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.