NEM’s Enterprise Blockchain ‘Symbol’ Enters Final Stage Before Launch

(NEM Foundation)

NEM’s Enterprise Blockchain ‘Symbol’ Enters Final Stage Before Launch

NEM says it is now carrying out the last tests before sending its enterprise-focused Symbol blockchain platform live in early 2021.

  • Announced Tuesday, the code for Symbol has now been “frozen” in its current iteration, marking the last step in preparing for the mainnet launch.
  • NEM said its developer team has been heads down for years building Symbol and its “unique” hybrid public and private architecture.
  • “Created for enterprise use, Symbol is purpose built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more,” according to Dave Hodgson, CIO of NEM Group.
  • Symbol will become version 1.0 as the mainnet version launches on Jan. 14, and as it opens up to use by token holders, businesses and others.
  • “As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data,” said Kristy-Leigh Minehan, CTO of NEM Software.
  • Symbol’s hybrid nature means businesses can benefit from the transparency brought by public blockchains, but also allowing data restrictions and encryption measures to protect businesses’ confidential information, NEM said.
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