NEM, or the New Economy Movement, is a cryptocurrency and blockchain aiming to efficiently manage assets and data at a low cost. It shares many features with Bitcoin and Ethereum, and yet adjusts their vision in a few key ways—namely the all-out abandonment of POW and POS in favor of something it calls “proof-of-importance,” or POI, as well as the replacement of mining with “harvesting.” Both of these shift power away from those with superior computers and coin reserves toward common users. NEM emerged in March 2015 as a fork of NXT, and uses XEM as its native cryptocurrency.

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