NEM is a blockchain based on cryptocurrency that offers a streamlined method of maintaining a secure network of transaction ledgers. It was designed and programmed to ensure scalability, speed and security of transactions carried out on its network. NEM’s blockchain is open, public and can continuously grow without compromising on stability and thoroughness.
Unlike most other cryptocurrencies, NEM has a stated goal, a wide distribution model with added features to its blockchain technology such as encrypted messages, a proof-of-importance (POI) algorithm, and multi-signature accounts. NEM also operates on a Smart Asset System that focuses on building exactly what users need whether it is an ICO, document notarization, decentralization and more.
NEM’s architecture is designed to ensure both flexibility and simplicity of development. The blockchain on which it runs is supported by nodes, running software that implements unique consensus mechanism and NEM’s feature set. You can use the blockchain in any language you prefer without the need to re-implement existing business logic or further development in an unfamiliar environment.
The NEM blockchain software is now used in a commercial blockchain referred to as Mijin and is being tested by different financial institutions as well as private companies in Japan and around the rest of the world.