NEM (New Economy Movement) is a new cryptocurrency with an equal opportunity philosophy. In terms of capitalization it is among the top 10 cryptocurrencies on Coinmarketcap. Exchange ticker - XEM. The number of coins in circulation is equal to 9 billion and there will be no more emission. NEM cryptocurrency was created in 2016 and gained high popularity in Japan.
NEM creation was based on Java by using the updated version of the Confirmation of Shares of POS - POI algorithm. The algorithm determines the amount of currency on the user's account and the number of possible transactions, considering the power of the equipment. The difference between POI and POS at the new algorithm which uses information not only on the Participant's share of the funds contribution but also on its level of activity.
NEM features
1. The calculation of commission for performed operations is related to the balance of counterparties and depends on their activity in the network, etc. The greater balance of the account, the greater the commission for operations. This avoids large XEM accumulation on users' accounts prompting them to use cryptocurrency for mutual settlements.
2. Provides the ability to notarize a document as well as to transfer ownership.
3. Eco-currency. Unlike many other cryptocurrencies NEM demands less production poweк since consumes less energy.
