NEM (XEM) API and Price Oracle

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NEM

XEM
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0x0000...0000
Network
Blockchain network where the asset is deployed
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NEM
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is NEM (XEM)?

NEM (XEM) is a decentralized blockchain platform that aims to enable fast, secure, and cost-effective transactions. It was founded in 2015 by a team of developers led by UtopianFuture, intended to be a smarter alternative to other blockchain technologies at the time. The name NEM stands for New Economy Movement, reflecting its mission to create a new economy based on blockchain technology. NEM has its native cryptocurrency called XEM, and it also offers features like asset creation and messaging.

How does NEM work?

NEM (New Economy Movement) is a blockchain platform that aims to provide a decentralized and secure environment for various applications. It operates on its unique blockchain called the NEM Blockchain.

The underlying technology behind NEM is based on a consensus algorithm called Proof of Importance (PoI). Unlike traditional Proof of Work (PoW) or Proof of Stake (PoS) algorithms, PoI takes into account not only the number of NEM coins held by a node but also the activity and value it adds to the network. This encourages active participation and prevents centralization.

The NEM Blockchain provides a foundation for building decentralized applications (dApps) and smart contracts. It allows developers to create their own tokens, assets, and governance models tailored to their specific needs. The blockchain employs a unique feature called "mosaics" which represent customizable assets and can be transferred with associated metadata, enabling various use cases.

Transactions on the NEM Blockchain are secured through a process called "harvesting." Instead of miners, NEM uses a system of "delegated harvesting" where nodes with high PoI scores are chosen to validate and add transactions to the blockchain. This approach ensures security and scalability.

One of the distinguishing features of NEM is its focus on security and ease of use. It utilizes advanced cryptography and provides intuitive tools and APIs for developers to build applications on top of the platform. This makes NEM suitable for a wide range of industries, including supply chain, finance, and identity verification.

Overall, NEM offers a robust and efficient blockchain solution with its unique PoI consensus algorithm, customizable assets, and emphasis on security. Its user-friendly approach makes it an attractive option for developers looking to build decentralized applications.

What are the benefits of NEM?

NEM, short for New Economy Movement, is a blockchain platform that offers several benefits compared to its direct competitors. These benefits contribute to NEM's unique position in the blockchain ecosystem.

One key advantage of NEM is its innovative consensus mechanism called Proof-of-Importance (PoI). This consensus algorithm evaluates users' engagement and reputation within the network, rather than solely relying on computational power like other platforms such as Bitcoin or Ethereum. This approach promotes a more decentralized and inclusive network, as anyone who actively participates and contributes to the NEM ecosystem can have a say in the validation process.

Another notable benefit of NEM is its scalability. While some other blockchain platforms struggle with congestion and high transaction fees during peak usage, NEM utilizes a unique feature known as the Supernode Program. This program allows for high throughput and quick confirmation times, making it suitable for various applications that require fast and efficient transactions.

Furthermore, NEM prioritizes security and privacy. It incorporates advanced cryptography features, such as multisignature accounts and encrypted messaging, providing users with enhanced protection and anonymity. These security measures make NEM appealing for businesses and individuals looking for a secure and private blockchain solution.

In conclusion, NEM stands out from its direct competitors due to its innovative consensus mechanism, scalability, and robust security features. These aspects make NEM an attractive choice for various use cases ranging from financial applications to supply chain management.

What is NEM used for?

NEM, which stands for New Economy Movement, is a blockchain platform that aims to facilitate secure and efficient transactions. It is used for a variety of purposes, including decentralized applications (dApps), token issuance, and asset creation.

One common use case for NEM is in the creation of digital assets and tokens. With NEM, users can easily create their own tokens to represent assets such as loyalty points, digital collectibles, or even securities. These tokens can then be transferred and traded within the NEM ecosystem, providing a secure and transparent method of asset ownership and transfer.

One specific case where NEM is utilized is in the gaming industry. The platform allows game developers to create and manage in-game assets as NEM tokens. This enables players to own and trade digital items in a transparent and secure manner. Additionally, NEM's smart contract functionality allows for the creation of complex game mechanics, such as provably fair gaming systems or decentralized marketplaces.

