It’s been just revealed that the team behind the New Economy Movement (NEM) blockchain, the NEM Group launches a new business-enterprise-facing project that is called Symbol.
This is a proof-of-stake blockchain with its very own token (XYM), which the NEM Group is marketing as an enterprise blockchain solution for fintech, supply chains and all that there’s in between.
On Symbol’s public blockchain, PoS validators are able to stake a supernode with their XYM; they can also stake their tokens in another supernode 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 the public network. We’re excited to see what comes out of that,” NEM Software CTO Kristy-Leigh Minehan told CoinDesk.
Today, the team behind the New Economy Movement (NEM) blockchain has launched Symbol, an enterprise-facing, public-private hybrid blockchain. @NEMofficial
Report by @aslLayHodlinghttps://t.co/kz4g888IKB
— CoinDesk (@CoinDesk) March 15, 2021
The same online publication also notes that the platform will be allowing the business to launch their own private blockchains, and this can interoperate with Symbol’s public chain.
More than that, the NEM team told CoinDesk that Symbol would be supporting atomic swaps in order to transfer data and coins between various blockchains.
The same online publication notes that atomic swaps are an old cryptographic trick that originated from Bitcoin, which allow two blockchains to transfer data without having the need for an intermediary to escrow the trade.
We suggest that you check out more data in the original article posted by CoinDesk in order to learn all the available details.
The need for atomic swaps
We have been addressing the need for atomic swaps in the crypto space for a long time.
As we already pointed out more than once, atomic swaps are the viable solution to prevent shutting down XMR.
Even back in 2019, we were highlighting the importance of atomic swaps, revealing that Monero and other privacy coins have to integrate the ability to atomic swap without the need for centralized exchanges.
“Atomic swaps imply the fact that transactions and trading from one currency to another are made are extremely high speeds without the need for validation coming from third parties,” according to previous notes.