What is Nem (Xem) (XEM)?
Future of XEM Cryptocurrency and know how to buy XEM

#1 – What is NEM(XEM)?

The first cryptocurrency after Bitcoin to have built its code from scratch, NEM is unique for many reasons. Its stability, versatile use cases and consensus system are just a few of the things that make NEM different. Here’s everything you need to know about NEM.

NEM: The Basics

NEM, short for New Economic Movement, started out to build a smarter, more technologically advanced blockchain.

  1. It is a cryptocurrency which provides an improved platform and streamlined method to maintain a secure ledger for transactions.
  2. Getting rid of mining and the necessity for powerful systems and expensive hardware, NEM made cryptocurrency transactions much simpler and more efficient. It also drastically reduced the energy requirement for transactions as well as the time required for a transaction.

NEM Development

  1. NEM originally started out as a fork of NXT, but them developed its own code from scratch to become “NEM”. Its birth stemmed from an open call on Bitcointalk for participation in creating an original community-oriented cryptocurrency in January 2014.
  2. The backbone of this cryptocurrency is the NEM.io foundation, a non-profit based in Singapore.

 

#2 – What are the advantages of NEM?

NEM Technology

  1. Unlike Bitcoin and similar cryptocurrencies, NEM coins (XEM) cannot be mined. Instead, it’s obtained through a process called “harvesting”. This is a system designed by NEM, in which every time a transaction is done on the platform, the first computer to see and verify it will notify users around him, generating a block. When someone who owns more than 10,000 “vested”[1] NEM generates a block, the transaction fees go to them.
  2. It has adopted a consensus system different from Bitcoin’s “proof-of-work” and Peercoin’s “proof-of-stake”, called “proof-of-importance”. Its basic principle is to give more block rewards and benefits to people who not only own more NEM tokens, but are also active on the network. Therefore, an active user with less NEM coins have perhaps more stake on the rewards as someone who owns a lot of NEM coins but doesn’t contribute to the network.
  3. It has an adaptable API interface, which is compatible with popular programming languages like Java and C++.

NEM Use Cases

NEM is a business-centred cryptocurrency, aiming to be an easily customizable blockchain solution for different use cases, built on simple but powerful API calls, making it extremely flexible and versatile. It has uses in various fields.

  1. Its financial use cases include financial payments, equity markets, creating your own cryptocurrency and many more.
  2. In business management, it can be used for automatic accounting, KYC, loyalty reward points, shipping, inspection and supply chain management.
  3. It also has use cases in keeping secure records, like encrypted messaging, anti-counterfeiting, authentication, etc.
  4. In addition to all this, it’s a decentralized organisation which provides voting security and can be used for crowdfunding, stock ownership and ICOs.

 

#3 – How to buy and store XEM?

How to buy XEM

There are nearly 25 exchanges to choose from while buying NEM coins (XEM), taking other cryptocurrencies like Bitcoin and Ethereum as well as fiat currencies like USD, INR, Japanese Yen and Chinese Yuan.

Binance, Coinsuper and Bittrex are popular exchanges to trade other cryptocurrencies for XEM, while Zaif trades exclusively with JPY. Other exchanges which support fiat currencies include Exrates (USD), BuyUcoin (INR) and Litebit (EUR).

  1. All these exchanges are only platforms on which you can trade the NEM coins, but online cryptocurrency trading platform CoinSwitch will actively help you make the right decision by showing you the prices of NEM coins at the crypto exchanges it is sold in, all at the same place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with the NEM coin, and CoinSwitch will help you make the right decision by comparing the prices at different exchanges.
  2. What’s more - with CoinSwitch, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets.

XEM Storage

  1. The best place to store the XEM cryptocurrency is perhaps in its own NEM Nano Wallet, a desktop wallet available for Windows, Mac as well as Linux operating systems.
  2. There’s also a mobile XEM wallet, the NEM Mobile Wallet, for those who prefer to use smartphones over their PCs. It’s compatible with both Android and iOS, making it accessible to all smartphone users.

#4 – What is the future of NEM?

Read more: Complete Analysis of NEM | Live NEM (XEM) Price Charts & Predictions

Market Cap and Global Acceptance

Unlike many other cryptocurrencies like Bitcoin, NEM coins (XEM) cannot be mined. The maximum supply is 8,999,999,999 XEM, which are all circulating in the markets currently. The current market cap of NEM (as of June 2018) is around 1.69 billion USD, putting it pretty high in global rankings though its individual price is just about 0.2 USD.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 21, 2018

