XEM is the native utility token of the NEM (New Economy Movement) blockchain platform.
NEM is a blockchain platform that offers both public and private blockchain solutions. It aims to provide a versatile platform that can cater to various industries and use cases.
NEM uses a unique consensus mechanism called Proof of Importance (PoI) to validate transactions and secure the network. PoI takes into account factors like the user’s balance and transaction history, rewarding active participants.
Customizable assets and smart contracts
NEM allows users to create and manage custom digital tokens on its platform, enabling various applications, including ICOs, loyalty programs, and asset tracking. Also, NEM introduces the smart assets, which are assets that can carry specific rules and behaviors, allowing for more complex and dynamic asset management.
XEM serves as a means of value transfer within the NEM ecosystem and allows users to participate in the network’s functionalities.
It may have various use cases within the platform, including paying for transaction fees, accessing platform services, and potentially as a medium of exchange.
In the NEM network, harvesting is akin to mining in traditional blockchain networks. Users who hold a certain amount of XEM can participate in harvesting to help validate transactions and secure the network.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
Source: https://coinidol.com/nem-xem-token/
