On May 31st, 2015, a blockchain platform and peer-to-peer cryptocurrency known as NEM was launched. NEM was coded entirely in Java, but there are plans to have a C++ version to come out in the near future. The whole purpose of NEM is to implement new features into the current technology of blockchain. Some of these features will include multiple signature accounts, proof-of-importance algorithm, an Eigentrust reputation system, and encrypted messaging. The block time for a transaction is around 1 minute.
Mijin is a commercial blockchain which currently utilizes the NEM blockchain software. Right now, many private companies and financial institutions in overseas countries like Japan are testing this software out. If the results of the tests turn out well, you could see the value of XEM increase by a lot. This is what current investors are counting on since the price of XEM was only $0.6837. The price could easily increase by thousands of percentage points of international companies start integrating the XEM platform into their operations.
Over the last 4 years, there has been extensive beta testing going on with the NEM platform software. The developers wanted to remain pseudonymous, which means they use false names when taking credit for the work. The origins of NEM took place at UtopianFuture, which is a talk forum for Bitcoin. The developers originally wanted to create an NXT fork for NEM. However, the plan was soon scrapped because the developers wanting to create a totally new code and have it stand on its own.
Good news came in April of 2016 when Tech Bureau and NEM formed a partnership in order to create a new blockchain engine. Tech Bureau is known for managing one of the biggest cryptocurrency exchanges in Japan called Zaif. This eventually led to other Japanese cryptocurrency exchanges to be introduced to XEM tokens, such as Coincheck. Unfortunately, Coincheck suffered a huge hack attack which resulted in them losing as many as 523 million XEM tokens. This is the equivalent of $534 million.
The reason for the hack was attributed to the weak security features of Coincheck. Normally, in cases like this, the cryptocurrency would receive a hard fork but the developers didn’t want to do that. What they did instead was develop an automated tagging system for XEM which would keep track of all the money. If any account were to get bad money, that account would get tagged by the automated system.