NEM

Finder

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.

The #BRG2019 event put on by @dtapscott, @alextapscott and @rev_global team was one of the most productive #blockchain industry events I’ve gone to. Not hype. Just intimate discussions around blockchain teams coming together to further the tech + champion token advocacy. #NEM pic.twitter.com/5X14E2uX8V

— Alex Tinsman (Inside NEM) (@Inside_NEM) April 25, 2019

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.”