The Best Crypto Exchanges to buy and hold NEM (XEM)

The Best Exchanges to buy and hold NEM (XEM)?

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Launched in March 2015, the New Economic Movement (NEM) is a unique blockchain platform aimed at facilitating fast, secure and flexible enterprise-grade applications. The NEM platform is a leader in a proof-of-block method called Proof-of-Importance (PoI). PoI is one of the important revolutions in the blockchain world that solves the limitations of methods used by Bitcoin or Ethereum, such as Proof of Work (PoW) and Proof of Stake (PoS).

Currently, NEM is trading at $0.16 per token, with a total issuance of $9 billion and a total market cap of $1.5 billion.

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What is NEM?

NEM is a native blockchain called NIS1 that validates blocks in a unique way called Proof of Importance (PoI). According to the PoI model, it decides which node to validate a transaction on based on three factors: whether the node balance, known as the stake grant amount, is at least 10,000 XEM, the node’s past transaction size, and the quality of its trading partners.

Unlike PoS, PoI rewards based on transaction activity rather than simply holding coins. This avoids huge energy consumption, which is a chronic problem of the PoW method verification model.

The transaction block verification process in PoI is called harvesting. But Harvester doesn’t need to have huge supercomputers because of verification. In most cases, lightweight nodes are connected to super nodes with high computational power, which “borrows” that capacity to speed up transaction verification.

The unique concepts of PoI and harvesting have given NEM a reputation for being a fast and flexible platform. In addition, NIS1 is designed to make the development and porting of business-class applications as seamless as possible. Due to its structure, NEM is ideal for use as a medium to connect networks with different characteristics that companies run.

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What does Nem do?

Few blockchains are as business-friendly as Nem, as Nem has established itself as a blockchain from its inception to facilitate business app deployments and help businesses use blockchain technology. Japanese electronics giant Hitachi also decided to build a point-of-sale solution based on Nem. Many other companies (even smaller than Hitachi themselves) are taking advantage of the flexibility, speed and adaptability of the NEM platform. Among them, there is a company called ProximaX, which is a NEM-based DApp that implements interpersonal storage and streaming services.

NEM Ventures, the VC organization of NEM Group, boasts the following innovative project portfolios based on NEM.

ioDLT (Internet of Distributed Ledger Technology):

A business-to-business (B2B) project that combines IoT and blockchain technology, a blockchain technology that securely stores historical data transmitted from IoT devices.

Wave Financial Group:

Investment management firm specializing in asset management, funding, advisory in digital asset and real asset tokenization areas.

Cyclebit:

A digital payment tool for realtors. CycleBit helps businesses easily make direct, online and automated payments through crypto or traditional fiat currencies.

Techemy:

A holding company that conducts various projects in the DLT (Distributed Ledger Technology) field and blockchain. Projects mainly include smart contract and blockchain development, consulting, investment, and identity management solutions.

Although there are commercial-based organizations supported by several NEM Ventures, several community-based or open-source projects are also active on the NEM platform:

Nem Hot/Cold Wallet:

A project dedicated to developing high-security offline crypto wallets. With a hot/cold wallet, you can easily send or receive XEM even if your wallet has never been connected to the internet.

ioNEM:

Blockchain-based management and IoT-based device control.

In March 2021, NEM Group announced its second blockchain, Symbol. Symbol runs on the original NIS1 network and uses its own cryptocurrency called XYM.

The NEM group has stated that the release of the symbol does not imply the phasing out of NIS1, and that the symbol/XYM and NIS1/XEM will run concurrently.

Nem is promoting the symbol as a next-generation enterprise-grade blockchain. The symbol appears to be an attempt to strengthen and revitalize the image of the NEM group, which makes the blockchain choice possible for companies.

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Who developed Nem?

Nem was born as a hard fork of the NXT blockchain platform. It was developed by three developers at bitcointalk, known only by their nicknames: Jaguar0625, BloodyRookie, and gimre.

