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The New Economy Movement, or NEM, was launched to transform the way cryptocurrency users interact and complete transactions. NEM’s newest addition is the Symbol blockchain, which helps to connect corporate users, developers and private entities to the public blockchain. Its core features are designed for maximum functionality and accessibility, even for financial technology, supply chains, and more. Symbol was developed to break down the complex development of blockchain, enabling seamless integration between public and private chains with the legacy system in a trusted and secure manner.
In this article, we’ll decipher the mechanism of Symbol, its vision, and how this blockchain resonates with the evolution happening in the crypto realm.
The Symbol blockchain is designed to improve interoperability and collaboration with other blockchains using the proof of stake (PoS) consensus. Rather than competing with other blockchain networks, Symbol is designed to improve accessibility and inclusion for both blockchains and their users.
The NEM Group, which launched Symbol, first developed the NEM NIS1 blockchain, which is associated with XEM cryptocurrency. Symbol builds on the NEM NIS1 blockchain, enabling its users to develop more complex networks and seamlessly move between public and private chains. Symbol also allows for conventional peer-to-peer transactions and has its own native token, XYM. More than 7.8 billion XYM tokens were initially released, with a maximum supply of 8,999,999,999. The inflation rate of the XYM token is tied to that of Bitcoin’s.