– What kind of virtual currency is this?
NEM: It’s a decentralized blockchain-based peer-to-peer network on which third parties can build their own applications, including cryptocurrencies and crowdfunding tokens. NEM offers both public and private (Mijin) blockchains.
– What is this virtual currency primarily used for?
NEM's next-gen blockchain also boasts a number of additional advantages over Bitcoin and its ilk, including:
Scaling: NEM is significantly more scalable than Bitcoin. While the NEM blockchain can complete up to 3,000 transactions per second, the Bitcoin network averages about four transactions per second.
Messaging: NEM has a messaging feature that you can use to add messages to your transactions. Messages take about 17 seconds to show up and they currently cost one additional XEM per 15 characters, meaning that 140 characters would cost about 10 NEM or $0.10 to send.
Privacy: Unlike some other cryptocurrencies, NEM does not offer private transactions. All transactions are traceable. While this may seem like a disadvantage, it allows for buyer and seller protection. More importantly, it allows businesses to track consumer spending habits, increasing NEM's value proposition for enterprise clients.
Mosaics: NEM Mosaics are basically assets that can be traded on the NEM blockchain. NEM's native currency, XEM, is a mosaic, but developers can create their own Mosaics, including cryptocurrencies, and run them through NEM's blockchain.
Multi-signature Accounts: The standard NEM wallet comes with multi-signature feature that requires multiple people to approve a transaction. This improves security, transparency and accountability. Currently, it costs about 0.5 #XEM to set up a multi-signature wallet on NEM.
Updates: Virtually any member of the NEM network, including everyday users of the platform, community members and developers, can suggest developments and updates. Development is paid for via a fund created during the creation of NEM. Other funding sources include community funding, investors, and people with large stakes in XEM who want to improve the network in hopes of growing their XEM value. (Source: https://coinreviews.io/nem-review/ )
– When was this virtual currency first introduced?
NEM: March 31, 2015
– What is this virtual currency’s most recent market cap?
NEM: $7,736,084,999 USD ( https://coinmarketcap.com/currencies/nem/ )
– What is the history of this virtual currency?
NEM (XEM), which stands for New Economy Movement, is a decentralised cryptocurrency launched in March 2015. Inspired by the Nxt project, it was written from scratch in Java. The most interesting features of the cryptocurrency include its proof-of-importance (POI) algorithm (with the level of importance determined by how many coins a wallet stores and the number of transactions made to and from the wallet), an integrated P2P-secure multi-signature account and encrypted messaging system, and an Eigentrust++ reputation system which evaluates the quality of each client's contribution to maintain the network. NEM uses a client–server model where the NIS (NEM Infrastructure Server) runs independent of the NCC (NEM Community Client); the client is designed to run locally, in a web browser. (Source: http://cryptocoin.cc/table.php?cryptocoin=nem )