NEM

NEM, or New Economy Movement, is a blockchain platform that was introduced in March 2015. It was one of the early pioneers in the cryptocurrency industry, striving to address and improve upon the imperfections found in other blockchain systems of the time. NEM introduced several innovative features such as user-defined tokens (known as mosaics), namespaces, multisignature accounts, and a peer-to-peer reputation system based on EigenTrust++. Perhaps its most notable contribution to the blockchain space is the proof-of-importance consensus mechanism, which strives to reward on-chain activity and discourage the concentration of wealth often associated with proof-of-stake systems.

NEM operates using a unique consensus mechanism known as proof-of-importance. This system strives to reward users based on their overall support and activity within the network, rather than just their stake or computing power. This approach is designed to encourage active participation and discourage wealth concentration. NEM also features user-defined tokens called mosaics, which can represent any asset or commodity. Additionally, it includes multisignature accounts for enhanced security and a peer-to-peer reputation system based on EigenTrust++. NEM's client, NIS, is written in Java, making it accessible to a wide range of developers.

NEM strives to serve as an alternative form of payment for businesses and vendors, aiming to provide a more efficient and secure method of transaction. It also supports the creation of applications, with several such applications already built on its platform in Japan. Furthermore, NEM's user-defined tokens, or mosaics, can represent any asset or commodity, opening up a wide range of potential use cases. From representing real-world assets like real estate or stocks, to digital assets and services, the possibilities with NEM are vast.

In December 2021, NEM underwent a hard fork initiated by a pseudonymous team of cryptocurrency enthusiasts. This hard fork, known as Harlock, signaled the community's intent to evolve NEM into a payments platform for on-chain and off-chain media content.