NEM was originally an abbreviation of New Economy Movement (new economic activity), but based on the principles of monetary freedom, decentralization, opportunity equality and fairness, and solidarity, it aims to create a new economic zone It has become a project of virtual currency that started as.
The currency unit is XEM.
NEM does not adopt the algorithm called POW (proof of work) adopted by many virtual currencies such as Bitcoin, but adopts the algorithm called POI (Proof of Importance) developed independently.
For example, while POW uses a lot of power, it is the mechanism that the person who decrypts the fastest processes the transaction and receives a success fee, whereas POI is important to promote economic activity using a lot of XEM. Is a mechanism that allows people with high.
Features of NEM
The total issue volume is 8,999,999,999 XEM, there is no mining such as bitcoin, and there is no new issue.
Therefore, in many other virtual currencies, the approval work will be successful and the virtual currency will be issued at the same time as the virtual currency is newly issued, but the NEM will have no new issuance of the virtual currency, and there will not be a new issuance of virtual currency. Because it is paid, there is a feature that dilution of value by approval work does not occur.
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