XEM

XEM is the native cryptocurrency of the NEM blockchain platform, part of the New Economy Movement (NEM) project. It was released to underpin the network’s transactions, assets, and various enterprise-oriented features, with an emphasis on modular asset creation, multisignature accounts, and real-world use cases such as supply chains and financial transfers.

Token economics and use

XEM has a fixed total supply of 8,999,999,999 coins, minted at genesis. There is no traditional mining on the NEM network. Instead, the network uses a Proof of Importance consensus mechanism, which awards harvesting rewards to accounts that hold a meaningful balance and demonstrate activity. XEM is used to pay transaction fees and to power the harvesting process. It also enables the creation of mosaics (custom tokens) and namespaces (a naming system for assets) on the NEM platform.

Technology and features

NEM supports a range of built-in capabilities, including mosaics for tokenized assets, namespaces for human-readable names, and multisignature account functionality to enhance security. The platform emphasizes enterprise suitability, with features designed to support complex asset management and transfer workflows.

History and current status

The original public chain associated with XEM was often referred to as NIS1. In parallel, the platform underwent major upgrades under the Catapult project, which contributed to a newer generation of NEM technology. A subsequent evolution led to Symbol for the newer network, which uses XYM as its native token. XEM remains the legacy token associated with the older NIS1 chain, while XYM powers the Symbol ecosystem. The two networks represent related but distinct ecosystems within the broader NEM family.