NEM unveils Symbol; aims to cater to rising demand for blockchain solutions

NEM unveils Symbol; aims to cater to rising demand for blockchain solutions

Global blockchain company- NEM Group has reportedly announced the public chain launch of its next-generation blockchain platform, Symbol. Developed over 4 years, Symbol intends to bring together developers, enterprises, and projects to enable novel business models and innovation, while cutting down the costs and complexities in existing processes.

With the launch comes XYM, a native currency of the Symbol, used for transactions on the blockchain network.

According to reliable reports, an exceptional feature of Symbol is its hybrid chain architecture, which allows native compatibility with both private and public chain deployments, enabling developers to select an ideal setup according to the specific needs.

Enterprise users, through Symbol, can now establish a permissioned network on a private chain to store confidential data, while also enabling communication with public chains.

Speculations have it that Symbol is set to attain huge attraction in the Central Bank Digital Currency (CBDC) space, alongside LBCOIN- the globe’s first blockchain-based digital collector coin. With the launch, LBCOIN would transfer to Symbol chains, to leverage the benefits offered by feature-rich platform.

That said, the NEM project, post launch, will now have two chains with NEM NIS1 continuing to run analogous with Symbol.

Speaking on the latest accomplishment, CEO of NEM Group, David Shaw cited that the release of Symbol represents a zenith of over four years of collaborative testing and building by the NEM Core Developers, its supporting entities and partners, and global community.

He added that the company has been taking the outcomes and learning from the NEM NIS1 public network, and considered what businesses and individuals are looking for in a blockchain solution.

On the other hand, Kristy-Leigh Minehan, CTO at NEM Software, mentioned that as a flexible platform, Symbol’s APIs can be seamlessly integrated with current enterprise processes and systems, as well as other blockchains.

The platform’s multi-layer technology stack allows for peer-to-peer, trustless, multi-party asset swaps or trades. Moreover, its feature sets accentuate the rapid development and deployment of secure solutions.

Source Credit: http://www.businessworld.in/article/NEM-Launches-Symbol-A-Enterprise-Grade-Blockchain-Platform/15-03-2021-383834/