NEM, launched at the end of May 2015, stands for the New Economy Movement. It is an extensive and unique platform where multiple applications are possible on the blockchain. NEM offers opportunities such as digital voting, smart contracts such as Ethereum, messaging, exchange, and cryptocurrency, which makes it primarily intended for businesses. It is expected that more functionalities will be added in the future, as NEM has a dynamic blockchain technology. The name for NEM’s cryptocurrency is XEM. The XEM algorithm triggers the Proof-of-Importance algorithm. This algorithm is based on the Proof-of-Stake algorithm. PoS is only about owning the coin. However, PoI is all about owning and using the coin. You will be rewarded for using coin! It only becomes interesting if you have more than 10.000XEM in your wallet.
In January 2018, NEM was in the news because hackers had stolen $530 million from XEM at the Coincheck exchange. Later, these stolen coins were found on various exchange exchanges in Canada and Japan.