereum Classic - another outlaw worth over $ 500 million

The XEM cryptocurrency is based on the NEM (New Economy Movement) network created entirely from scratch. It is not a project - like many others - based on the Bitcoin source code, but a completely different idea for a cryptocurrency, which in many aspects is much better than the most famous digital currency.

There are all XEM units in circulation that no one has excavated - unlike BTC. This is due to the use of the innovative Proof of Importance consensus algorithm, which was created for the needs of the NEM network.

Since XEM altcoins are derived from the NEM network, these names are sometimes used interchangeably to denote cryptocurrency, because initially both the network and tokens were called NEM. The current formal name is XEM.

When and why the NEM network was created

As already mentioned, the source code of the NEM network is completely proprietary. It could not be otherwise, because the history of the creation of this cryptocurrency is derived from romantic ideals. Its creators claimed from the beginning that they created it because Bitcoin "began to contradict the ideals of cryptocurrencies." How was this denial to manifest itself? It was its creators who translated quite intricately on the Bitcoin Talk forum in 2014. They meant, among other things, the growing popularity of the cryptocurrency, which - in their opinion - meant that the project began to be mass, and not intended only for "insiders".

A year later, the NEM network was ready, a few months before Ethereum. It also works differently, because all the tokens, which are almost 9 billion (exactly: 8.999.999.999), immediately entered the market. It undoubtedly contributed to what the creators wanted - the inability to dig up more units and easily earn this way, it certainly did not make NEM a headline in the newspapers and the cryptocurrency did not hit the thatch.

Great XEM theft

The XEM cryptocurrency was also the infamous hero of one of the biggest hacks in the history of the market. In January 2018 from the stock exchange Coincheck 526 XEM units were stolen, which was then the equivalent of nearly $ 420 million. It is worth noting that the security of the exchange has been compromised, not the XEM code. What's more, the NEM Foundation, responsible for the development of the project, even managed to track down some of the addresses to which the funds were allocated and prevent their sale. Most of them are still frozen today and the thieves can only look at them.

Despite this, the theft of XEM is described as the second in history (after the spectacular collapse of the Mt. Gox cryptocurrency exchange) a financial scandal in the cryptocurrency world in terms of the value of lost funds.

The principle of the NEM network

NEM is distinguished primarily by its high scalability. It can handle around 3 transactions per second, while Ethereum, which was supposed to be a more modern cryptocurrency than e.g. Bitcoin, is even 100 times slower. Transaction fees at NEM are also among the lowest on the market.

Harvesters, who become the owners of min. 10 thousand XEM units. They can operate in two ways - have a permanent connection to the network and confirm transactions on an ongoing basis or transfer funds to Supernod, which in turn are the owners of min. 3 million XEM units. Of course, you receive a share of the remuneration for each action.

XEM (NEM) Quotes

The XEM cryptocurrency is currently listed on 42 cryptocurrency exchanges in the world. As of 08.04.2020/0,039/358, the cost of one unit is $ 04.01.2018, giving a capitalization of over $ 2,09 million. The price is supposed to be "penny", because XEM is also to be used for microtransactions. However, it was not always successful. The boom on the cryptocurrency market meant that at its peak (XNUMX/XNUMX/XNUMX) you had to pay up to USD XNUMX for XEM.