Coined by its creators as the New Economy Movement, NEM (XEM) is the cryptocurrency fueling a blockchain-based network (NEM). Specifically, NEM is made to serve as a platform for hosting online commercial operations. It is a data management platform based on the Proof-of-Important consensus technique.
In 2015, the NXT blockchain was forked to form NEM. However, NEM’s creators ultimately wrote their own technology to power the platform.
NEM, like Ethereum, is overseen by a nonprofit organization. In this case, it’s NEM.io. The foundation is a charitable organization with its headquarters in Singapore.
Many of the functionalities found on the NEM network are absent from other cryptocurrency platforms. On top of NEM, programmers may develop novel protocols and issue their own tokens.
Since NEM can clear an estimated 4,000 TPS, its key benefit over smart contract platforms is speed. Ethereum may now be the preeminent smart contract platform, but that doesn’t mean there isn’t a place for a system like NEM.
The NEX heist of 2018 will go down in history. After hackers stole 58 billion yen ($534 million) in NEM coins, one of the most popular digital currencies in the world, the Financial Services Agency (FSA) demanded adjustments to operations at Coincheck, which banned trading in all cryptocurrencies except bitcoin.
According to Coincheck, the NEM currencies were kept in a “hot wallet” rather than the more secure “cold wallet,” which works on systems not directly linked to the internet. It also doesn’t use a multi-signature system, which is an additional security measure.
The NEM Foundation, situated in Singapore, claims to have “a comprehensive record” of all of Coincheck’s missing NEM coins and operates a blockchain-based tracking mechanism for the cryptocurrency. The hacker had no method of returning the stolen cash because it had not been transferred to any exchange or personal accounts, the report said.
NEM (XEM): Overview
The New Economy Movement (NEM) blockchain platform is supported by the NEM cryptocurrency. It was originally the passion project of an individual on the Bitcointalk forum known only as “Utopian Future.” The original plan was for it to be created using the Nxt framework. Nonetheless, it was created from scratch and released in 2015. NEM’s Smart Asset System is its backbone; its blockchain handles network transactions and builds apps with flexibility in mind. This is because the platform supports modification through API (application programming interface) calls, negating the requirement for NEM software to execute apps. Now, any language may be used to manipulate its characteristics.
While Ethereum prioritizes decentralization and transparency, NEM opts for a hybrid approach. For example, the Mijin blockchain-building technology enables its customers to operate private and public blockchains. In this approach, users may better regulate who has access to their private information and assets on the network. When marketing enterprise-focused blockchain solutions, NEM will go up against Ethereum rivals NEO and Lisk.
To represent assets like money, coins, votes, and signatures, NEM employs a notation called “mosaics.” Assets are kept in addresses, which allow for easy transfer and customization for each user.
Proof-of-importance (PoI) is the consensus technique utilized by the NEM platform. Here, each node’s significance score is compared to the consensus. To do this, XEM tokens are used. Users’ wallets will grow in value over time thanks to the vested coins they hold. With a total of 10,000 XEM, their significance level will increase. A participant’s “importance” in the network rises according to the volume of transactions they do there. In the end, the system will use the score to decide whether or not users are allowed to “harvest” blocks from the blockchain.
NEM’s most interesting characteristic is its Proof of Importance (POI) consensus process. In contrast to Bitcoin’s Proof-of-Work system and Ethereum’s Proof-of-Stake system, POI is a whole new system. Unfortunately, POI is complicated, as is sometimes the case with blockchain technology.
A minimum of 10,000 XEM is required to participate in voting on the NEM blockchain as an investor. But they can’t just acquire those XEM and start processing payments now. On the contrary, they must keep the XEM in their possession for a time limit.
Ten percent of an investor’s XEM balance “vests” every day the investment is held. Suppose an investor has a vested balance of more than 10,000 XEM. In that case, they can begin harvesting (harvesting Implies mining) at that point. If an investor had 20,000 XEM, for instance, it would take 7 days for 10,000 of those to the vest.
Suppose a harvester is actively participating in the network. In that case, they have a higher chance of being chosen to verify a block, which is one way the POI system encourages engagement. The more frequently a harvester interacts with the network, the more likely it will be chosen to verify a block.
The POI system is built primarily to verify the authority of investors who utilize the network. The average payout for staking XEM and then selling it is 4.6%.
NEM (XEM): Valuation
Virtual currencies are both a paradigmatic success and a source of disappointment for some investors. Traders and investors need precise price predictions and explanations for the following questions. Is it wise to buy NEM (XEM) now? How much do you think NEM will be valued in the year 2025? There will be extensive discussion of any cryptocurrency’s long-term and short-term investment strategies.
