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NEM launches Symbol, the next-gen enterprise-grade blockchain platform

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NEM Group has announced the public chain launch of Symbol, its next-generation blockchain. Boasting enterprise-grade programmability and security, Symbol from NEM brings together developers, projects and enterprises to enable new business models and innovation, while reducing the costs and complexities in existing processes. With the launch comes XYM, the native currency of the Symbol from NEM platform, used for transactions on the network.

Commenting on the launch, David Shaw, CEO of NEM Group, said, “The release of Symbol represents a culmination of over four years of collaborative building and testing by the NEM Core Developers, our global community and various supporting entities and partners. We have taken the learnings from the NEM NIS1 public network, and considered what individuals and businesses are looking for in a blockchain solution. The answer is simplicity; Symbol permits seamless integration with existing systems and processes, with security, customizability and low cost making the platform a suitable fit for a number of industries and use cases, spanning the enterprise, regulated asset and wider blockchain spaces.”

A distinct feature of Symbol from NEM is its hybrid chain architecture, which permits native compatibility with both public and private chain deployments, allowing 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. This presents a ‘best of both worlds’ solution, offering more flexibility in how businesses store and share data.

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