NEM is a cryptocurrency and blockchain technology company launched in 2015. NEM is able to process transactions more efficiently than other networks, and is designed to compete with online payment processors.
Cryptocurrency developers can either fix supply at a specific number, as bitcoin does, or not, as Ethereum does. In either case, developers have to determine how to release altcoins into the market. Most release altcoins over time, either through a fixed schedule or a percentage.
Bitcoin, for example, halves the number of coins generated per block roughly every four years. Altcoins are released as a reward to miners, who use software to add transaction records to a blockchain.
NEM has taken a different approach to supply when it comes to its cryptocurrency, called XEM. When it was launched, all altcoins were distributed to its members. These members, in turn, distributed XEM to their communities. XEM can be earned by processing transactions, but there are no miners. Instead, there are “harvesters.”