NEM
or nem [nem]
What does NEM mean?
NEM is a popular blockchain platform and cryptocurrency, similar to Bitcoin. Nem is also a word in a number of languages including French (“Vietnamese spring roll”) and Portuguese (“neither/nor”), to name a couple.
Where does NEM come from?
NEM, the cryptocurrency and blockchain platform, was launched on March 31, 2015. Unlike other cryptocurrencies, most notably Bitcoin, NEM requires less data processing and uses less energy, keeping transaction costs low and transaction speeds fast.
NEM is said to stand for New Economy Movement. The denomination NEM currency is traded in is called XEM, and the units range from microXEM (0.000001 XEM) to milliXEM (0.001). As of April 2019, 1 XEM roughly equals $.05.
#SDCExchange proudly welcomes Lon Wong, Founder of #Proximax and former President of #NEM to meet with Jiang Li, Chairman of SDCE and ACGL.
Credit: @NEMofficial @ProximaXio @2017Lon pic.twitter.com/WhQrRByYEJ
— SDCE | Sydney Digital Currency Exchange (@SDCExchange) February 8, 2019
At the end of January 2019, the NEM Foundation, which manages the technology, announced it was undergoing a massive restructuring and layoffs due to debt. This prompted a selloff of XEM on the market. However, NEM remains a popular so-called altcoin, or digital cryptocurrency.
https://twitter.com/Inside_NEM/status/1121542343767805957
Outside of cryptocurrency, nem is a word found in many languages. In French, nem means “Vietnamese spring roll,” derived from the Vietnamese word nem for “fermented pork” or “sausage,” a key ingredient of their spring rolls. In Portuguese, nem means “neither” or “nor.” In Serbo-Croatian, nem means “mute” or “silent.”
Examples of NEM
Coincheck spends $435 million to compensate customers who kept a digital currency called NEM at Coincheck...
The NEM Foundation, a community-funded nonprofit established to promote the NEM blockchain, is planning layoffs across its entire 150-person staff in the wake of severe budget cuts and ahead of an imminent restructuring, CoinDesk has learned.
Who uses NEM?
NEM is a hot topic in the cryptocurrency world. Its January 2019 woes did not sink the NEM Foundation and its currency, as NEM technology and XEM remain popular among tech-savvy consumers.
https://twitter.com/StuckOnCrypto/status/1095915961872515073
Depending on the language, nem can mean any number of things, from “spring roll” to “silent” to “nor”…
"Valentine et Pierrick" starter pack #nem #poulet pic.twitter.com/KfMGUrmmzk
— vantablack (@Valentinam_vm) November 24, 2014
https://twitter.com/fras4sdopoze/status/1126868275403677697
Less commonly, it can be an intentional misspelling of the word “name”…
https://twitter.com/aw_newb/status/1126651767255588864
NOTE
This is not meant to be a formal definition of NEM like most terms we define on Dictionary.com, but is rather an informal word summary that hopefully touches upon the key aspects of the meaning and usage of NEM that will help our users expand their word mastery.