The future of NEM and XEM are open questions, as are others, like whether or not we will make any investments in either.
The price of XEM has dropped by -13.883 percent in the past month, wiping off an average of $0.006 in value. This unexpected drop indicates that the currency is now in a slump, which may provide a strong buying opportunity for anyone looking to make a rapid investment.
XEM increased in value by a factor of four in 2021. The overall market trend higher, which the token followed, was a major factor in its rapid expansion. After then, quotations started going down, and by the summer of 2020, the XEM price had dropped to that of 2000. The 5-year chart, however, shows distinct extremes.
Recent trade activity totaled $103m, or 20% of the company’s market worth. Over 24 hours, trade volume grew by more than 790 percent, leading to a price rise.
There will be no more XEM created because the supply has been depleted. Transaction fees are used to fund the distribution of staking rewards.
Intriguingly, frequent burning isn’t used as a deflationary approach. It helps to shed light on the earliest drops in XEM’s price.
For Retail Investors
NEM was ahead of its time because it understood early on that digital currency could serve several purposes. From its inception, NEM was designed to be a universal platform for various use cases, from specialized tokens to protocols for monitoring production and inventory.
The NEM group has coined the term “Smart Asset System” to describe this (SAS). Any user of SAS may utilize NEM to generate a token, post information to the blockchain, build up blockchain-based bespoke applications like supply chain tracking, and implement multi-signature security protocols. To rephrase, SAS allows programmers to build digital systems on top of NEM, using the network’s inherent safety and value exchange capabilities.
The NEM token has a rather befuddling acronym: XEM. XEM’s primary purpose on the NEM network is to serve as a medium of exchange, much like any other cryptocurrency or token on a blockchain. In addition to being used as a medium of exchange, XEM may be used to cast a vote on governance decisions and to compensate harvesters for their work in confirming transactions.
There can only ever be 9 billion XEM in circulation. Due to the minimum 10,000 XEM holding requirement for harvesting, the maximum number of harvesters on the network is capped at 899,999. That figure presumes the highly improbable situation in which all XEM ever created would be divided fairly.
After more than 5 years on the market, XEM investors may choose from various secure storage solutions. While XEM may be stored in the Exodus wallet, it cannot be stored in the Trezor hardware wallet.
Experienced investors have taken notice of NEM (XEM) as one of the greatest cryptocurrencies owing to its innovations and fundamental concepts.
Massive funding in the form of cash and a competent team will ensure the project’s long-term viability.
How To Buy & Store NEM (XEM)
NEM’s (XEM) adaptability and novel business approach have attracted more attention. The modern blockchain makes it simple for users to keep track of and organize their data and assets. NEM was developed initially with the requirements of enterprise-level organizations in mind. Check out our Investing in NEM Guide if you want more.
Here are the five best markets where you may use fiat cash or a credit card to purchase NEM (XEM) (BTC). Uphold, Binance, KuCoin, and Huobi Global are these. WazirX. Every day, XEM is being added to more and more trading platforms.
NEM (XEM): Price History
Since its inception, the token’s price has done somersaults and dives on exchanges. Inevitably, the market, trading volume, technological advancements, etc., all impact the value of cryptocurrencies. This means that any hopes of making a killing on NEM are based solely on the Dapps market.
On April 1, 2015, the first unit of the XEM cryptocurrency was issued for $0.0004. For the first two years, this price stayed mostly unchanged.
Beginning an upward trend in April 2017, its price saw its greatest breakout in the first few months of 2018. It appears to have benefited from the upswing in the sector as a whole. On January 4 of that year, it reached a record-high price of $2.09.
But it quickly crashed, peaking at $0.45 per day in late April; it ended the year at just $0.06. And then, in 2019, there were a series of near-bankruptcy events.
The Corona epidemic has also dealt heavy damage to NEM. The years after 2020 have witnessed a complete turnaround for the currency, with pessimism reigning. NEM’s price started looking back at $0.205 in 2021, but since then, the trend has been drastically recovering. If the new alliances pan out, the NEM price will skyrocket, propelling NEM to the forefront of the cryptocurrency market and elevating NEM’s social and economic standing.
Even though XEM gained as much as any cryptocurrency during the early-year crypto rally last year, and even though XEM hit a yearly high of $0.8652 in March 2021, the price was still much lower than its all-time high recorded in January 2018 at $2.09. The 2021 high point likewise was not sustained. The token eventually settled at $0.1278 in June and $0.1229 on December 31 of that year.
Some analysts and observers have speculated that another “crypto winter” has settled over the cryptocurrency markets this year, ushering in a fresh bear market. During widespread market crashes and selling, the token’s value plummeted to a new low of $0.0355 in June 2022.
