NEM concludes Symbol blockchain testnet phase in last update before full mainnet launch

Symbol is the next-technology venture-grade blockchain solution from NEM, reason-built to back firms lower charges, decrease complexities, and streamline innovation…

NEM Neighborhood, developer of venture blockchain technology, recently launched its last testnet update on Symbol, its subsequent-technology venture-grade blockchain solution, launching in early 2021. This update brings the last section of soak and efficiency finding out on Symbol, freezing code in its fresh iteration and marking the last step in making ready the platform for its mainnet originate.

Dave Hodgson, CIO of NEM Neighborhood, commented, “This milestone represents the culmination of years of heads-down constructing, finding out and participating to ship Symbol by the Core Developers, NEM neighborhood and a kind of supporting entities. Created for venture exhaust, Symbol is reason-built to be versatile to a sequence of exhaust conditions, spanning regulated markets, supply chain, fintech, healthcare, executive, and additional. Symbol is draw total from day 1 and has a packed roadmap previous that, which is in a position to be communicated at this time. It locations security and interoperability at the forefront — lowering the complexities in existing processes and allowing enterprises to focal point on handing over price.”


Following a rigorous finding out and optimization cycle from the NEM instrument team, the Symbol technology is nearing readiness for public exhaust. The code is now frozen, and the technology will develop into version 1.0 upon mainnet originate on January 14th, 2021, opening as a lot as public chain exhaust by token holders, firms, and diverse partners around the sector for a gigantic vary of exhaust conditions.


The Symbol platform introduces a host of most standard functionalities and is easy to integrate with existing enterprise infrastructures. The utilization of a queer hybrid (public/internal most) structure, Symbol permits firms to bear the help of the transparency that public chains offer, whereas also allowing knowledge restrictions and encryption measures to be put in discipline for added confidential knowledge.

Kristy-Leigh Minehan, CTO of NEM Utility, commented, “As a hybrid network, Symbol offers a ‘only of both worlds’ blueprint and additional flexibility to firms in how they put up and piece knowledge. As an illustration, a public blockchain network is obtainable to gain entry to by patrons, whereas a internal most blockchain network is established for the management of knowledge, knowledge, and the corporate stakeholders overseeing the transactions in inquire of of. We’re extremely elated to bring a hybrid solution to market, and open handing over factual price to our venture partners.”

This announcement follows a sequence of essential developments in the NEM ecosystem, alongside with a partnership with fiat on-ramp Simplex and the joint kind of Tardigrade with Storj and IoDLT, to gain a storage solution to facilitate faster syncing time when constructing a node on the Symbol network. The NEM ecosystem is decided to make a splash in 2021 having already secured its first EU Central Bank CBDC and a Security Token being issued at this time after originate.

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