NEM’s release of the Symbol enterprise-ready blockchain network is expected to bring the crypto community even closer as we are reading in the latest NEM news.
The popular public blockchain network NEM has been working hard to expand into the solutions ecosystem since 2017 and with NEM’s release of Symbol, the enterprise-ready blockchain network marks a significant move on the crypto’s part as the team has always focused on the utility aspect of blockchain technology. NEM’s NIS1 blockchain has a lot of firsts to its credit and it was one of the distributed ledgers to enable the POS consensus mechanism. NIS1 introduced the concept of NFT assets and supply chain applications and built-in multi-sig features.
Among the other utilities that were introduced were the simplified multi-sig which with complaint tokenization it enabled asset management at a higher advanced level. The NIS1 community-led involvement with supply chain solutions paved the way for the popularity of the NEM brand in the logistics but from what it appears, NIS1’s most amazing solutions have had something to do with the enterprise use cases.
NEM came out as a result of the movement that originated from the Bitcointalk thread and the NIS1 chain acquired a dedicated and distributed community which was the key driver of NEM’s network expansion. Symbol network is a composition of enterprise-ready solutions that were built on top of the NIS1 features with dedicated improvements for commercial use cases. Symbol also creates a focused utility for the milestones of the timeline.
Symbol is indirectly pushing the NEM token to gain more exposure in the commercial world as it remains the epicenter of the wider ecosystem. This is why Symbol will be launched with the NEM hub which similar to a social-media ecosystem that can be accessed by the trustless proof of XEM ownership. It was launched with the use of the Social mining protocol or the software product by the DAO maker as a leading European blockchain accelerator. The hub plays a main role in ensuring that the enterprise-focused growth of NEM with the help of Symbol as it doesn’t interfere with the voice and power that the community has.
The NEM hub empowered the community to organize the efforts and to validate the perceptions in the community and to achieve consensus about the direction and growth of the NIS1 chain. Symbol’s purpose is to create a public-private development by synching with the NIS1 publish chain and will also function as a private plugin and will operate as an ever-strong public network.