Filed on March 10, 2021 | Last updated on March 11, 2021 at 07.59 am
With the launch of Symbol, the next-generation proof-of-stake (PoS) public blockchain, NEM is beginning to create an entirely new economic and digital system that can be more inclusive and accessible
NEM has a vital role to play, alongside and operating with other platforms, in contributing to the creation of this new system. This is why NEM is proud to launch Symbol on March 15, the next-generation proof-of-stake (PoS) public blockchain. Developed over four years, Symbol will be uniquely positioned at the forefront of the decentralisation, digitisation and tokenisation of the economy.
To celebrate the launch of Symbol and to highlight the fact that NEM will become a two-chain ecosystem, all Blockchain enthusiasts - large and small - are invited to participate in a unique Global Exchange Trading Tournament, which could be the largest trading competition ever.
The Exchange Tournament will include multiple regional and global exchanges including Binance, Huobi, Gate.io, Bithumb, OKEX and AEX across a three-week trading period, with three distinct waves, providing up to $500,000 in fiat and token prizes.
Boasting enterprise-grade programmability and security, Symbol from NEM brings cutting edge technical features which can be leveraged by innovative projects building FinTech, healthcare and supply chain products at the heart of the new economy. With the launch comes XYM, the native currency of the Symbol platform, used for transactions on the network.
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. Atomic cross-chain swaps will enable trustless data and value flow across multiple different Blockchains, eliminating the need for intermediaries. It also permits the creation of specialised digital assets, going beyond tokens to represent shares of stock, signatures, votes, non-fungible tokens (NFTs) or other currencies.
Each asset has configurable properties, and a unique identifier and can enforce logic-based account or asset-based restrictions at a protocol level. These features hold huge potential in the new economy movement. In particular for the Decentralised 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.
With the public chain launch of Symbol, the NEM project now comprises two chains, with the 6-year old project, NEM NIS1 (V1) continuing to run in parallel with no downtime, security breaches or lost assets in its history. Symbol from NEM advances the state-of-the-art security features of its first PoS Blockchain, which was the first Blockchain to introduce on-chain multi-signature accounts.
Expanding on this functionality, Symbol from NEM presents the first public Blockchain to bring on-chain, multi-layer, multi-signature accounts. Sometimes referred to as the concept of 'delegated financial authority' this feature allows the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers.
Symbol from NEM is set to make a splash in the Central Bank Digital Currency (CBDC) space, with Lbcoin, the world's first blockchain-based digital collector coin issued by a Central Bank, committed to NEM platforms. Lbcoin was initially issued on the NEM NIS1 public chain in July 2020, with The Bank of Lithuania issuing 4,000 Lbcoin, equivalent to 24,000 digital tokens and 4,000 physical collector coins. With the launch of the public chain, Lbcoin will transfer to Symbol chains (private and public), to take advantage of the feature-rich platform.