NEM ($XEM) is a smart contracts platform focused on high performance and enterprise solutions. It integrates concepts from other cryptocurrencies (e.g. Bitcoin) and academic research in network theory.
NEM’s primary contribution to the crypto currency landscape is a new consensus mechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity. PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance. It incorporates other behaviors that are believed to be positive for the holistic economy. In this way, it attempts to reward active economy participants at the expense of inactive ones and dampens the rich getting richer effect that is inherent to PoS.
NEM’s vision is to be the foundation of a vibrant crypto currency ecosystem that emphasizes security and trustless computing. NEM was launched with built-in support for multisig transactions and encrypted messages. Additionally, the peer-to-peer (P2P) NEM network implements a modified version of Eigentrust++ to identify and minimize the impact of malicious nodes.
Who are the Founders of NEM?
NEM was originally founded by BloodyRookie, gimre, and Jaguar0625, who was known on the Bitcointalk, org forum. But NEM is now operated by a Singapore-based non-profit organization called NEM.io Foundation.
David Shaw (CEO of NEM Group) is responsible for ensuring the coordination of strategy and direction among the various NEM entities, as well as overseeing the growth management plan for the NEM ecosystem.