The massively popular public blockchain network NEM has been diligently working to expand into the enterprise solutions ecosystem since 2017. Soon this year, NEM will release Symbol, an enterprise-ready blockchain network. This is a significant move on NEM’s part as the team has always focussed on the utility-centric aspect of blockchain technology.
NEM’s NIS1 blockchain has many firsts to its credit. It was one of the distributed ledgers to enable the proof-of-stake consensus mechanism. NIS1 also introduced the concept of non-fungible assets, supply chain applications for luxury products, and in-built multi-sig features.
Also amongst other utilities introduced were simplified multi-sig, in conjunction with compliant tokenization, that enabled advanced asset management. The NIS1’s community-led early involvement with supply chain solutions paved the way for the popularity of the NEM brand in logistics. From what it appears, NIS1’s most amazing, ingenious solutions, have always had something to do with enterprise use cases.
NEM came out as a result of a grass-roots movement that originated from a Bitcointalk thread. And the NIS1 chain has acquired a dedicated and globally distributed community which has been the key driver of NEM’s network expansion. Symbol network is a composition of enterprise-ready solutions that have been built over the top of NIS1’s features, with dedicated improvements for commercial use cases. Symbol creates a focused utility for some of the most successful milestones of NIS1’s timeline.
Even though Symbol is indirectly pushing NEM to gain more exposure in the commercial world, the NEM community remains at the epicenter of a wider ecosystem. That’s why Symbol will be launched with NEM Hub, a social media-like ecosystem that can be exclusively accessed by a trustless proof of XEM ownership.
It has been launched through the use of Social Mining, a software product by DAO Maker, a leading European blockchain accelerator. The hub plays a pivotal role in ensuring that the enterprise-focused growth of NEM, via Symbol, does not interfere with the voice and power the community has had.
Rather, the NEM Hub has empowered the community to easily organize its efforts, voice and validate its perceptions in the community, and achieve an eased consensus towards the direction and growth of the NIS1 chain.
Symbol’s purpose is to create a public-private hybrid deployment by syncing with the NIS1 publish chain. While Symbol, the enterprise-ready network, will function as the private plugin, the community-led and -validated NIS1 chain will operate as an ever-strong public network.
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