Best NEM Faucets

What is NEM?

With development starting in January 2014 and a stable release in March 2015, NEM is the world’s first Smart Asset blockchain. Using NEM’s blockchain technology, users can manage almost any kind of asset, including currencies, notarizations, ownership records, and more.

Unlike other blockchain technologies, NEM is built from the ground up with powerful modular customization for virtually any application. We call it our Smart Asset system. With it, NEM lets you focus on building exactly what you need, whether that’s a fintech system, tracking logistics, an ICO, document notarization, decentralized authentication, or much more.^[1]

XEM is the native currency of the NEM public blockchain. It is used to pay for transactions on this public blockchain in order to incentivize its network of public nodes that process and record transactions for businesses and users there. This means that XEM has real fundamental value as the currency of a functioning economy.^[2]

NEM transactions are confirmed through a network of NEM nodes running the NEM node software. Anyone can create a public NEM node, adding capacity to the network. NEM node owners are rewarded when they harvest the fees associated with the transactions they process.

NEM’s XEM are stored in a wallet. NEM has released their own official wallets which can be installed on your computer or smartphone to store XEM. The NEM Nano wallet is also integrated with the Trezor Hardware wallet.

Source: [1] NEM.io, [2] NEM.io

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