The momentum is building in the cryptocurrency space for 2020. NEM has announced a public test net launch. They are introducing a new product called “SYMBOL.” This NEM claims that the new product is the next generation blockchain engine.
Nate D’Amico, Chief Technical Officer of NEM Foundation, stated: “SYMBOL is built for scale with frictionless onboarding and adoption for developers and faster POC to production development. We’re excited to welcome the community and partners to participate in our testnet in preparation for becoming validators on our main net.”
NEM declared that an official #POI vote for the #SYMBOL ticker is to be held the forthcoming week. The community is asked to vote on their preference. The users were asked to vote for one ticker option and multiple ticker option.
The migration team has proposed that each account should opt-in to receive the SYMBOL tokens. This is inclusive of the multi-sig and non-multi-sig accounts. The accounts would not get the SYMBOL tokens or multi-sig configurations until they opt-in.
The blockchain platform is developed under the name “Catapult.” SYMBOL from NEM is a full-featured solution meant for enterprises. It is supported by a plugin engine, which permits effortless configuration and interoperability. The plugin’s from SYMBOL facilitates decentralized swaps, digital asset creation, multi-level and multi-signature accounts, business logic modeling, advanced accounting systems, and business logic modeling. It also provides for interaction between public and private data.
SYMBOL is a new brand, and it facilitates a renewed direction for NEM’s enterprise-focused blockchain solution. The mainnet is scheduled to go live during the first half of 2020.
Alexandra Tinsman, NEM Foundation president, re-instated that their goal is to transform the way enterprises do business. The company focuses on building and securing flexible solutions, which reduces business friction and cost, eventually building trust and improving on the quality of creative ideas, which are ultimately converted to innovation. The SYMBOL blockchain does this for different industrial sectors.
NEM Opt-in for Several Years
The XEM token will continue to function on the NIS1 platform. The SYMBOL token will co-exist alongside the original chain. A 1:1 opt-in process is facilitated for the users before or after the XEM balance snapshot is taken. The opt-in period is scheduled to be several years.
The price of the XEM token is currently trending at $0.03. NEM is one of the many active happenings in the cryptocurrency industry, contributing to overall trend changes in the Fintech industry, improving transactions along with several industries.