Xem is a native utility token for the NEM (New Economy Movement) blockchain platform.
NEM is a blockchain platform that offers both public and private blockchain solutions. The purpose is to provide a versatile platform that can accommodate a wide range of industries and use cases.
NEM uses a unique consensus mechanism called Proof of Importance (POI) to validate transactions and protect the network. POIs reward active participants taking into account factors such as user balance and transaction history.
Customizable assets and smart contracts
With NEM, users create and manage custom digital tokens on the platform and enable a variety of applications, including ICOs, loyalty programs, and asset tracking. NEM also introduces smart assets, assets that can carry specific rules and actions, enabling more complex and dynamic asset management.
XEM acts as a means of value transfer within the NEM ecosystem, allowing users to participate in the functions of the network.
Within the platform, there may be a variety of use cases as payment of transaction fees, access to platform services, and potentially exchange media.
In NEM networks, harvesting is similar to mining in traditional blockchain networks. Users who hold a certain amount of XEM can participate in the harvest to help validate transactions and secure the network.
Disclaimer. This article is for informational purposes only and should not be considered as approval by Koinidor. They do not recommend buying and selling cryptocurrencies. Readers should do research before investing in funds.
