NEM's Enterprise Blockchain 'Symbol' Enters Final Stage Before Launch

The code for Symbol has now been "frozen" in its current iteration, marking the last step in preparing for its mainnet launch.

Dec 8, 2020 at 3:01 p.m. UTC
Updated Sep 14, 2021 at 10:39 a.m. UTC

NEM says it is now carrying out the last tests before sending its enterprise-focused Symbol blockchain platform live in early 2021.

  • Announced Tuesday, the code for Symbol has now been "frozen" in its current iteration, marking the last step in preparing for the mainnet launch.
  • NEM said its developer team has been heads down for years building Symbol and its "unique" hybrid public and private architecture.
  • "Created for enterprise use, Symbol is purpose built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more," according to Dave Hodgson, CIO of NEM Group.
  • Symbol will become version 1.0 as the mainnet version launches on Jan. 14, and as it opens up to use by token holders, businesses and others.
  • “As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data," said Kristy-Leigh Minehan, CTO of NEM Software.
  • Symbol's hybrid nature means businesses can benefit from the transparency brought by public blockchains, but also allowing data restrictions and encryption measures to protect businesses' confidential information, NEM said.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto Asset Managers Chase Yield With New Investment Products

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
3
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
4
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown