NEM’s Symbol platform launches on the mainnet officially today after many delays and years of development so let’s read more about our latest NEM news.
Symbol has finally been launched on the New Economy Movement while the original launch date was set for March 15th. The proof of stake enterprise-grade blockchain enables the creation of specialized crypto assets that have configurable properties and can therefore act as security tokens. This is quite the evolution of the original NEM blockchain that was launched back in 2015. CEO of NEM Group David Shaw noted:
“Symbol Mainnet officially went live on 17 March 2021 – a date which marks the beginning of the next chapter in NEM’s exciting story. Symbol will sit alongside NEM NIS1, making NEM officially a two chain ecosystem.”
On twitter, we saw the next post:
“Today, we are proud to announce a major milestone in a 4 year journey. 🙌
Today, #Symbol launched, and a new NEM future begins.👉
— NEM (@NEMofficial) March 17, 2021”
Today, we are proud to announce a major milestone in a 4 year journey. 🙌
Today, #Symbol launched, and a new NEM future begins.
🍾🥳🤩🎉#NEM #Symbolplatform $XYM #PoweringPossibility pic.twitter.com/oHPE3x306F
— NEM (@NEMofficial) March 17, 2021
The launch was delayed because of a network configuration issue that caused unexpected node behavior as per the forum post on the incident. Symbol will allow assets from real estate to intellectual property to commodities or stocks to be tokenized as regulated security tokens:
“The platform enables the creation of specialized digital assets, with configurable properties and a unique identifier, and can enforce logic-based account or asset-based restrictions at a protocol level.”
A feature called “mosaics” will also permit the creation of these specialized assets which represent shares of any other asset that’s tokenized so each mosaic has configurable properties as well as a unique identifier. NEM took a snapshot of the blockchain in order to airdrop the XYM token to the holders and all of them will get an XYM balance equal to that of their holdings at the time of the announcement. The XYM token will be used to pay for transactions and to incentivize the network of public nods that process and record transactions.
The airdrop was already supported by a number of major exchanges like Binance, HitBTC, Poloniex, and KuCoin but only a few listed it. NEM’s native token hit a new high of $0.86 before the airdrop but later dropped to the current level of $0.40. XYM has yet to be listed on exchanges but it was trading at the $0.50 mark.
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