NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.
NEM technology allows multiple ledgers to coexist on one blockchain. Thanks to NEM Smart Assets users can create mosaics which can represent any asset (e.g. currency). All transactions in NEM have transaction fee associated with them and denomination used to pay for transactions is mosaic named XEM.
In 2017 the NEM Foundation opened a center in Kuala Lumpur, Malaysia, to serve as an incubator, accelerator, and co-working space.