What Is NEM?

NEM (New Economy Movement) is a blockchain platform that was launched on March 31, 2015 with the goal of creating a smart asset blockchain for enterprise and institutional use. Originally conceived on the Bitcointalk forum by a developer known as UtopianFuture, NEM was built from scratch in Java rather than forking an existing codebase. NEM introduced several innovative features at the time of its launch, including the Proof of Importance (PoI) consensus mechanism, multi-signature account management, an Eigentrust++ reputation system, and a modular API-driven architecture that made it accessible to developers who could interact with the blockchain through simple API calls rather than writing smart contract code.

Overview - Table of Contents
What Is NEM?
Getting Started With NEM
How To Get A NEM Wallet?
NEM Resources
How To Buy NEM?
Latest NEM News

The Proof of Importance consensus mechanism is NEM's alternative to Proof of Work and standard Proof of Stake. PoI assigns an importance score to each network participant based on the amount of XEM they hold (with a minimum vesting requirement of 10,000 XEM), the number and quality of transactions they make, and the network of partners they transact with. Users with sufficiently high importance scores can participate in harvesting, NEM's term for the process of creating new blocks and earning transaction fees. Delegated harvesting allows users to lend their importance score to a remote node, so they can earn rewards without keeping their own computer running continuously. The total supply of XEM was fixed at 8,999,999,999 coins, all of which were distributed at launch to early stakeholders.

NEM's blockchain features a mosaic system that allows users to create custom tokens (called mosaics) with configurable properties such as supply, divisibility, transferability, and levy fees. Namespaces provide a hierarchical domain-like naming system for organizing mosaics and accounts, similar to how internet domain names work. Multi-signature accounts are built into the protocol at a fundamental level, enabling flexible multi-party authorization for transactions and account management. NEM also introduced the Apostille system, a notarization and timestamping service that allows users to create verifiable, auditable, and transferable records of documents and assets on the blockchain.

NEM developed strong adoption in the Japanese market, with exchanges such as Zaif and Coincheck listing XEM as a major trading pair. The NEM Foundation, established to promote adoption and development, maintained active community chapters in Japan and Southeast Asia. In January 2018, the Coincheck exchange in Tokyo suffered a hack resulting in the theft of approximately 523 million XEM (valued at roughly $530 million at the time), one of the largest cryptocurrency exchange hacks in history. The incident was attributed to Coincheck's security practices rather than any vulnerability in NEM itself. NEM's blockchain technology was also adopted for enterprise use through Mijin, a private blockchain solution tested by financial institutions in Japan.

The long-planned Catapult upgrade eventually became Symbol (XYM), a next-generation blockchain launched in March 2021 by the NEM Group. Symbol was designed as an enterprise-grade blockchain with improved performance, aggregate transactions that bundle multiple operations into a single atomic unit, multi-level multisig account controls, and a plug-in architecture for extending blockchain functionality. XEM holders received an airdrop of XYM tokens at Symbol's launch. Both the NEM NIS1 chain (XEM) and Symbol (XYM) continue to operate, with the NEM ecosystem supporting both chains.

Getting Started With NEM

Step 1: Learn About NEM and Symbol. Visit nem.io to understand the NEM ecosystem, including the original NIS1 blockchain and the newer Symbol chain. Review how the two chains relate and interact.
Step 2: Set Up a Wallet. For the NEM NIS1 chain, download the NEM Wallet. For the Symbol chain, use the Symbol Desktop Wallet. Choose based on which chain and token you want to interact with.
Step 3: Acquire XEM or XYM. Purchase XEM (NEM NIS1) or XYM (Symbol) on a supported exchange. Transfer to your respective wallet for security and full access to network features.
Step 4: Explore Features. Create mosaics (custom tokens), set up namespaces, configure multi-signature accounts, or explore the enterprise use cases that NEM's architecture supports.

How to Get a NEM Wallet?

NEM Wallet (NIS1)

The official NEM Wallet is a desktop application for managing XEM on the NIS1 blockchain. It supports all NEM features including mosaic creation, namespace management, multi-signature accounts, and harvesting (NEM's term for staking/block production).

Symbol Desktop Wallet

The Symbol Desktop Wallet is the official wallet for the Symbol blockchain (XYM). It provides access to Symbol's features including aggregated transactions, mosaics, namespaces, and account management.

Hardware Wallets

XEM is supported on Trezor hardware wallets, providing cold storage security. XYM support on hardware wallets may vary, so check current compatibility before purchasing.

NEM Resources

How to Buy NEM?

XEM tokens can be purchased on centralized exchanges including Binance, Gate.io, and Zaif. XYM (Symbol) is also available on several exchanges. Create an account, complete verification, deposit funds, and trade for XEM or XYM.

Ensure you select the correct token (XEM for NEM NIS1 or XYM for Symbol) when purchasing, as they are separate tokens on separate blockchains with different wallet requirements.

Latest NEM News

The NEM ecosystem continues to evolve with the ongoing development of the Symbol blockchain as the more advanced successor to NIS1. The NEM Group has been focused on enterprise partnerships, particularly in Japan where NEM has maintained strong community support. Both the NIS1 and Symbol chains remain operational, with development resources increasingly directed toward Symbol's enterprise capabilities and cross-chain features.