Nem "New Economy Movement" (XEM) is a blockchain protocol that forked from NXT, and uses its own token called XEM. A NEM user can only store the token in NEM's proprietary Nano wallet, and needs a minimum of 10,000 XEM staked to "harvest" new blocks and receive rewards. This block harvesting employs what is referred to by the network as a "Proof-of-Importance" (POI) validation method, which proportionally scales a user's ability to harvest new blocks in terms of XEM staked.
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