The pre-release version of Nem was released in 2014, and the first stable version was released in March 2015. In 2016, the non-profit NEM Foundation was launched in Singapore to drive and support the project. The foundation’s first president was Singaporean tech entrepreneur Lon Wong.

In April 2018, in the first few months of Chairman Woong’s resignation, the Nem Foundation experienced a negative reputation following allegations that audits revealed ” little accountability for funds “. In early 2019, a drastic restructuring of the management was announced, and Alexandra Tinsman, an American blockchain marketing strategist, was appointed as the foundation’s head. The Nem Foundation also changed its name to the Nem Group. Thanks to the new management, Nem was able to get through these tough times relatively harmlessly.

There are countless block chains and virtual currencies that could not withstand such adversity and stigma and disappeared into history. However, thanks to careful contingency management and the clear business-friendly concept of NEM, the NEM platform survived and was becoming more relevant than ever.

At the end of 2020, Teensman left the Nem group. The current CEO is US-based David Shaw, Maryland. Officially headquartered in Singapore, we have various teams and offices around the world.

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XEM price trend

XEM, Nem’s cryptocurrency, was launched in early 2015 and maintained a trading price of less than $0.01 for the first two years. Then, in March 2017, it first broke above $0.01, and two months later, it rose above $0.1. The highest price for XEM was recorded at $1.84 in January 2018. The price then plummeted below $0.04 in early 2019 as news broke that the Nem Foundation improperly misappropriated funds in early 2018.

However, thanks to the management change and management refresh in 2019, the price of XEM was above $0.10 as of August 2020. It hit a second high in early March 2021 at $0.77, and XEM currently trades at around $0.16.

XEM is “ not a stablecoin”, but it has very low volatility as a crypto that is not linked to fiat currency. For traditional stock market investors and observers, XEM price volatility may seem extreme. However, in a volatile crypto world known for its high volatility, XEM can be viewed as a relatively stable price trend.

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What is Nem’s future?

Nem’s business-oriented concept and unique proof-of-significance model will allow the platform to provide greater financial viability and resilience if large enterprises take these advantages into account and decide to adopt blockchain.

Nem successfully overcame difficult times in 2018 and made structural changes to the foundation. This success can be attributed to the recognition of the platform’s business-friendly potential by the broader NEM community, including users and business partners.

It remains to be seen whether Nem can transform his business-friendly image into a real, large-scale project alongside the industrial giants. The introduction of the symbol blockchain is expected to be a revision of NIS1, which will help the NEM group in targeting large corporations.

Now, the question remains how much the NEM group can focus on NIS1 and XEM, as well as the newly released Symbol and XYM. Nem said that both platforms will be running at the same time.

It is also possible that NIS1/XEM will eventually migrate completely to Symbol/XYM. However, it is not a big concern for existing users. Moving like that means going to a better/newer platform supported by the same concept and project.

XEM has shown a relatively stable price since it appeared on the market, and I think it will likely continue to be the case in the future. After all, NEM is a well-designed, business-friendly blockchain concept, not a meme coin that is vulnerable to extreme swings in the public.

The possibility, but the extent to which, XEM has a downtrend is relatively limited. In fact, a strong upward trend is possible. If only big corporations such as banks, airlines, real estate management, etc. would realize that it is easy to develop and utilize enterprise-grade applications on the NEM platform.

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Conclusion

Nem has great potential to attract both the interest and funding of large corporations. The platform boasts a unique concept of PoI, which is a key factor in enabling fast and flexible operation along with the harvesting model. The symbol was introduced as a core upgrade to the NIS1 network, allowing it to attract larger businesses.

The success of the NEM project in the future depends on whether the NEM group can evolve the distinct functions of the platform into partnerships with real companies.

It can be inferred that the NEM project will continue to grow in feasibility and relevance in the future as it successfully recovers from management problems, conducts corporate-oriented structures and various venture capital activities, and continues to improve as an enterprise-grade platform. In addition, if NEM can utilize its traction in the business world well, it will have a solid position and development to stand tall as a top 10 blockchain platform.

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