We use cookies to personalise content and ads, provide social media features, and analyse our traffic. To learn more check our cookies policy.

Buy CryptoBuy XEM

Buy XEM

NEM

What is NEM (XEM)?

NEM stands for ‘New Economy Movement’. Not ‘just another’ blockchain, but a smarter, more dynamically advanced blockchain. The Founders call the project a ‘Smart Asset Blockchain’, which can manage assets, data and do away with the issues that other blockchains face such as long transaction times and network congestion. This makes it potentially a more viable project for partnerships and companies using the NEM platform.

NEM is the first cryptocurrency to create their code from scratch after Bitcoin. It was originally a fork of the cryptocurrency NXT but then developed from scratch to become NEM (XEM). NEM is run by the NEM.io foundation in Singapore, a non-profit organization. XEM is the currency used on its blockchain. However, it has yet to enjoy wide adoption by merchants as it is still in the early stages. Today, (9.10.2020) XEM is only being used to pay other members of the NEM community and to transaction fees on the NEM platform.

What are the project's goals?

NEM lives in the same space as Ethereum, Stellar, and Ripple. NEM ‘s blockchain was designed for speed and scalability.

The project was created to bridge a gap in the market with a highly flexible, customizable blockchain to suit the needs of different projects. The focus is on four core elements; performance, ease of development, deep customization, and security.

NEM uses a distinct algorithm – Proof of Importance - and delegated harvesting to reward verification. When a block is harvested, it is permanently added and the harvester is rewarded from transaction fees.

This ensures the system is as efficient because harvesting is an energy-conserving process, unlike mining. Also, there is no incentive for rewarding miners for unrestricted use of power - running the system is affordable and this drives down the cost of transactions.

Taking away the power from the miners levels the field for all network participants. The system is efficient because NEM uses the proof of importance algorithm to enhance the abilities of the blockchain and make it useful to more businesses.

How much NEM/XEM is on the open market?

XEM has a large supply compared with something like Bitcoin which has only ~21million available. 

There are  8,999,999,999 XEM on the market; the total supply. This makes the crypto unusual compared with competitors who typically lock up a portion of supply for early-investors or a foundation. 

What the bears are saying

  • Poor marketing: This is often the case for cryptocurrency projects - not enough information for potential investors and users explaining what the project does, or how it can help them. No one knows who leads the project or the upcoming developments on its roadmap. 
  • Is it special enough?  Yes, it was built from the ground up to be unique like Bitcoin, but does that make it a good long-term prospect for adoption? Not necessarily, there are many competitors that arguably do it better and have more smart-contract functionality compared with XEM. 

What the bulls are saying

  • It’s big in Japan: Many countries champion specific projects. For NEM it’s Japan. It was designed specifically for business projects and there was talk that they were establishing it as the ‘go-to’ blockchain for enterprise adoption in Japan. 
  • Light on resource: In an environmentally-sensitive climate, and with many critical of cryptos that consume vast amounts of power to mine using the PoW (proof of work) model, many adopters want greener currencies. XEM uses ‘delegated harvesting’,  NEM’s alternative to mining Accounts.

How to buy XEM

With Uphold, you can set up an account, verify your identity and buy crypto with ease.

Here is how:

1. Go to Uphold.com and click ‘Sign up’

2. Enter your email address, phone number and your personal details

3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)

4. Verify your identity by providing an ID document and taking a ‘selfie’

… and you’re off to the races!

Just start trading.

Open an Uphold account

You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.

Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011. 

The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.

This content is correct as of September 2021

Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.

Get more coin for your coin

0% deposit fees 0% withdrawal fees

Learn more