0.195038

0.195038

0.187767

0.188716

1,51,28,300

1,75,53,50,000

Jun 01, 2018

0.24511

0.26076

0.24511

0.254621

1,78,94,000

2,20,59,90,000

May 01, 2018

0.408822

0.408822

0.388932

0.404853

2,60,75,500

3,67,94,00,000

Apr 01, 2018

0.221523

0.224177

0.198162

0.20879

1,59,20,600

1,99,37,10,000

Mar 01, 2018

0.399489

0.416245

0.392158

0.416245

1,95,29,000

3,59,54,00,000

Feb 01, 2018

0.791554

0.804491

0.614392

0.618265

4,66,39,300

7,12,39,80,000

Jan 01, 2018

1.04

1.08

1

1.04

5,82,02,800

9,31,53,10,000

Dec 01, 2017

0.225486

0.239571

0.214192

0.239571

1,23,71,200

2,02,93,70,000

Nov 01, 2017

0.186957

0.188424

0.164959

0.166645

61,90,340

1,68,26,10,000

Oct 01, 2017

0.235614

0.246768

0.230906

0.24618

42,32,170

2,12,05,20,000

Sep 01, 2017

0.336602

0.33778

0.312575

0.33231

1,20,82,700

3,02,94,20,000

Aug 01, 2017

0.165605

0.181925

0.162108

0.181054

39,56,940

1,49,04,40,000

Jul 01, 2017

0.159596

0.161146

0.143427

0.145722

34,96,010

1,43,63,60,000

Jun 01, 2017

0.20211

0.23795

0.20211

0.230595

1,69,24,700

1,81,89,90,000

May 01, 2017

0.051264

0.056378

0.048148

0.052053

93,05,290

46,13,77,000

Apr 01, 2017

0.014921

0.019151

0.014803

0.017632

24,47,890

13,42,87,000

Mar 01, 2017

0.007013

0.008324

0.007013

0.00785

5,88,949

6,31,21,000

Feb 01, 2017

0.005244

0.005488

0.005224

0.005487

1,03,152

4,71,97,000

Jan 01, 2017

0.003676

0.003718

0.00341

0.00344

78,880

3,30,87,800

Dec 01, 2016

0.003717

0.003756

0.00361

0.003646

47,370

3,34,53,400

Nov 01, 2016

0.003628

0.003977

0.003628

0.003828

86,034

3,26,55,200

Oct 01, 2016

0.004374

0.004744

0.004374

0.004386

54,594

3,93,65,200

Sep 01, 2016

0.005699

0.005761

0.005459

0.005569

1,21,379

5,12,88,500

Aug 01, 2016

0.00666

0.006692

0.006228

0.006295

2,28,840

5,99,35,500

Jul 01, 2016

0.012402

0.012844

0.009496

0.010477

36,48,490

11,16,15,000

Jun 01, 2016

0.001878

0.002073

0.001814

0.002034

93,395

1,68,98,600

May 01, 2016

0.001601

0.001622

0.001573

0.001606

19,104

1,44,12,300

Apr 01, 2016

0.001495

0.001564

0.001455

0.001473

64,361

1,34,54,700

Mar 01, 2016

0.000635

0.000658

0.000623

0.000628

14,850

57,16,680

Feb 01, 2016

0.000494

0.000515

0.000434

0.000507

52,135

44,48,570

Jan 01, 2016

0.000151

0.000173

0.000151

0.000162

1,361

13,58,320

Dec 01, 2015

0.000106

0.000136

0.000102

0.000116

1,860

9,50,715

Nov 01, 2015

0.000136

0.00017

0.000136

0.00015

950

12,26,560

Oct 01, 2015

0.000151

0.000189

0.000151

0.000175

11,660

13,58,740

Sep 01, 2015

0.000094

0.000105

0.000093

0.0001

527

8,48,213

Aug 01, 2015

0.000164

0.000165

0.000154

0.000164

1,445

14,73,700

Jul 01, 2015

0.000162

0.000163

0.000142

0.000142

2,224

14,53,660

Jun 01, 2015

0.000177

0.00018

0.000166

0.00017

3,525

15,90,560

May 01, 2015

0.000157

0.000158

0.000153

0.000156

692

14,12,990

Apr 02, 2015

0.000242

0.000323

0.000227

0.000314

28,549

21,79,320

Apr 01, 2015

0.0004

0.000458

0.00017

0.000242

65,525

36,04,110

Trends so far

  1. The NEM coin (XEM) is one of the only cryptocurrencies which have never been volatile. From its initial $0.0004 to its current $ 0.19 as of June 2018, the ups and downs have been minimal. Its absolute minimum value was just 0.000087 USD in September 2015, while it peaked at 1.8 USD in January 2018.
  2. Since XEM mining isn’t possible and all the (nearly 9 billion) NEM coins are in circulating supply, XEM ranks pretty high in terms of market cap (18th overall as of June 2018) despite its low individual price.
  3. Being primarily a transaction platform to compete with the likes of Visa and MasterCard gives it a definite edge over other currencies though there is no history of appreciation or depreciation in its value, and no sign of any changes in the future. This is because owning more NEM coins and being more active makes you eligible to receive more of the transaction fees and larger block rewards.

 

#5 – What makes NEM different from other cryptocurrencies?

  1. One of the things which makes NEM stand out is that its code is completely original, as opposed to most other cryptocurrencies which have borrowed at least some lines of code from an older currency.
  2. Its consensus system is also different from the traditional “proof-of-work” or even “proof-of-stake”. Known as “proof-of-importance”, it is a step up from the proof-of-stake system in the sense that it takes into account both the number of coins owned as well as how active the user is while distributing block rewards or transaction fees.
  3. Of course, the fact that the coin has never faced much change where its individual price is concerned, as well as its high market cap despite its low individual value make it even more unique among a series of inflated currencies.
  4. It claims to have a transaction rate of 4000 transactions per second, making it faster and more efficient than even the financial giant Visa.

 

#6 – Should you invest in XEM?

  1. A relatively old cryptocurrency, XEM’s individual price is far lower than many of its successors. It has been pretty stable so far, as far as its value is concerned, and doesn’t seem in a hurry to shoot up or down in price any time soon. All this may make it an unattractive currency to invest in.
  2. However, the very fact that its individual price is so low right now is a good reason to buy large amounts of the currency. Its “proof-of-importance” consensus system makes anyone who has more than 10,000 NEM tokens and is active on the platform eligible for block rewards and a cut of the transaction fees. This makes it a currency with continuous returns, though the returns may not be very large every time.
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