NEM (cryptocurrency) - Definition from the Hotspot Shield Encyclopedia

NEM is a cryptocurrency that was created in 2015 and uses a peer to peer system.

NEM adds many features on top of traditional digital currencies including an improved Blockchain system, and a different proof of importance algorithm. Aside from the improved mining system, it also features multisignature accounts and an encrypted messaging system. The currency code is written in Java, and its main difference from currencies like Bitcoin is its use of a proof of importance system. NEM has formed several partnerships such as with Mijin (to look at ways to decrease banking costs), and Catapult (a technology developed to increase network performance, flexibility and scalability).