By Diamond-Michael Scott
With its much ballyhooed beta launch in March of 2015, the digital asset NEM.io (New Economic Movement) was conceived. Its genesis is tied to a BitcoinTalk forum user known as Utopian Future and his inspiration around the cryptocurrency Nxt. Wanting to improve upon it, NEM became a siren call to participants on the forum to participate. This in turn ignited a grassroots community intent on building upon this seed of an idea.
Beyond the management of a cryptocurrency known as”XEM,” NEM also functions as a peer-to-peer solutions platform, delivering services like payments, messaging, asset creation, and naming systems. As a result NEM is widely recognized as a rapidly advancing digital platform with promising advancements in blockchain technology.
The NEM Group is composed of three separate entities: NEM Software, NEM Trading, and NEM Ventures. By leveraging this three-pronged structure, NEM is shaping the future of blockchain by nurturing a strong and healthy ecosystem — one that promises to catalyze the development of blockchain technology for generations to come.
NEM features both a standard public blockchain and a permissioned or private blockchain. This tiered architectural model while germaine to the Internet is uncommon in the blockchain space. This allows NEM to support web, mobile and other thin clients without creating a costly footprint on devices and not requiring a node to utilize the ecosystem.
It is also noteworthy that NEM in deploying fundamental blockchain concepts was developed from the ground up (not a fork), independent of any other blockchain solution. NEM possesses a multisig feature which doesn’t require an intermediary server/wallet like most blockchain solutions. All transactions necessitating signatures are broadcast live online to all its nodes.
NEM’s state-of-the-art application specific model allows for a vast array of functionality. For starters, it’s a ledger that facilitates transactions either in numbers or text. This allows users to establish “proof of existence” of an event or a document, such as an application or even a simplified file.
Further, NEM has the ability to manage multiple asset ledgers within the same blockchain, in either a mutual exclusive or inclusive manner. In other words, multiple assets can be uniquely issued from one issuer.
All of this allows NEM to be utilized for multiple applications such as game points, loyalty programs, mobile payments and settlements, notary solutions, document procurement and asset title management.
NEM’s New “Symbol” of the Future
NEM’s new signature project, Symbol from NEM, is a trusted and secure next-generation (Proof-Of State) enterprise blockchain ecosystem that smooths business friction, increasing the flow of data and innovation to foster the creation, exchange and protection of assets.
Symbol is the project’s second enterprise-grade blockchain. It runs in parallel with its original platform NEM NIS1, expanding the NEM ecosystem and integrating XYM, the native currency of the Symbol blockchain that’s used for transactions on the network.
Boasting enterprise-grade programmability and security, Symbol from NEM delivers advanced technical features which can be leveraged by innovative projects involved in the creation of fintech, healthcare and supply chain products at the heart of the new economy.
The platform also boasts its first security token issuance, The Kentucky Whiskey Digital Fund token, which will allow investors to purchase asset-backed tokens linked to an estimated inventory of four million bottles of bourbon.
Symbol from NEM is set to make a splash in the Central Bank Digital Currency (CBDC) space, with LBCOIN, the world‘s first blockchain-based digital collector coin issued by a Central Bank, committed to NEM platforms.
LBCOIN was initially issued on the NEM NIS1 public chain in July 2020, with The Bank of Lithuania issuing 4,000 LBCOIN, equivalent to 24,000 digital tokens and 4,000 physical collector coins. With the launch, LBCOIN will transfer to Symbol chains (private and public), to take advantage of the feature-rich platform.
Symbol from NEM is built to be interoperable. It supports public/private hybrid models, trustless cross-chain swaps and its Application Programming Interfaces (APIs) that easily integrate with existing systems and processes. The atomic cross-chain swaps enable trustless data and value flow across multiple different blockchains, eliminating the need for intermediaries.
It also permits the creation of specialized digital assets, going beyond tokens to represent shares of stock, signatures, votes, non-fungible tokens (NFTs) or other currencies. Each asset has configurable properties, and a unique identifier and can enforce logic-based account or asset-based restrictions at a protocol level.
These features hold huge potential in the new economy movement, in particular for the Decentralized Finance (DeFi), Regulated Assets and Security Token Offering (STO) spaces, with Symbol already integrated with Propine, a regulated issuance and custody platform for Security Tokens.
Symbol from NEM builds on the advanced security features of its first Proof-of-Importance (PoI) blockchain, which was the first blockchain to introduce on-chain multi-signature accounts. Expanding on this functionality, Symbol from NEM presents the first public blockchain to bring on-chain, multi-layer, multi-signature accounts.
Sometimes referred to as the concept of “delegated financial authority,” this feature allows the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. It allows users the ability to simplify the creation of complex signature requirements, which streamlines business processes such as payroll. With hardware wallet and offline signing support from day one, coupled with the advanced on-chain multi-signature support, it offers unrivaled Operational Security (OpSec) possibilities.
David Shaw, CEO of NEM Group had this to say about the launch:
“We believe we are at the start of an entirely new economic and digital system that is more inclusive and accessible. Symbol is uniquely positioned at the forefront of the movement towards decentralization, digitization and tokenization. Symbol’s feature-rich platform makes it suitable for a number of industries and use cases, spanning the enterprise, financial services, regulated asset and wider blockchain spaces. NEM has a vital role to play, alongside and operating with other platforms, in creating this new value paradigm.”
Concludes Kristy-Leigh Minehan, CTO of NEM Software, commented:
“As a flexible platform, Symbol’s Application Programming Interfaces (APIs) can be seamlessly integrated by existing enterprise systems and processes, as well as other blockchains. Its multi-layer technology stack allows for trustless, peer-to-peer, multi-party asset swaps, escrows or trades. The platform has been developed with customizability as a key focus with over 120 different configuration settings, allowing for the customization of both public and private networks. Its feature sets enable the rapid development and deployment of secure solutions and expansion of features and services by development teams.”