Overall, NEM provides a flexible and scalable blockchain platform for various use cases. Its ability to create and manage digital assets, along with its smart contract functionality, make it an attractive option for industries such as gaming, finance, and supply chain management.

What is DIA's NEM API?

DIA's NEM API is one of the API endpoints provided by DIA that offers real-time price feeds for various crypto assets. DIA constructs these price feeds by sourcing raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in comprehensive and reliable data. While DIA offers free API endpoints for developers to test, they also provide fully customizable custom feeds that offer more benefits and usefulness for users.

Developers can find the free price feed API endpoint for any asset on the asset's detail page in the DIA App. These API endpoints are standardized and made public purely for informational purposes and testing. However, when users require a custom configuration for a feed, DIA offers dedicated API price feeds tailored to their specific needs. These custom feeds allow users to customize sources, methodologies, update mechanisms, and more.

The use cases for DIA's APIs are diverse and can be applied across various sectors in the blockchain ecosystem. In the DeFi space, DIA's price information can be utilized in derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi realm, applications include peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

Overall, DIA's API endpoints offer valuable tools for developers and users to access real-time price data for cryptocurrencies and NFTs. While the free feeds provided by DIA serve as a starting point, the custom feeds provide enhanced flexibility and customization options to meet users' specific requirements. To request a custom feed, users can reach out to DIA via Discord or Telegram.

In the context of technology and programming, an API (Application Programming Interface) is a set of rules and protocols that allows different software applications to communicate and interact with each other. APIs facilitate the exchange of data and functionality between different systems, enabling developers to integrate external services and access specific features or information easily. In the case of DIA's API, developers can use it to access real-time price feeds for crypto assets, allowing them to incorporate this data into their applications, platforms, or smart contracts.

What is DIA's NEM price oracle?

DIA's NEM price oracle is a smart contract that provides real-time price feeds for crypto assets. DIA stands out by being integrated with over 35 layer 1 and layer 2 networks, which allows them to deploy price oracles across multiple blockchains. The price feeds are constructed using raw data from more than 85 cryptocurrency and NFT exchanges, including both on-chain and off-chain sources.

DIA offers demo oracles for developers to test, which can be found in their documentation. However, these demo oracles are only for testing purposes and cannot be integrated into production applications. For users who require a custom configuration for their price feed, DIA can build a dedicated price oracle. These custom feeds can be tailored in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

Custom oracles are particularly beneficial as they allow users to have more control over their data feeds to meet their specific needs. The price information provided by DIA's oracles can be utilized in various ways within the blockchain ecosystem. Some potential use cases include derivatives, lending and borrowing markets, stablecoin collateralization, synthetic asset issuance, money markets, and more for DeFi applications. Additionally, NFTfi applications such as NFT lending and borrowing, NFT derivatives, NFT renting, and NFT fractionalization can leverage DIA's price oracles.

A blockchain oracle, in general, refers to an external information provider that supplies verified data from outside the blockchain to smart contracts. Oracles play a crucial role in bridging the gap between on-chain and off-chain data sources, enabling smart contracts to access real-world information.

Why use DIA's XEM API & price oracle?

DIA's XEM API and XEM Price Oracle offer numerous benefits for users in the blockchain ecosystem. The main advantage is the high level of customizability provided by DIA's technology. Users can tailor each oracle and API endpoint to meet the specific needs of their decentralized applications. This customization includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining the update mechanisms and frequency. By allowing such customization, DIA ensures that the data and oracle remain robust and resilient to market conditions, providing both global and specific market prices.

Transparency is another major benefit of using DIA's API and Oracle feeds. DIA offers full and granular transparency throughout the entire data journey. Users can have complete visibility into the sources of the data, the cleansing processes applied, and the calculations used to derive the final price points. This transparency enhances trust and allows users to verify the accuracy and reliability of the data.

Furthermore, DIA provides tracking and monitoring tools to closely monitor its oracle and API feeds. This enables users to stay informed about any updates or changes in the data and ensures that they have access to the most up-to-date and reliable information.

In conclusion, DIA's XEM API and XEM Price Oracle offer customizable solutions that cater to the unique needs of decentralized applications. The transparency and monitoring tools provided by DIA enhance trust and enable users to access accurate and reliable price data for cryptocurrencies and NFTs.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.