NEM (XEM) is the gas that runs the NEM blockchain. It is the platform's native currency for running transactions. It is also used to give incentives to network participants to validate the platform's public nodes. The amount of the XEM tokens are fixed hence cushioning the system from inflation.
XEM is supported by its official wallet called Nanowallet. The wallet has features that enable users to create their own smart assets. Other wallets include Trezor, CoinSpot, NEM Nano, CoinPaymentsShow more [+] d ChronoMint among others.
NEM is a decentralized peer-to-peer digital coin platform on which developers can create and manage decentralized applications, create ICOs and track logistics among other applications. NEM features both a private permissioned blockchain as well as an open, public blockchain. It is simple and flexible, as developers can use their preferred programming language. The platform also features proof-of-importance (POI) algorithm, messaging system and a smart asset system.
It has a smart asset system that provides users with features that enable them to customize the use of the platform's blockchain. You can name your Mosaics, which are the building blocks of smart assets. It is possible to represent various aspects of your business without having to go through the long tedious processes of development. NEM is designed to cater for the new entrants in the blockchain industry as well as for the seasoned industry experts.
NEM platform is supported by the NEM Foundation comprising of individuals from various fields including IT, business, property and asset development as the blockchain industry.
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