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NEM Group Launches Symbol, The Next Gen PoS+ Public Blockchain
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.
Fremont, CA: NEM Group announced the launch of Symbol, its next-generation Proof-of-Stake+ (PoS+) Public Blockchain. 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 from the NEM platform, used for transactions on the network.
David Shaw, CEO of NEM Group, said, "We believe we are at the start of an entirely new economic and digital system that is more inclusive and accessible. 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."
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. The atomic cross-chain swaps enable trustless data and value flow across multiple different blockchains, eliminating the need for intermediaries. It also permits the creation of specialized 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 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.
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 builds on the advanced security features of its first Proof-of-Importance (PoI) 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.