About NEM

What is the NEM price today?

The XEM price is currently $0.03. The price of NEM is +7.28% over the last 30 days. You can use the live NEM chart to track the XEM/USD price in real time above, or compare the NEM value today to its past performance using the NEM price history tab at the top of this page.

What is the total supply of XEM?

The circulating supply is 8,999,999,999.00 XEM, out of a total maximum supply of 8,999,999,999.00 XEM.

What is NEM?

NEM is a system for connecting blockchains together so they can exchange assets and data between them. Its native cryptocurrency is the XEM coin, which is used to pay for transactions on the system or can be bought and traded like any other digital asset. 

Launched in 2015, the network is based on a unique consensus algorithm called Proof of Importance. 

How does NEM work?

It works similarly to most other cryptocurrency platforms, where transactions are recorded and added to the blockchain. NEM uses a two-tier system: a node network and a client layer. 

The node network consists of network users responsible for processing transactions and securing the blockchain. The client layer is the platform’s interface and is how users can interact with the network. 

How is the NEM network secured?

The NEM network is secured by the blockchain it runs on. It uses an algorithm called Proof of Importance. This means other network users verify and secure all transactions before adding them to the blockchain. PoI ensures that only trusted nodes (those who are active on the network and do not just hold a large number of tokens) can validate transactions. 

What is NEM used for?

NEM is used for various purposes and allows developers to build applications on the network. The XEM token can be used to pay transaction fees or transfer funds to other users. NEM also allows users to create their own crypto tokens, known as mosaics. 

XEM is also just like any other cryptocurrency and can be used as an asset for investment purposes or for short-term speculation. 

Why does XEM have value?

XEM is the native cryptocurrency of the NEM network, and its value is linked to the platform’s success. If more people use the NEM network, then the demand XEM will increase. XEM is also used to pay transactions and incentivise network participation, increasing its overall demand. 

Who created NEM?

NEM was created by a pseudonym called UtopianFuture and Makoto Taemiya. The team initially aimed to create a more efficient and scaleable blockchain to power a new economy based on decentralised applications. 

Where can I buy NEM?

You can buy NEM on a crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated crypto wallet for some extra security.

Are there any other ways to invest in NEM?

The simplest way to invest in NEM is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.

Are there any NEM alternatives?

Many alternatives are available, offering a similar solution to what NEM has available. Below we’ve included a few alternative cryptocurrencies for you to consider. 

• Monero. Monero lets you securely make payments. 
• Digibyte. Digibyte lets developers build applications on the blockchain. 
• Litecoin. Litecoin is a similar crypto to Bitcoin with faster speeds.

More crypto guides

• Cryptocurrency staking calculator
• Best altcoin exchanges

FAQs