XEM is the native cryptocurrency of the NEM blockchain platform, designed for ease of use and efficiency in transactions. It operates on a unique consensus mechanism called Proof of Importance, which rewards users based on their activity and contributions to the network rather than just the amount of coins they hold. Launched in 2015, XEM aims to facilitate fast and secure transactions while supporting various applications, including smart contracts and decentralized applications. The NEM platform emphasizes scalability and flexibility, making it suitable for businesses and developers looking to leverage blockchain technology.