How NEM works
NEM is a blockchain platform, and the XEM token is its native cryptocurrency. Both the maximum supply and the circulating supply are 8,999,999,999 XEM tokens.
Transactions are verified on NEM using its proof-of-importance system. When a block of transactions is ready to be validated, the NEM protocol chooses a harvester (its term for a validator) using an importance score. This score is based on a harvester's:
- Stake: The amount of XEM tokens they have vested.
- Net transfers: XEM spent in the past 30 days, with more recent transactions being more heavily weighted.
- Cluster nodes: Whom the harvester has transacted with. Accounts that are part of activity clusters are more heavily weighted than outliers.
A harvester's stake is their vested holdings, and the minimum to harvest is 10,000 XEM. After you acquire XEM, 10% per day is vested. Let's say that you receive 30,000 XEM. After one day, 3,000 XEM would be vested, leaving 27,000 XEM unvested. The next day, 2,700 XEM would be vested, and so on. Once you reach 10,000 vested tokens, you can start harvesting.
NEM doesn't require that all harvesters contribute their computing power to the validation process. Instead, each harvester can link their account to an existing supernode. Harvesters are essentially providing their importance score to the supernode, giving it a greater chance of being chosen, and the supernode uses its computing power to validate blocks of transactions.
Partnerships
Because NEM is one of the older blockchain networks, it has had time to build connections with a variety of companies and projects. Here are some of the notable NEM partnerships:
- Unibright, an enterprise blockchain solutions company, partnered with NEM to provide blockchain training to its developers on the NEMsp Network.
- Good Crypto, a portfolio management and trading app, started working with NEM by integrating NEM wallets into its app.
- KardiaChain (KAI -5.83%), a blockchain infrastructure, integrated the XEM token into its KAI Membership dApp (decentralized app) to expand its ecosystem.
- Travala and TravelByBit, two travel booking companies that accept digital currencies, support XEM payments.
