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NEM Launches New Proof-of-Stake, Enterprise-Facing Blockchain Platform

Colin Harper - CoinDesk
2021-03-15 12:51
The team behind the New Economy Movement (NEM) blockchain, the NEM Group, have launched a new, business-enterprise-facing project today called Symbol.
Symbol is a proof-of-stake blockchain with its own token (XYM) which the NEM Group is marketing as an enterprise blockchain solution for fintech, supply chains, and everything in between. On Symbol's public blockchain, PoS validators can stake a supernode with their XYM or stake their tokens in another supernode's pool.
"We believe we are going to see a lot of flexibility in how people use these private and public networks together. You can think of your private network as something of staging area and platform for a public network. We're excited to see what comes out of that," NEM (XEM) Software CTO Kristy-Leigh Minehan told CoinDesk.
The platform will allow businesses to launch their own private blockchains, which can interoperate with Symbol’s public chain. Additionally, the NEM team told CoinDesk, Symbol will support “atomic swaps” to transfer data and coins between different blockchains.
Atomic swaps are an old cryptographic trick that originated from Bitcoin which allow two blockchains to transfer data (typically, a coin) without the need for an intermediary to escrow the trade.
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