XEM was once considered as one of the most promising altcoins of those outside the top 10 ranks, thanks mainly to its interesting fundamentals. XEM is the native cryptocurrency of the NEM ecosystem, which stands for the New Economy Movement. In essence, it’s an open-source, peer-to-peer payment platform that utilizes the Proof-of-Importance (POI) consensus algorithm that is somewhat similar to POS since it assesses the reputation of a network participant on the basis of the amount of XEM in his digital wallet. The difference between the two algorithms is that POI takes into account not only the number of coins stashed in the balance but also the transactional activity associated with a wallet, as well as the number and the size of transactions over a given period of time.
XEM: shot down at the takeoff
Back in the day, this solution was met with sheer enthusiasm by the crypto community, and many analytics predicted that XEM would become a star coin in 2018 - 2019, and even occupy the place close to the top of global rankings. However, things had turned quite differently for the coin and the organization that stands behind it. The NEM Foundation faced serious financial issued and was even close to declaring bankruptcy.