The New Economy Movement (NEM) is the first Smart Asset blockchain platform. The platform focuses on the business market and gives it the opportunity to manage their assets in a smart way. NEM is flexible and can be adapted to the wishes and needs of the user. In this sense it can be compared with Ethereum, but NEM profiles itself more as a ready to use blockchain platform.
The project, founded in 2015, has a wide range of applications and is known as a stable and reliable platform.
The development team of NEM is almost completely unknown. Only online aliases are known, despite this the community relies blindly on these developers. The team of the NEM Foundation is well known. In addition to being president of the NEM Foundation, Lon Wong is also CEO and founder of Singapore-based Dragonfly. Dragonfly is a fintech company that uses blockchain to optimize payments.
There are a total of 9 billion XEM in circulation. XEM is the cryptocurrency that is used on the NEM blockchain. During the initial distribution, these 9 billion were distributed among 1,500 stakeholders and the team itself. Since then, part of the 9 billion has been traded and part is still in the hands of the initial owners. Currently the 50 richest addresses have 4.5 billion XEM or 51% of the total supply. The majority share is owned by the NEM foundation, but exchange wallets also fall under this 50.