NEM, which stands for New Economy Movement, is a technology platform designed to manage assets and data easily and affordably. NEM is a blockchain-based virtual currency and payment network platform that was spun out of NXT in 2015.
Unlike other cryptocurrencies that use a Proof of Work mechanism, NEM uses a Proof of Importance mechanism that requires users to own a certain number of coins in order to receive new ones. This enables users to invest their money while also determining a user's importance to the NEM network by monitoring their transactions.

NEM, or New Economy Movement, is a blockchain platform and cryptocurrency designed to enable efficient, secure, and customizable peer-to-peer transactions. Launched in 2015, NEM distinguishes itself through its unique consensus algorithm, Proof-of-Importance (PoI), which prioritizes transactions based on users' reputation, stake, and engagement within the network.

NEM facilitates the creation of decentralized applications (DApps) and smart contracts, making it a versatile platform for a range of applications beyond simple peer-to-peer transactions. Its native cryptocurrency is XEM, and it employs a distinct harvesting mechanism instead of traditional mining to validate transactions. The platform's focus on scalability, ease of use, and energy efficiency has garnered attention in the blockchain space.

NEM's development is driven by the NEM Foundation, a non-profit organization dedicated to promoting and advancing the platform's adoption. As of my knowledge cutoff in January 2022, NEM continues to evolve, contributing to the broader blockchain ecosystem.