NEM, in its most basic form, is a crypto currency that is built on block chain technology. The NEM block chain is an improvement on existing blockchain technologies. It integrates concepts from other cryptocurrencies (e.g. Bitcoin) and academic research in network theory. NEM’s primary contribution to the crypto currency landscape is a new consensus mechanism called Proof of Importance (PoI). Unlike Proof of Work (PoW), it is environmentally sustainable and does not require large scale computing resources in perpetuity. PoI is similar to Proof of Stake (PoS) except that it is not solely derived from the size of an account’s balance. It incorporates other behaviors that are believed to be positive for the holistic economy.