The NEM Group has announced the launch of the “next generation” proof of stake enterprise-level blockchain called “Symbol.” The blockchain utilizes a native cryptocurrency “XYM.”
NEM states that Symbol is designed to be interoperable, supporting public/private hybrid models, trustless cross-chain swaps, and with its APIs easily integrate with existing systems and processes. Symbol permits deployments of both public and private chain use cases while supporting trustless data flow between Private-Private and Private-Public deployments bidirectionally.
Symbol also permits the creation of specialized digital assets, like shares of stock, signatures, votes, non-fungible tokens (NFTs), or other currencies. Of note, is the fact that NEM reports that Symbol is already integrated with Propine, a regulated issuance and custody platform for Security Tokens.
David Shaw, CEO of NEM Group, said they believe they 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,” said Shaw. “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.”
The NEM project now comprises two chains, with the 6-year old project, NEM NIS1 (V1) continuing to run in parallel.
According to the company, Symbol will be utilized by the Bank of Lithuania in a CBDC project (central bank digital currency) for LBCOIN. The CBDC was first issued on NEM NIS1 in July 2020. The digital currency will now be transferred to Symbol.
Additionally, the platform’s first security token issuance, the Wave Financial’s Kentucky Whiskey 2020 Digital Fund token, will allow investors to purchase asset-backed tokens linked to an estimated inventory of four million bottles of bourbon.
