NEM uses a consensus algorithm called Proof-of-Importance to secure transactions on its blockchain. This consensus algorithm takes into account factors such as the transaction history and the number of coins held by participants to determine their stake in the network. Participants with higher importance have a better chance of being chosen to create new blocks and earn transaction fees.
The NEM blockchain consists of a network of nodes that collectively maintain a distributed ledger of transactions. Each node stores a copy of the entire blockchain and participates in the consensus process. It is organised into blocks, with each containing a set of validated transactions. NEM allows users to create and manage customizable assets on its blockchain known as smart assets.
Smart assets can represent various digital or physical assets such as identities, certificates and tokens. Users can define the properties and rules associated with these assets using NEM’s smart contract functionality. Users create unique identifiers for their assets or accounts using namespaces from NEM.
NEM also supports multi-signature accounts which require multiple signatures to authorize transactions. This feature enhances the security of the project by allowing multiple parties to jointly control and validate transactions. This feature can be used for various applications including shared accounts, escrow services and joint ownership.
There are a number of factors that influence the price of NEM. For instance, NEM’s fixed supply of 8.999 billion XEM tokens and its varying demand can affect its price. NEM’s price can also be affected by market sentiment, as it’s a reflection of the mood and interest of the crypto market. NEM also faces pressure from other blockchain platforms and cryptos that offer similar features. NEM’s price also responds to the regulations imposed by governments and authorities.
Since its launch, the price of NEM has been influenced by several events such as the following.
There are several authoritative and reliable sites that one can use to answer the question – How much is one NEM? Crypto-only aggregator websites such as Coinmarketcap, and CoinGecko can show the current NEM price. There are also some mobile apps that allow users to track the price of Waves on the go, such as Tradingview, Blockfolio and CryptoCompare.