For the previous 90 days, the price has fluctuated between an average of $0.18 and an average of $0.20, for a total change of almost -80.93 percent.
The average price of one NEM coin during the previous four months has ranged from around $0.22 to about $0.20, a decrease of -81.28%.
NEM (XEM): Price Prediction
There are indications that a new era in the cryptocurrency industry is about to begin. It is widely believed that XEM’s value will skyrocket in the long run due to the currency’s continued potential for widespread interest. It’s possible that by the end of 2022, the price will be between $0.044 and $0.042. One might anticipate a peak value of $0.046.
NEM (XEM) Price Prediction for 2023-24
Since XEM will be preferred and the NEM community is so large, the price of NEM will soar to unprecedented heights. If the market is bullish or negative, it might not be easy to anticipate the price’s direction. In 2023, the price of NEM is projected to be close to $0.061. Our highest possible offer is $0.074. The average price of NEM is expected to be about $0.064 by the end of 2023. Within the boundaries set by the cryptocurrency market, we may anticipate a massive swing in price.
Many investors may be considering NEM in its current price range. Therefore, if the following conditions are met, XEM can reach $0.11 by 2024 with major participation from financial institutions. Its average price of $0.091 for 2024 is higher than the current price trend and will allow it to set new records. With another strong trend in the cryptocurrency market possible until 2024, the price tagline is open to change.
NEM (XEM) Price Prediction for 2025-29
Developers of the NEM network and community investors will drive up the price of NEM. In light of this, the positive outlook of the projected price in 2025. Experts predicted that by 2025, the highest price XEM will reach is $0.15. The future of the NEM, however, is seen with great optimism. Therefore, depending on the market, an average XEM price of $0.13 to $0.14 is forecast for 2025. A similar tagline predicts that by 2025, the highest price a XEM may reach will be between $0.13 and $0.15.
The number of XEM users and the extent to which it is adopted might benefit greatly from partnerships and developments now in the works. The value of NEM could rally significantly if the community starts paying more attention to it. Its potential high point is $0.23 in 2026. If the market drops, the XEM is likely to reverse direction slightly. In 2026, prices might range from $0.20 to $0.23 up to the end of the year.
NEM’s price would surge in 2027 due to increased demand and collaboration with other major blockchain networks, possibly reaching $0.35 at its all-time high. If the trend holds, we should see some positive moments toward the new year. For 2027, if all goes as planned, the average price will be $0.30, and the highest it might reach is $0.35.
The bitcoin market is propelled by extreme volatility. Predicting and keeping up with the current pricing is difficult nowadays. In this context, the expertise of several crypto analysts is crucial. We can confidently say that the price projections for the previous years are accurate. Cryptocurrency investors continue to fret over regulatory crackdowns. In 2028, if the market has a significant bull run, the NEM price might rise beyond $0.51. Due to its long-term investment potential, its average price in 2028 is predicted to be about $0.44.
In 2029, the price of NEM (XEM) will have risen to a level comparable to its earlier peak. We could see an average price of $0.65 by the year 2029. Assuming all goes well, projections show that by 2029 NEM may have reached a high of $0.74. As is typical for the cryptocurrency industry, there is always the possibility of a market drop following a prolonged bull run.
NEM (XEM) Price Prediction for 2030
Numerous online resources and communities provide a straightforward method of dealing with this money. This forecasting tool predicts that NEM’s price will continue to hover around its present level for quite a time. In 2030, analysts project that one XEM will be valued at no more than $1.10. The minimum price can go as low as $0.93 if market sentiment turns pessimistic.
Predicting NEM prices in the long term requires some rudimentary analysis. There are minimal advantages to using the native token in the industry. The independence of the digital economy is perfect. The network provides competitive programmable payment, logistics, and storage alternatives as DAPPs and stable currencies mature. If more people get interested in buying XEM, the price is likely to increase to roughly $1.41 by 2031. At the end of 2031, the price might be between $1.60 and $1.37.
What is the XEM crypto Hack?
One of the largest hacks in crypto history included XEM. The cryptocurrency exchange Coincheck was hacked in January of this year. Five hundred and twenty-three million XEM were successfully stolen. These coins were valued at around $400 million before the attack. T tens of thousands of people lost money due to this theft, devastating for the NEM project.
What makes NEM so great?
Since NEM can clear an estimated 4,000 TPS, its key benefit over smart contract platforms is speed. Ethereum may now be the preeminent smart contract platform, but that doesn't mean there isn't a place for a system like NEM.
What exactly is NEM (XEM)?
The NEM platform's native cryptocurrency is denoted by the "XEM." The platform uses its proof-of-importance algorithm and Smart Asset system to make blockchain-based applications more adaptable and manageable.