NEM Group, an organization promoting the development of Symbol from NEM, a trusted and secure enterprise blockchain that smooths business friction, announced the launch of Symbol, its next-generation Proof-of-Stake+ (PoS+) Public Blockchain. Possessing enterprise-grade programmability and security, Symbol from NEM, brings cutting-edge technical features. These can be leveraged by innovative projects building healthcare, fintech, and supply chain products at the heart of the new economy. The launch originates XYM, the native currency of the Symbol from the NEM platform, used for transactions on the network.
David Shaw, CEO at NEM Group, talking about the launch, stated that they believe they are at the start of a new economic and digital system that is more inclusive and accessible. Symbol is uniquely placed at the forefront of the movement towards decentralization, digitization, and tokenization. He further added that the feature-rich platform of Symbol makes it suitable for several industries and use cases, financial services, spanning the enterprise, regulated assets, and more expansive blockchain spaces. NEM has a vital role in building this new value paradigm alongside and operating with other platforms.
Symbol from NEM is developed to be interoperable. It supports public/private hybrid models, trustless cross-chain swaps, and its Application Programming Interfaces (APIs) quickly integrate with existing systems and processes. The atomic cross-chain swaps enable trustless data and value flow across multiple different blockchains, eliminating the need for intermediaries.
It also allows the creation of specialized digital assets, going beyond tokens to represent shares of stock, votes, signatures, non-fungible tokens (NFTs), or other currencies. Each asset holds configurable properties and a unique identifier and also can enforce logic-based account or asset-based restrictions at a protocol level. These features have massive potential in the new economy movement, particularly for the Decentralized Finance (DeFi), Regulated Assets, and Security Token Offering (STO) spaces, with Symbol already integrated with Propine, a regulated issuance and custody platform for Security Tokens.
Kristy-Leigh Minehan, CTO at NEM Software, stated that as a flexible platform, Application Programming Interfaces (APIs) of Symbol can be seamlessly integrated by existing enterprise systems and processes, as well as other blockchains. Its multi-layer technology stack permits for trustless, multi-party asset swaps, peer-to-peer, escrows, or trades. She further added that the platform has been developed with customizability as a critical focus with over 120 different configuration settings, allowing for public and private networks’ customization. Its feature sets empower the rapid development and deployment of secure solutions and expansion of features and services by development teams.
Symbol from NEM is positioned to make a splash in the Central Bank Digital Currency (CBDC) space, with LBCOIN. It is the world’s first blockchain-based digital collector coin issued by a Central Bank, committed to NEM platforms. In July 2020, LBCOIN was originally issued on the NEM NIS1 public chain, with The Bank of Lithuania issuing 4,000 LBCOIN, equal to 24,000 digital tokens and 4,000 physical collector coins. With the launch, LBCOIN will transfer to Symbol chains (private and public) to take advantage of the feature-rich platform.
About NEM Group
NEM Group encourages the development of Symbol from NEM, a trusted and secure enterprise blockchain that smooths business friction. It increases the flow of data and innovation to supercharge the creation, exchange, and protection of assets.
To know more, visit: https://nem.io/
