NEM stands for “New Economic Movement” and it is a platform for the creation of decentralized businesses, organizations, financial products and payments systems. It was created in 2015 by a group of programmers and introduced a new consensus mechanism called Proof of Importance (POI). The POI consensus algorithm is based on the SHA-3 hash algorithm and functions similarly to a delegated Proof of Stake system. It provides a relatively high transaction throughput of around 1,500 transactions per second. The protocol also introduced a network reputation system that is like a real-world credit score (the Importance Score). Users’ Importance Scores are determined by how often they use XEM for P2P transactions and increases the more users engage in protocol development and/or ecosystem promotion. High Importance Scores translate to high transaction validation power. Since its launch, the project has gained significant traction in Japan, where a private version of the NEM blockchain is being tested by Japan's largest trust bank, SBI Sumishin Net Bank, owned by Sumitomo Mitsui Trust Holdings.