NEM (XEM) is a blockchain system which serves as a platform on which many different kinds of blockchain applications can be developed and run, much like Ethereum. The XEM cryptocurrency is used as a means of enabling the NEM blockchain. In this way it is a utility token in the strict sense of the term.
It is developed and promoted by the NEM Foundation, which is incorporated in Singapore. The NEM Foundation markets the NEM blockchain to companies, academic institutions and government agencies.
NEM uses proof of importance to determine how data is processed for block creation. The proof of importance technology is a defining feature of the NEM platform and the XEM token. The number of XEM which can be created by the system is limited to 8,999,999,999 XEM.
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