NEM (XEM) is a decentralized peer-to-peer platform with its blockchain and which third parties can build new and exciting applications. With XEM you can transact from person to person without banks or middleman. It allows instant and efficient transfers anywhere in the world 24/7. When you keep your money in the bank, you do not have any custodial control over it. The power is rather by the government, rather than on people. The bank can anytime freeze, hold, or block your account or your card or both. With NEM, you have the complete custodial control of your money. So, no one can prevent you from transacting anytime and anywhere you want. It supports global exchange, which doesn't have any limitations on low-cost fees as a charge for every transaction made.
The NEM platform
The currency of the NEM platform is called XEM, and all existing XEM is created at launch, so you can rest assured that your hard-earned money will not be devalued due inflation. There are 9 billion XEMs that are distributed to approximately 1500 people. Extensive efforts were made to ensure that the accounts belong to unique individuals resulting in a fair and comprehensive distribution right from the start.
Xems store in a digital wallet for quicker, simpler, and cheaper than the traditional banking method. It has programming language software that can be downloaded free of charge. The software is available for Windows, Mac, and Linux based systems and the NEM platform is still working for mobile clients development.
NEM Video Explanation
What does NEM do?
This network can do a lot of things; you can send currencies or pay items using XEM. It can store customer’s information and relevant data that you need to keep track of. It’s more like a money app, and you can use XEM in the NEM network. Any file that you save on your computer can be put in the NEM chain, and you can rest assured that they cannot be tampered or changed. Since, you are not paying the bank or any person doing the transaction for you, transferring XEM to someone else is much cheaper. You can download apps that are created by fellow NEM network users, or you can build your own. It’s handy and convenient to use.
Is XEM similar to Bitcoin (BTC)?
Unlike BTC, NEM does not need massive amounts of energy to run a peer-to-peer network. A node- a connection that either sends, stores or receives data from different network routers, can run on a microcomputer, which requires less than 5 watts to operate, rather than wasting millions of dollars per a year of harming the environment of mining, the NEM network can be maintained using minimal power.
The transaction payment you need to cover is used to reward those who support running the NEM system. You can also support the NEM platform by running its software on your home computer. The more you participate in the network, the higher your reward. It is possible to earn higher interest rate in your account every time you use your bank card, which is just one of the features of using this network. According to crypto traders, NEM has the potential to become the new economy.