NEM (XEM) is a crypto asset developed for the New Economy Movement network. The goal of NEM is to establish a new economic framework based on the principles of decentralization, economic freedom, and equality, rather than the existing frameworks managed by countries and governments.
NEM uses a special consensus algorithm called Proof of Importance (PoI) which is designed to make it easier to reward people who contribute to the community.
Through PoI, the time to approve each block is about 1 minute. This is because it does not require computers to perform advanced calculations as seen in Proof of Work (PoW) algorithms.