Fueled by a theme known as the “New Economy Movement,” the Singapore-based non-profit organization NEM Foundation is on an ambitious quest to promote their blockchain technology throughout the world. NEM sprouted via an alpha version in June of 2014, before eventually pursuing an official beta launch in of March 2015.
NEM was created by a Bitcoin Talk forum user known as “Utopian Future” who was inspired by the cryptocurrency Nxt and wanted to enhance it. Fueled by an open call for participants on the forum, a grassroots community arose and built NEM from a very basic seed to what it is today.
In addition to serving as the engine behind the cryptocurrency known as XEM, it also functions as a peer-to-peer solutions platform that delivers services like payments, messaging, asset making, and naming systems.
Despite its steady advancements, some in the crypto community have questioned whether the XEM currency and its associated market cap is over inflated signaling a potential pump and dump scenario. Nevertheless, NEM is currently regarded as one of the best funded and sustained blockchain projects in the cryptocurrency industry with its technology currently used by a variety of financial institutions and industries, including the Japanese company Hitachi with its 150 million customer base.
NEM possesses both a standard public blockchain and a permissioned or private blockchain. It utilizes a tiered architectural structure common to the Internet but unusual in the blockchain world. As a result, running a node to in order to utilize the ecosystem is not a requirement. As a result, NEM has the ability to facilitate web, mobile and other thin clients without leading to a costly footprint on devices.
It also features a multi-sig protocol that does not require an intermediary server/wallet like most blockchain solutions. Transactions necessitating signatures are broadcast online to all its nodes.NEM’s Expansion Forward...