NEM (XEM) Price Reaches $0.0549 on Top Exchanges

NEM (XEM) traded up 1.4% against the U.S. dollar during the 24 hour period ending at 16:00 PM E.T. on May 14th. NEM has a total market cap of $494.00 million and approximately $67.24 million worth of NEM was traded on exchanges in the last day. During the last week, NEM has traded 33.1% lower against the U.S. dollar. One NEM coin can now be bought for about $0.0549 or 0.00000187 BTC on popular exchanges.

NEM Coin Profile

NEM (CRYPTO:XEM) is a proof-of-importance (PoI) coin that uses the ProofofImportance hashing algorithm. It was first traded on March 31st, 2015. NEM’s total supply is 8,999,999,999 coins. NEM’s official website is nem.io. The Reddit community for NEM is /r/nem and the currency’s Github account can be viewed here. NEM’s official Twitter account is @NEMofficial and its Facebook page is accessible here. The official message board for NEM is forum.nem.io.

According to CryptoCompare, “Consensus Mechanism: Proof-of-ImportanceGenesis Date: March 31st, 2015Block Time: 1 minuteAvailable/Total Supply: 8,999,999,999 XEMBlock Reward: N/A (transaction fees only + node rewards) XEMXEM is the native currency of the NEM public blockchain. It is used to pay for transactions on this public blockchain in order to incentivize its network of public nodes that process and record transactions for businesses and users there. This means that XEM has real fundamental value as the currency of a functioning economy.HarvestingHarvesting is closely similar to mining in other cryptocurrencies, but it uses unique methods called Proof of Importance and Delegated Harvesting to determine who harvests the next block. Harvesting is necessary to keep the network online and to confirm transactions.Supernode ProgramSupernodes are high performance blockchain nodes which form the backbone of the NEM blockchain network. Accounts with 3,000,000 or more XEM can operate a supernode, either from a local computer or from a cloud-hosted server. Supernodes are required to be up and running 24 hours per day, processing all transactions.CatapultCatapult is a full-featured blockchain engine that can power both private and public networks with its unique smart contract plugins. These plugins enable bulletproof digital asset creation, decentralized swaps, advanced account systems and business logic modeling.In its next phase, Catapult will become the core NEM engine. Public chain Catapult has been in testing for three years to thoroughly troubleshoot bugs and implement features. Its expected release is in 2019.Proof-Of-ImportancePOI is the consensus algorithm used in NEM to determine who will calculate the next block. An account's importance is determined by how many coins it contains and the number of transactions made to and from that account. POI is different from other initiatives which use a fee-sharing model that does not take into consideration one's overall support of the network. In some proof-of-stake systems a person only needs to have large amounts of coins to form a block; however, in NEM the transaction amount as well as support of the network become a factor. This has been designed to encourage users of NEM to not simply hold NEM but instead actively carry out transactions within the NEM ecosystem.You can read more about NEM’s tech in the Technical Reference.     “

NEM Coin Trading

It is usually not possible to purchase alternative cryptocurrencies such as NEM directly using US dollars. Investors seeking to trade NEM should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase NEM using one of the aforementioned exchanges.

Receive News & Updates for NEM Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for NEM and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter.