NEM Launches Symbol, A Highly-Anticipated Public Blockchain

Blockchain firm NEM Group has announced the launch of Symbol, its next-generation Proof-of-Stake+ (PoS+) Public Blockchain.

Symbol is the culmination of four years of planning, development and testing. The platform holds huge potential for the DeFi, STO and Regulated Assets spaces, with the world’s first Central Bank digital collector token, LBCOIN, launching on Symbol public chain. As well, the platform’s first security token issuance, The Kentucky Whiskey Digital Fund token, will allow investors to purchase asset-backed tokens linked to an estimated inventory of four million bottles of bourbon.

Symbol from NEM will become the project’s second enterprise-grade blockchain, running in parallel with its original platform NEM NIS1 and expanding the NEM ecosystem. With the launch comes XYM, the native currency of the Symbol blockchain.

“We believe we are at the start of an entirely new economic and digital system that is more inclusive and accessible,” said David Shaw, CEO of NEM Group. “Symbol is uniquely positioned at the forefront of the movement towards decentralization, digitization and tokenization. Symbol’s feature-rich platform makes it suitable for a number of industries and use cases, spanning the enterprise, financial services, regulated asset and wider blockchain spaces. NEM has a vital role to play, alongside and operating with other platforms, in creating this new value paradigm.”

According to the company, a distinct feature of Symbol from NEM is its hybrid chain architecture, which permits deployments of both public and private chain use cases, while supporting trustless data flow between Private-Private and Private-Public deployments bidirectionally. This allows developers to choose the ideal setup for their particular needs. Enterprise users can establish a permissioned ecosystem on a private chain to store confidential information, while also enabling communication with public chains or other permissioned chains. This presents a ‘best of both worlds’ solution, offering more flexibility in how businesses store and share data.

“As a flexible platform, Symbol’s Application Programming Interfaces (APIs) can be seamlessly integrated by existing enterprise systems and processes, as well as other blockchains,” said Kristy-Leigh Minehan, CTO of NEM Software. “Its multi-layer technology stack allows for trustless, peer-to-peer, multi-party asset swaps, escrows or trades. The platform has been developed with customizability as a key focus with over 120 different configuration settings, allowing for the customization of both public and private networks. Its feature sets enable the rapid development and deployment of secure solutions and expansion of features and services by development teams.”

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