NEM is a peer to peer crypto currency and a blockchain platform with proof of importance technology. NEM functions through mosaic named “XEM” and are associated by paying a transaction fee. NEM cryptocurrency was launched in 2015 and considered to be one of the largest blockchain centers in the Southeast Asian Region.
Method of functioning
NEM cryptocurrency functions by creating mosaic named XEM is a Smart Asset System which is unique and flexible. Mosaics allows users to represent any asset which is fixed assets on the NEM block chain and can represent a set of multiple identical things that do not change Smart Assets.
NEM provides features like messages included in transaction that can be used for secure communication and multi-signature transactions that protect the users ensuring secure community held funds. Buyer and sellers of digital assists and currency will be matched peer to peer without the need of third party exchange.