NEM (New Economy Movement) is a blockchain-based technological platform that seeks to set the path for an efficient way of managing assets effectively and efficiently and at a low cost. A global brand for the public ledger that focuses more on enterprise solutions since 2017 is set on a course to fully achieve this aim with its various solutions, topmost of this, is the release of the Symbol network, an enterprise-ready blockchain, this year.
Released under the NEM network, Symbol poses as the connector and bridge for developers, businesses and enterprises, it is the secure, trusted value exchange for business meant to smoothen business friction, increasing the flow of data and innovation to empower the creation, exchange and protection of assets in a tokenized economy.
Symbol is a solid step towards the already planned continuation of NEM’s founding utility-centric view of the long term future of blockchain technology. It is believed by the NEM foundation that the blockchain needs to have a lot of utilitarian focus above higher than any other performance if it is to satisfy the needs and wants of the population and also the future potentials. Developmental roadmap for the Symbol obtained here showing the core tech and non-tech components of the Symbol network.
Highlight of Symbol attributes includes;
- Increased security: inherent security mode that comes with safety from both human and network error, eliminating the danger of any potential attack.
- Enhance interoperability: Ability to act as an instrumentality to different APPs, APIs and blockchain is enabled with Symbol.
- Faster and efficient: The layered decentralized design and plug-in solutions that allows for improved flexibility, speed up processing and development time, maintaining low cost, making it unmatched in terms of delivery within the blockchain ecosphere.
For so many years, NEM’s NIS1 blockchain has witnessed several distinctive innovations within the blockchain, created by the community and optimized to be the sandbox for developers witnessing a zero downtime or major outages since 2015. NIS1 is the blockchain protocol you can trust for all your project needs with accrued benefits. Together with Symbol enterprises, we should see more optimal processes in activities like voting, asset exchange, reward points which are use cases for enterprises. These are small features of what anyone can develop with the NIS1.
Before proof-of-stake became popular, NIS1 was one amongst the earliest materializations of a proof-of-stake consensus mechanism, notable blockchain that uses the POS consensus includes NXT (from where NEM forks from), Peercoin which uses both POS and POW and Ethereum looking at switching to POS at the later part of the year in the upcoming ETH 2.0 update.
NIS1 was also home to the first non-fungible assets, supply chain applications for luxury products, and in-built multi-sig features. This special attribute in collaboration with compliant tokenization allows for advanced asset management, with NIS1 early on community involvement, paving its way into the supply chain, a utility branch of NEM’s logistics establishes once more NEM’s focus on enterprise.
Furthermore, as NEM a community driven ecosystem evolves, NIS1 has helped to amass a dedicated, globally distributed and motivated community that have been the key driver of NEM network expansion. Common knowledge in the blockchain proves true for community backed blockchain, they stand the test of time, they evolve and they develop to truly utilitarian purposes.
Symbol network is a composition of enterprise-ready solutions that build off the NIS1’s features, with dedicated improvements for commercial use cases seeking to advance business processes applicable to both off-chain and on-chain solutions. Enhancing the potentials of a solid blockchain based enterprise in the future.
NEM launches Social Mining on Daomaker
A core aspect of the NEM foundation is the community, the community contributions are critical in NEM decision making processes and developments, much of NEM core developments today as we have it is as a result of the contributions of these individuals that have made the NEM ecosystem a completely decentralized community system.
It is to this end that NEM foundation launches yet again a social hub that strengthens once more the contributory aspect of the community.
Daomaker is the creator of the now popular social mining platform, they are Britain’s top accelerator startup with a vision of ensuring only quality social media work is rewarded. The days of low quality work output just for gathering project coins/tokens for onward dumping on exchanges is fast phasing out. These days projects are looking forward to workers, social media users that contribute meaningful posts to the blockchain ecosystem in joining their platform.
NEM and Daomaker
The integration of NEM into Daomaker has been done since the first week of May of 2020. After an internal governance reshuffle, the work is set at reinvigorating NEM by structuring, identifying and expanding towards the full realizatuon of the NEM community through tools deployed by DaoMaker social mining project name NEM hub. The hub is created to be a true decentralized community of NEM users and only holders of the XEM coins are given the advantage to utilize the platform. Steps to joining the platform is quite simple and easy to do.
Blockchain based enterprises just get better optimization with NEM recent developments.