What is the issuance and circulation of XEM coins?

What is the Issuance and Circulation of XEM Coins?

1. Initial Issuance

• XEM coins were initially issued during the NEM blockchain's Genesis Block in March 2015.
• A total of 8,999,999,999 XEM coins were created at the time, representing the maximum supply.
• Genesis XEM could not enter circulation until 3/16/2015 at 19:17:09 JST, as specified by the Genesis Block timing.

2. NEM's Unique Coin Issuance Model

• NEM employs a unique blockchain technology known as Proof-of-Importance (POI).
• POI measures the importance of an account based on factors such as activity, staking, and endorsements received.
• The more important an account becomes, the greater its chances of receiving new XEM coins through the POI consensus mechanism.

3. XEM Coin Distribution

• Approximately 20% of the total XEM supply was allocated to the NEM Foundation, which supports the ecosystem's development.
• 30% of the XEM supply was released into circulation through a Test Network and Supernode Program.
• 50% of the XEM supply was reserved for harvesting by the NEM community.

4. Harvesting XEM Coins

• Harvesting is the process of receiving new XEM coins through the POI consensus mechanism.
• To participate in harvesting, individuals need to attach their vested XEM coins to an active node that contributes to the blockchain.
• The harvesting rate is dependent on the account's Proof-of-Importance, which is influenced by various factors.

5. Current Coin Supply

• As of June 2023, approximately 7,243,440,000 XEM coins have entered circulation through harvesting.
• This represents approximately 80.5% of the maximum supply, with the remaining 19.5% (approx. 1,756,559,999 XEM) yet to be distributed.

6. Future Coin Issuance

• The issuance of new XEM coins is expected to continue indefinitely through the harvesting process.
• The rate at which new XEM coins are issued will gradually decrease over time, ensuring the stability and scarcity of the currency.