NEM
a.k.a. XEM, New Economy Movement
A blockchain platform launched in 2015, known for an unusual "proof of importance" way of choosing who…
In plain English
A blockchain platform launched in 2015, known for an unusual "proof of importance" way of choosing who adds blocks.
NEM (short for New Economy Movement, token XEM) is a blockchain that launched in 2015. Instead of pure proof of work or proof of stake, it used "proof of importance", which rewarded accounts not only for how many coins they held but for how actively they used the network. A successor chain called Symbol was later spun out of the project. It was popular in the 2017–2018 boom and has faded since.
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