NEM (New Economy Movement) has officially begun on March 31st. A new altcoin and blockchain infrastructure with an ambitious agenda, NEM intends to become an innovative, decentralized platform, offering a blockchain-based multisig solution.
The platform will allow to send and receive payments quickly and securely, to send and receive encrypted messages, to buy, sell and trade assets or to create smart contracts. Most importantly, anyone will be able to issue his/her own coins on the NEM network.
In terms of mining (called “harvesting” here), the crypto-currency itself is based on a “Proof-of-Importance” consensus algorithm: the higher your importance, the higher your chance to be allowed to calculate a block, and harvest the fees inside that block. The importance is adjusted depending on several factors, including the number of transactions already made and with whom they have been made. If no transactions happened before, the algorithm is similar to a standard Proof-of-Stake mechanism.