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NEM Starts Rebranding of Its Catapult Blockchain Platform, Credits XEM Holders

newslogical.com 20 December 2019 22:00, UTC
Reading time: ~3 m

Today, members of the NEM community made a decision regarding the rebranding of the Catapult blockchain platform, and it will at the same time credit holders of the native token of the platform.

We are excited to share the new brand proposal by The Catapult Brand Steering Committee:

Symbol. Powering Possibility.

Get all the details here: https://t.co/molcd0E9sL pic.twitter.com/SUeAdkjuOx

— NEM (@NEMofficial) December 19, 2019

This process was based on vote. All those who updated the software to 2.4.7 version took part in the voting, and more than 65% of them voted in support of a new name for the platform, Symbol.

All XEM token holders will be credited with coins in the ratio 1:1 because of the rebranding of the project,

Symbol’s solution is mainly aimed at corporate users, especially in areas like fintech, estate, healthcare, insurance, education, and others.

The platform will perform the same functions as previously, including:

  • the high speed of blockchain solutions deployment in enterprises;
  • security and reliability based on blockchain;
  • high performance;
  • compatibility among blockchains of the ecosystem;
  • transparency of operations.

In other words, the platform places itself as a bridge between blockchain and business.

“We plan to reach outside the crypto industry to a broader business audience,” the company notes on the official blog.

As the crypto industry develops, there will be great opportunities for reliable platforms specifically targeted at business needs, and Symbol will have the chance to achieve great success in various industries, and not just in the cryptocurrency market.

The brand came about through NEM’s partnership with creative agency A Better Way. This step was taken as a result of a thorough assessment and analysis of the competitive market.

Source: Nem.io

The Symbol logo design was inspired by the NEM community and its history through the use of the Fibonacci method in design.

About Nem’s Catapult

The official release of the full-featured blockchain engine Catapult (Mijin v.2) was dated May 2018. A new version of the NEM protocol has been available for both public and private networks of commercial organizations.

ANNOUNCEMENT: Catapult is now on private network! More info: https://t.co/V9zmQZLC3x pic.twitter.com/F7yzlyIVhC

— NEM (@NEMofficial) May 14, 2018

Catapult implements unique capabilities based on smart contracts. In particular, users will be able to create secure digital assets, decentralized swaps, etc. Also, an expanded system of accounts, the ability to implement aggregated transactions and an advanced system for modeling business logic are implemented here.
The technology opens up a wide range of use cases for various fields, including:

  • transfers and international payments;
  • exchanges;
  • banking;
  • trade in securities;
  • registration;
  • IoT micropayments;
  • insurance;
  • ICO and issue of utility tokens;
  • loyalty programs;
  • audit records;
  • notarization of data;
  • copyright management;
  • collection cards;
  • voting;
  • customer relationship management (CRM-systems);
  • logistics;
  • storage and management of medical records;
  • automatic accounting;
  • user identification;
  • management of event logs;
  • record of scientific data;
  • encrypted messaging and storage of the latter;
  • social networks, etc.

As we can see, the NEM project is still developing and flourishing.

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