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Symbol: the new NEM blockchain that arrives after 4 years of development

On March 15, NEM Group launched Symbol’s main network, its new blockchain based on proof of stake ( proof of stake ), which is aimed at a public business, as reported.

According to the publication of the company, its proposal focuses on companies because they have the security and technical characteristics necessary for this type of clients to be able to develop FinTech projects, including those related to healthcare data and supply chains.

The post adds that Symbol aims to be a decentralized and open source blockchain. «It seeks to attract traditional companies to use its technology, and it is a hybrid chain, because it allows implementations of public and private chains. This gives developers greater flexibility ”, they state.

With this network, NEM seeks to reduce its operating costs while at the same time offering new ways of creating value. The XYM token arrives as Symbol’s native currency, for transactions within the Symbol network.

«Being feature-rich the platform is suitable for a number of industries and use cases , spanning to financial services, regulated assets and the broader spaces of the blockchain, “said David Shaw, CEO of NEM Group.

Symbol will provide support in data management, logistics, notarization, construction, finance and asset management.

«What NEM intends it is to reduce operating costs while providing new ways to create value ”, reads some writings. The goal is that companies can design blockchains, private, open or hybrid, with different levels of interaction, configuring an asset tokenization system.

Also, Symbol is interoperable with multiple blockchains thanks to the implementation of atomic swaps (atomic swaps), which allow a flow of data and value of form trustless (relying only on code) between the different networks, without the need for intermediaries.

Support for decentralized finance projects (DeFi)

Among its functionalities, Symbol will allow the creation of digital assets, such as tokens to represent shares, companies, votes, and non-fungible tokens (NFT), among others.

Symbol, NEM’s new blockchain based on proof of stake (PoS), is primarily aimed at the business audience. Source: Symbol / symbolplataform.com

In this regard, NEM believes that these properties are optimal for both decentralized finance (DeFi) , as well as for the issuance of regulated assets and the offerings of security tokens or securities . For this, Symbol integrates with Propine, a regulated platform for the issuance and custody of this type of tokens.

NEM now has two blockchains

NEM’s Symbol is based on advanced security features, derived from its first blockchain, known as NIS1. This was characterized by being the first network to introduce multi-signature accounts, as explained.

The new blockchain, which started from a process of restructuring in NEM and tests that go back a year 2018, will run separately from the original string, which will continue to work.

The note further explains that the Symbol’s ecosystem offers a hardware wallet that supports offline signatures, along with multi-signature chain support, giving you high levels of operational security.

Advances for the launch of This new network has been communicated in several articles published in CriptoNoticias, for several months. In different notes it has been reported on the proposals that Symbol has been offering to date.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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