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Ingenious Blockchain Solutions To Enterprises Through Smart Contracts NEM Ecosystem, the indigenous smart connect network launches Symbol, a new chain that utilizes POI algorithm to provide innovative blockchain solutions

By Jigar Agrawal

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According to a research by CoinDesk, initial coin offerings (ICO) netted $6.3 billion in the first quarter of 2018. Interestingly, these ICOs are made possible with blockchain-based smart contract platforms. Smart contracts are known as the real blockchain revolutionary tool as they have the ability to perform general-purpose computations and also improve on existing solutions. Using automation, smart contracts work on pre-established terms. They utilize software codes to automate business processes that take hours to execute. Such smart contracts provide benefits in multiple industries including but not limited to fund administration, real estate, escrow, legal, banking and information services.

Furthermore, the ever-growing blockchain market size has triggered the surge of interest in cryptocurrency investments as well as the blockchain technology that underwrites it (smart contracts). Entrepreneurs have shown keen interest in providing innovative business solutions that are faster, more secure and more transparent. From disrupting mobile application development to unlocking crowdfunding opportunities, entrepreneurship landscape is changing with blockchain technology. And as such, blockchain developers are adopting secure smart contract platforms such as NEM to facilitate their offerings.

NEM, the indigenous smart connect network

Launched on March 31, 2015 and written in Java, NEM network can be employed as both public private ledgers. More so, NEM users make use of a currency called XEM like ether in Ethereum when transacting in the NEM platform. It also has a different consensus algorithm known as the proof of importance (POI) which rewards users that actively transact on the network.

Basically, NEM is taking a different method of approach from Ethereum. It provides a platform with well built-in services that developers can leverage at any time when building their applications. With NEM there's no need for programmers to learn specific programming languages making it easily accessible to everyone. Additionally, NEM manages hundreds of transactions per minute.

The NEM ecosystem's goal is to provide innovative blockchain solutions to various enterprises by having a decentralised consensus, thereby preserving the main value-add of a distributed network. It offers unique enterprise market services such as transfer of XEM from one account to another, message encryption, smart assets—mosaics, multi- signature accounts, notary service and more. And now, it has emerged with a new chain—Symbol, that provides additional dazzling features to the NEM ecosystem.

A new chain: Symbol

The migration from NEM NIS1 to Symbol has created a hybrid network that is already developing a buzz in the enterprise market. Symbol provides users with the advantage of a public and private network at the same time for their projects.

NEM NIS1 is the original blockchain offering from NEM since 2015. It was designed and coded by the NEM community for scalability and speed, and optimized to be a developer's sandbox. Its powerful application programming interface (API) is applied with any programming language. In addition, it offers flexible and customizable solutions through unique built-in features.

On the other hand, NEM is set to launch the Symbol public blockchain on January 14, 2021. It enables enterprises to cut costs, reduce complexities, and streamline innovation. More so, it's built from a layered network of nodes with significant upgrades in speed, flexibility, and security so as to effectively provide ingenious solutions to businesses. It provides unique technical benefits to enterprises in areas such as its array of user-friendly configurations, scalability, and network security.

For years, the project's foundation has tirelessly worked on chain evolution by creating Symbol as a private network to connect with the NIS1 network. It has implemented a hybrid network that can produce virtually any combination of cross-metric solutions, ranging from varying levels of decentralization and centralization.

Symbol's built features include multi-level multi-signature accounts, enhanced account restrictions, mosaic restrictions, cross-chain transactions, metadata controls, integrated hybrid public and private blockchain and mosaics. Simply put, Symbol: 1 XEM = 1 XEM + 1 XYM after Snapshot. By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of the Snapshot.

Moreover, to seize the powerful opportunity to quickly expand the accessibility of the XEM asset, NEM has partnered with fintech startup StakeHound. And as such, the XEM assets will be interoperable and readily available on the Ethereum layer. In order to better gain retail attention, NEM is implementing this move with integration to DeFi protocols. Consequently, the Ethereum-based NEM asset will be a staked version of the XEM token, which will accrue value innately. Thus, the staked XEM (stXEM) will be available on automated market makers like Uniswap, with implementations on lending protocol and additional AMMs, such as Balancer.

From business communication networks to developing customer loyalty programmes, blockchain is having a transformative impact on various levels of businesses. With the increasing depth, there lies more opportunities to innovate. As Thomas Edison once said, innovation is 1 per cent inspiration and 99 per cent perspiration. Thus, companies who have worked tirelessly to build platforms and services are looking to grow and expand even further as the era of blockchain is here and now.

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