XEM is the native utility token of the NEM (New Economic system Motion) blockchain platform.
NEM is a blockchain platform that provides each private and non-private blockchain options. It goals to supply a flexible platform that may cater to varied industries and use instances.
NEM makes use of a singular consensus mechanism referred to as Proof of Significance (PoI) to validate transactions and safe the community. PoI takes under consideration elements just like the person’s stability and transaction historical past, rewarding lively members.
Customizable belongings and good contracts
NEM permits customers to create and handle customized digital tokens on its platform, enabling numerous purposes, together with ICOs, loyalty applications, and asset monitoring. Additionally, NEM introduces the good belongings, that are belongings that may carry particular guidelines and behaviors, permitting for extra advanced and dynamic asset administration.
XEM serves as a way of worth switch throughout the NEM ecosystem and permits customers to take part within the community’s functionalities.
It could have numerous use instances throughout the platform, together with paying for transaction charges, accessing platform companies, and probably as a medium of trade.
Within the NEM community, harvesting is akin to mining in conventional blockchain networks. Customers who maintain a certain quantity of XEM can take part in harvesting to assist validate transactions and safe the community.
Disclaimer. This text is for informational functions solely and shouldn’t be seen as an endorsement by CoinIdol. They don’t seem to be a advice to purchase or promote cryptocurrency. Readers ought to do their analysis earlier than investing in funds.
