Nem (XEM) is a cryptocurrency with its own permissioned private blockchain, launched in January 2014. NEM stands for New Economy Movement and the token, XEM, operates on an algorithm called Proof-of-Importance (PoI).
NEM is a blockchain-based cloud platform, meant as a blockchain solution to businesses and entrepreneurs and easy to use without advanced programming skills. The algorithm works like a company pension plan, the longer you are vesting XEM tokens, the higher your importance and dividends (harvest stakes) are. Users who own and spend larger amounts of XEM will also make decisions that benefit the development of the project.