NEM (XEM) or what most people refer to it as ‘just another altcoin’, New Economy Movement is actually a platform that brings a lot of novelties and interesting features to the blockchain system. It all started out as a little more than a proof-of-concept technology and since 2015 (its formation), has been picked up by the commercial blockchain Mijin which caused the value of XEM which is the platform’s currency to soar.
Now, the best way to describe NEM is as a fork of NXT which is another open source cryptocurrency and payment processor. However, NEM (XEM) soon got its own codebase after the development team at NEM.io Foundation decided to completely rebuild the system from scratch.
NEM.io is the foundation that stands behind NEM (XEM) and a non-profit organization founded in Singapore. They are the driving force behind the development of the NEM platform. As for the platform itself, it has been upgraded a lot over the past few years and has grown a lot in terms of value over a short period of time.
The NEM Foundation, known as the foundation that stands behind the altcoin XEM (NEM), launched their new blockchain hub where the representatives will provide support to members of the public on the topics related to blockchain technology and cryptocurrency. The hub will also host educational programs, blockchain events, as well as be a potential business incubator and support center for the NEM-based blockchain startups.
Also known as New Economy Movement (NEM), the company launched in 2015 with a platform that brings a lot of new features to the blockchain system – and their altcoin XEM has increased in value since it was picked up by the commercial blockchain named Mijin. Right now, NEM seeks to help and unlock the benefits of blockchain technology through grants and other contributions.
The foundation decided back on February 20th to release 210 million XEM tokens which is about $8.7 million from its reserves and that the first 25 million will be used to ‘’set up processes and structures for a new product-focused, revenue-driven approach for NEM foundation.’’ The tokens will likely fund the foundation’s efforts until February 2020.