NEM Launches Symbol

The Symbol platform, launched on March 15, is an enterprise-grade next-generation blockchain that has been in development for the past four years. The network uses a PoS consensus mechanism and allows the creation of specialized digital assets. The platform is owned by the same team that created NEM NIS1 and is an enhanced version of the NEM blockchain.

Symbol will target security token offerings (STOs) and regulated assets in a market that is expected to be fully tokenized and interoperable by 2025. Symbol uses a system called Hybrid Chain, which makes it more resilient to human error and network attacks.

Upon launch, Symbol will also introduce «mosaics», a feature that allows you to create specialized assets to represent shares of stock, signatures, votes, or other currencies. Each «mosaics» will have configurable properties and a unique identifier. In preparation, on March 12, a snapshot of the NEM blockchain was taken for the airdrop of XYM tokens. XEM holders will receive an XYM balance equal to their XEM balance at the time of the snapshot.

Image: Medium