What is it?
NEM (New Economy Movement) is a blockchain platform that was launched in March 2015. It's noted for its unique architecture and the incorporation of several advanced features. The platform has its own native cryptocurrency known as XEM. Unlike many other blockchain platforms, NEM is built from scratch and introduces several innovations, including its POI (Proof-of-Importance) algorithm, multi-signature accounts, and encrypted messaging.
What is it used for?
NEM is used for a wide array of applications, primarily revolving around the management and transfer of assets and data. Its features like multi-signature accounts, encrypted messaging, and the Eigentrust++ reputation system allow businesses to develop secure, efficient, and future-proof blockchain solutions. NEM's native currency, XEM, is used for transaction fees on the network and incentivizes the nodes that maintain the blockchain.
In addition, NEM's blockchain platform is used to launch Initial Coin Offerings (ICOs), and its smart asset system allows businesses to customize their use of the blockchain. This can involve creating tokens, managing supply chains, notarizing documents, and many other potential use cases.
Who created it?
NEM was created by a group of developers, including key contributors Jeff McDonald and Lon Wong, who originally were part of the BitcoinTalk forum. They sought to develop a more efficient and scalable blockchain platform that could be easily utilized for a wide range of applications.