It is peer-to-peer cryptocurrency and blockchain network launched on 31st March 2015. NEM (Cryptocurrency) was started by users of Bitcoin Talk forum who was enthused by NXT. The preliminary strategy for NEM was to make a fork of NXT, but it was ultimately terminated in approval of novel codebase. On 19th January 2014, an open call started for contributors on Bitcoin Talk forum. The objective of the open market was to form community-oriented cryptocurrency from ground-up.
NEM (Cryptocurrency) was shaped in 2016 two years after the Public Chain introduction. It is Company Limited by Guarantee in Singapore. It is created from one of reserve pools. Its initial emphasis was on marketing, brand awareness, partnership and training. Its 1st committee period came to an end in 2018, and members nominated new committee.
The Ukraine Central Commission in July 2018 started examining the NEM platform and blockchain technology in elections. The experiments were done with 28 nodes by using the test coins delivered by NED foundation. The test verified NEM possible efficacy in voting.
In November 2018, the Malaysian Ministry of Education shaped a group to use NEM blockchain expertise to validate the educational record. The group was shaped to enhance documentation authentication and to combat the increase of duplicitous fake academic certificates. The Malaysia Ministry of Education stated that NEM was chosen because of its unique features in managing traceability and authentication requirements.
NEM (Cryptocurrency) offer additional features such as multi-signature accounts. The multi-signature agreements are universal, meaning they are assembled into the blockchain not on top of the blockchain as in the third-party conditional software. The contract empowers numerous individuals to control the activity of an account, switch assets such as XEM from one account and other mosaics.