NEM (XEM) stands for the New Economy Movement and is a decentralized platform on which blockchain technology makes it possible to send messages, make payments, create other values that can be transferred and much more. The platform is designed in such a way that private individuals and companies can use the NEM blockchain as a fast, safe and scalable solution.
NEM is mainly characterized by their Smart Asset System. This system makes it possible for users to apply smart contracts to specially designed blockchains. With Smart Asset System can be broken down into the following three parts:
1. Mosaics; this concerns the part of the different types of values that can be transferred. This may include digital currency, or other digital values such as coins or tokens.
2. Addresses; this concerns the part of the addresses that belong to users. This records exactly what is due to whom.
3. Transactions; this concerns the part where the mosaics can be moved from one address to the other.
The above components form the basis of the Smart Asset System. Based on this, programmers can develop their own smart contracts or decentralized applications.
XEM is the coin that belongs to the NEM blockchain and which is necessary for carrying out transactions on the NEM blockchain.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store NEM. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing NEM and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store NEM without any technical knowledge. Here is a brief overview of the existing wallet options to store your NEM:
Hosted wallets are wallets where the private keys to your NEM are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your NEM online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your NEM. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your NEM, and if malicious parties have access to your device, your private keys (and therefore your NEM) can be stolen.
A hardware wallet is a physical device on which you can store your NEM offline. It is one of the safest ways to store your NEM, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your NEM is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive NEM. Once you have purchased NEM on Bitvavo, you can choose to send your NEM from your Bitvavo wallet to your own software or hardware wallet.