If you have been reading our latest cryptocurrencies news, you probably stumbled upon an altcoin named NEM (XEM). The truth is, this is one of the most interesting altcoins out there with massive potential. In our NEM guide today, we will show you everything you need to know about this coin and how to buy it in 2020.
NEM Guide: What Is NEM (XEM) And How Was It Created?
Developed in Singapore back in 2015, the NEM (XEM) cryptocurrency aims to be a fast and robust payment system. NEM basically uses XEM tokens as its peer to peer currency. In order to buy these tokens, you will need to do the following:
- Get a NEM wallet (e.g. Coinomi, Exodus)
- Locate your NEM address
- Find a XEM exchange (Binance, Bittrex)
- Deposit BTC to the exchange and trade it for XEM
- Withdraw the XEM coins to your wallet
This is practically the entire process of buying NEM (XEM) in a nutshell. What is also interesting in our NEM guide is the entire point of this cryptocurrency and its massive potential – shared below.
What Is NEM In A Nutshell?
NEM stands for New Economic Movement. As you already saw from this NEM guide, it is a decentralized and peer-to-peer cryptocurrency and blockchain platform which launched in March 2015 in Singapore.
The NEM volume is 9 billion XEM coins, all of which were created and distributed to 1,500 individuals before the launch of the coin. The blockchain news also show that NEM is written in Java and was built from the ground up, in order to address issues which are faced by many cryptocurrencies today, including ease of use, speed and scalability.
Speaking of that, NEM can process 3,000 transactions per second. Since all the XEM coins have already been distributed, there is practically no way to earn new XEM aside from buying it or earning it by becoming a harvester or supernode.
Proof Of Importance
As a last point in this brief NEM guide, we’d like to accent the Proof of Importance (POI) which is the new consensus algorithm by NEM that is similar but better than Proof of Stake (POS). As the POI is designed, it allows more importance for each user depending on the more coins and transactions that they make.
For more information on the XEM altcoin, read our NEM news today!