December 5, 2022

NEM officially launches its next-gen public blockchain– Symbol

3 min read

CryptoNinjas” NEM officially launches its next-gen public blockchain – – Symbol NEM Group, the chief developer and supporter of the NEM blockchain platform, today announced the official launch of Symbol, its next-generation Proof-of-Stake+ (PoS+) public blockchain. Boasting enterprise-grade programmability and security, Symbol from NEM brings technical features which can be leveraged by tasks building fintech, healthcare, and supply chain products.

With the launch comes XYM, the native currency of the Symbol from the NEM platform, utilized for transactions on the network.

“Symbol’s feature-rich platform makes it ideal for a number of markets and utilize cases, spanning the enterprise, monetary services, regulated asset, and wider blockchain spaces. NEM has a crucial role to play, together with and operating with other platforms, in producing this new worth paradigm.”
– – David Shaw, CEO of NEM Group

Functions of Symbol

Symbol from NEM is built to be interoperable; it supports public/private hybrid models, trustless cross-chain swaps and its Application Programming Interfaces (APIs) easily integrate with existing systems and processes. The atomic cross-chain swaps allow trustless data and worth circulation across numerous various blockchains, removing the need for intermediaries. It also allows the creation of specialized digital possessions, surpassing tokens to represent shares of stock, signatures, votes, non-fungible tokens (NFTs), or other currencies.

Each property has configurable properties, and a distinct identifier and can implement logic-based account or asset-based limitations at a protocol level. These features hold huge potential in the brand-new economy motion, in specific for the Decentralized Finance (DeFi), Regulated Assets and Security Token Offering (STO) spaces, with Symbol currently integrated with Propine, a controlled issuance and custody platform for Security Tokens.

With the general public chain launch of Symbol, the NEM job now makes up two chains, with the 6-year old task, NEM NIS1 (V1) continuing to run in parallel without any downtime, security breaches, or lost properties in its history. Symbol from NEM constructs on the sophisticated security features of its very first Proof-of-Importance (PoI) blockchain, which was the first blockchain to introduce on-chain multi-signature accounts.

Broadening on this functionality, Symbol from NEM provides the very first public blockchain to bring on-chain, multi-layer, multi-signature accounts. In some cases referred to as the idea of “delegated financial authority,” this feature permits the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. This permits users to simplify the creation of intricate signature requirements, which improves business processes such as payroll. With hardware wallet and offline signing support from day one, coupled with the innovative on-chain multi-signature support, it provides special Operational Security (OpSec) possibilities.

A distinct function of Symbol from NEM is its hybrid chain architecture; which permits releases of both public and personal chain usage cases, while supporting trustless information flow between Private-Private and Private-Public implementations bidirectionally.

This permits developers to pick the perfect setup for their specific requirements. Enterprise users can establish a permissioned ecosystem on a personal chain to store secret information, while likewise allowing communication with public chains or other permissioned chains. This presents a ‘‘ best of both worlds’ solution, offering more flexibility in how organizations store and share data.

The Symbol blockchain is set to make a splash in the Central Bank Digital Currency (CBDC) area, with LBCOIN, a blockchain-based digital collector coin issued by a Central Bank, devoted to NEM platforms. LBCOIN was at first released on the NEM NIS1 public chain in July 2020, with The Bank of Lithuania issuing 4,000 LBCOIN, comparable to 24,000 digital tokens and 4,000 physical collector coins. With the launch, LBCOIN will transfer to Symbol chains (personal and public), to make the most of the platform.

The Symbol public chain is a self-sustaining economic environment including node operators, harvesters, investors, users, and the XYM token.

“As a flexible platform, Symbol’s Application Programming Interfaces (APIs) can be effortlessly incorporated by existing business systems and procedures, as well as other blockchains. Its multi-layer technology stack enables trustless, peer-to-peer, multi-party property swaps, escrows or trades. The platform has been established with customizability as a key focus with over 120 various configuration settings, allowing for the modification of both public and private networks. Its feature sets allow the quick advancement and release of protected services and growth of features and services by development teams.”
– – Kristy-Leigh Minehan, CTO of NEM Software

CryptoNinjas” NEM officially releases its next-gen public blockchain – – Symbol