Symbol has been launched, NEM has taken a new step
NEM (New Economy Movement), founded in January 2014, is designed to create a safe and convenient transaction distributed ledger for enterprises, called "Smart Asset Blockchain ", which can be used as a bank's central ledger software to track investments Company transactions, or storing and sending government documents, such as birth certificates, etc. The cost of transferring assets (tokens, files, etc.) through the public blockchain is very low.
The NEM new chain Symbol mainnet has been launched in mid-March 2020. Symbol is a hybrid blockchain developed to meet the needs of enterprises. It is built to achieve cross-chain interoperability so that it can be connected to the DeFi system.
Starting from NIS1
NIS1 is NEM's original blockchain platform. It provides flexible and customizable solutions through simple but powerful built-in functions. Since 2015, NEM NIS1 has had zero downtime, without any major attacks or downtime, providing good services for NEM developers and business partners. Users can vote on NIS1, exchange assets, and enjoy the rights of reward points. With its plug-and-play architecture, NEM NIS1 provides good decentralized blockchain services for enterprises.
However, the development of the entire blockchain is changing with each passing day, and the development of DeFi is booming. NEM needs to re-architect the original solution to solve the performance bottleneck of the existing system and provide better scalability and innovation space for the future. Therefore, the NEM technical team has built a new public chain-Symbol from the ground up. The goal is to build a high-performance blockchain, solve the inherent problems of NIS1, and lay a better foundation for future improvements and enhancements.
Symbol opens a new chapter
Symbol was officially launched on March 17, 2021, jointly created by NEM Group, NEM Ventures and NEM Trading. The release of Symbol is the crystallization of the NEM community over the past 4 years, and it also marks the beginning of the next chapter of NEM. Symbol is a high-performance blockchain that optimizes the bottleneck of NIS1, eliminates business friction, increases data flow and innovation capabilities, thereby enhancing the creation, exchange and protection of assets, and creating a more secure asset exchange network for enterprises.
Symbol connects companies, developers and individuals, bringing unlimited possibilities to the blockchain. Symbol reduces the cost and complexity of existing processes, and provides a platform for new business models and innovations, bringing developers, projects and companies together to create mutually beneficial economic value. Symbol has enterprise-level programmability and security, adopts the next generation of proof-of-stake (PoS+), combines cutting-edge technology, and realizes project innovation through a new economic model.
Why choose Symbol
Symbol platform is rich in features, suitable for many industries and use cases, covering enterprises, financial services, regulated assets and broader blockchain space. Through the Symbol platform, special digital assets with configurable attributes and uniquely identifiable can be created, and its smart contracts can automatically perform account-based or asset-based operations.
Specifically, the Symbol public chain has higher security, through built-in security functions, and plug-in frameworks can more effectively deal with human errors and network attacks; with stronger interoperability, through API to ensure that the existing enterprise system Seamlessly link with processes and other networks and blockchains; faster and more efficient, through layered architecture and plug-in solutions to increase flexibility, speed up processing and development time, and reduce costs.
Look to the future
Symbol represents an important step taken by NEM in the process of a new economy based on digitization, tokenization and decentralization, with higher financial inclusion and accessibility. Looking ahead, NEM is committed to becoming a dual-chain ecosystem. Symbol will keep pace with NEM NIS1. Both have their own strengths and carry different roles.
In the future, NEM will continue to establish and strengthen the NEM ecosystem around NIS1 and Symbol, further promote the development of the decentralized enterprise ecosystem with partners around the world, and provide easier and more convenient services for partners who join the NEM community.
Disclaimer: This article only represents the author himself, and does not mean that he agrees with his views or confirms his description.
Reminder: Investment is risky, you must be cautious when entering the market. This information is not intended as investment and financial advice.
Source: original.
