NEM has Big News and Introduces Symbol – New Multi-Layer Network
Security has always been a NEM priority, and company has embarked on a difficult and lengthy path but as result is network architecture solves one of the most critical usability and scalability issues.
“The development of the Symbol protocol has been guided by a set of fundamental principles including trustlessness, performance optimisation, and layered architecture throughout the technology stack.”
“While other DLT protocols were considered, including (Directed Acyclic Graph) DAG and (Delegated Byzantine Fault Tolerance) dBFT, blockchain was quickly chosen as the technology most true to the ideal of trustlessness.” said Kailin O’Donnell Co-Founder and Director of NEM Ventures
The launch is scheduled for the end of this year, and it is expected that Symbol will have a significant impact on the adoption of blockchain businesses among all developers in the world.
Every company that opts for Symbol will be able to take advantage of unique technical benefits in terms of network scalability and security.
“The Symbol blockchain platform is built from a layered network of nodes. Peer nodes form the backbone of the network, the first layer of the layered node architecture. These nodes provide a powerful, stable, and secure platform where transactions are conducted and immutably logged on the blockchain ledger.”
Other Key Innovations
“Symbol has developed a novel consensus mechanism called PoS+, based on Proof-of-Stake and modified with an element of weighting from network activity and contribution to the node network.”
“Symbol has inherited key features from the original NEM public network, which the core developers have improved upon.”
- Node Ownership and Harvesting Incentivisation
“Blockchain networks have long struggled with incentivisation of nodes and this is yet another issue that Symbol solves.”
- Multi-Layer Multi-Signature Accounts
“With multi-layer multi-signature accounts, a co-signatory of a multi-signature account can itself be a multi-signature account with its own set of co-signers. This allows users to simply and easily create complex signature requirements; also called “delegated financial authority” in the world of finance.”
- Aggregate Transactions and Atomic Cross Chain Swaps
“The utility the Symbol platform is further exemplified through a novel feature called aggregate transactions.”
“Symbol will support an alias system, allowing users to apply an alias to tokens on the network and also to standard accounts.”
- Meta Data
“Symbol provides the option to associate metadata to an account, mosaic, or namespace.”
- Token Configurability and Compliant Security Tokens
“NEM has traditionally been quite an asset centric platform, allowing the issuance of configurable assets, in NEM platform terms.”
- Symbol Mainnet Opt-in
“The NEM community has chosen to go with an “opt-in” method to launch the new Symbol network.”
NEM has been working hard on the development of Symbol for four years and is very likely to be close to the end and a clear launch date.
The company and developers argue and assure that Symbol will be a stable, efficient and economically competitive network.
To try it testnet click here
Public Mainnet is scheduled to launch in mid 2020.