NEM is a decentralized currency and blockchain development platform focused on private blockchain ledger solutions for enterprise. NEM’s internal ledger technology prioritizes scaling and speed, which is demonstrated in its market-leading transaction rates. XEM is the native currency of the NEM platform and can be used to pay for transactions and incentivize the network
NEM employs a unique consensus mechanism known as proof of importance, a completely new algorithm that utilizes network theory to assign levels of importance to each account in the network. Account importance is determined according to three factors: vested stake, number of transaction partners, and the number and size of transactions in the past 30 days.