NEM Group, developer of enterprise blockchain technology, today announced its final testnet update on Symbol, its next-generation enterprise-grade blockchain solution, launching in early 2021. This update brings the final phase of soak and performance testing on Symbol, freezing code in its current iteration and marking the final step in preparing the platform for its mainnet launch.
Dave Hodgson, CIO of NEM Group, commented, “This milestone represents the culmination of years of heads-down building, testing and collaborating to deliver Symbol by the Core Developers, NEM community and various supporting entities. 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. Symbol is feature complete from day 1 and has a packed roadmap beyond that, which will be communicated shortly. It puts security and interoperability at the forefront — reducing the complexities in existing processes and allowing enterprises to focus on delivering value.”
Following a rigorous testing and optimization cycle from the NEM software team, the Symbol technology is nearing readiness for public use. The code is now frozen, and the technology will become version 1.0 upon mainnet launch on January 14th, 2021, opening up to public chain use by token holders, businesses, and other partners around the world for a wide range of use cases.
The Symbol platform introduces a host of new functionalities and is easy to integrate with existing business infrastructures. Utilizing a unique hybrid (public/private) architecture, Symbol enables businesses to benefit from the transparency that public chains offer, while also permitting data restrictions and encryption measures to be put in place for more confidential information.
Kristy-Leigh Minehan, CTO of NEM Software, commented, “As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data. For instance, a public blockchain network is available to access by consumers, while a private blockchain network is established for the management of information, data, and the corporate stakeholders overseeing the transactions in question. We’re thrilled to bring a hybrid solution to market, and begin delivering true value to our enterprise partners.”
This announcement follows a series of significant developments in the NEM ecosystem, including a partnership with fiat on-ramp Simplex and the joint development of Tardigrade with Storj and IoDLT, to create a storage solution to facilitate faster syncing time when setting up a node on the Symbol network. The NEM ecosystem is set to make a splash in 2021 having already secured its first EU Central Bank CBDC and a Security Token being issued shortly after launch.