![]() Accounts that are part of activity clusters are more heavily weighted than outliers.Ī harvester's stake is their vested holdings, and the minimum to harvest is 10,000 XEM. Cluster nodes: Whom the harvester has transacted with.Net transfers: XEM spent in the past 30 days, with more recent transactions being more heavily weighted.Stake: The amount of XEM tokens they have vested.When a block of transactions is ready to be validated, the NEM protocol chooses a harvester (its term for a validator) using an importance score. Transactions are verified on NEM using its proof-of-importance system. Both the maximum supply and the circulating supply are 8,999,999,999 XEM tokens. NEM is a blockchain platform, and the XEM token is its native cryptocurrency. In 2017, the NEM Foundation nonprofit was started to help guide the project. By that time, UtopianFuture had left NEM.Ī team of anonymous developers and marketers are in charge of NEM. NEM launched its mainnet on March 31, 2015. ![]() ![]() The original idea was to build on another cryptocurrency project, Nxt ( CRYPTO:NXT), but the developers later decided to start their own blockchain. 19, 2014, with the goal of having it managed exclusively by members of the community. UtopianFuture started a discussion about it on Jan. Where NEM came fromĪ user on the BitcoinTalk forum called UtopianFuture is the founder of NEM. The algorithm is different from proof of stake because instead of the greatest participation opportunities going to people who have invested the most, token owners who own more than a certain threshold of tokens are rewarded with an "importance score" for generating authentic network transactions, incentivizing blockchain usage and growth. NEM introduced the proof-of-importance consensus algorithm. Another popular option is proof of stake, where validators are chosen based on the amount of cryptocurrency they've put up as collateral. Many blockchains use a proof-of-work system introduced by Bitcoin ( CRYPTO:BTC), where miners must show they've expended computing power to confirm transactions. Mosaics are versatile and have many potential applications, such as providing voting rights on the user's project or being used as a store of value.Īlthough NEM has similar functionality to other blockchain projects, it has a different way of validating transactions. They can then issue mosaics, which are like the files, under the namespace. To do this, they must first register a namespace, which is like a web domain. Users can create their own crypto tokens, called mosaics, on NEM. Its most notable feature is its smart assets system, which allows users to model real-world assets using the NEM blockchain. It's written in Java, a widely used computer programming language, and it's API-based, which allows separate computer programs to communicate with each other. Source: Getty images What makes NEM unique?
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