Future of blockchain-based enterprises: Community-led public chain with a pluggable private network
NEM is onthe path to release the Symbol network, an enterprise-ready blockchain, this year. This step is a continuation of NEM’s founding utility-centric view of the future of blockchain technology.
NEM, a global brand for public ledger technologies, has led an expansion into enterprise solutions since 2017.
For years, NEM’s NIS1 blockchain has been home to many firsts of the blockchain space. NIS1 was one of the earliest materializations of a proof-of-stake consensus mechanism. It was also home to the first non-fungible assets, supply chain applications for luxury products, and in-built multi-sig features.
Utilities such as simplified multi-sig, in conjunction with compliant tokenization, enabled advanced asset management. Meanwhile, NIS1’s community-led early involvement with supply chain solutions paved the NEM brand in logistics. NIS1’s most outstanding solutions, albeit community led, have been enterprise use cases.
As NEM was built off a grass-roots movement that leafed from a Bitcointalk thread, NIS1 chain has acquired a dedicated, globally distributed community that has been the key driver of network expansion. The community’s strong efforts have highlighted a distinguished route at which the NEM ecosystem has excelled at. Symbol network is a composition of enterprise-ready solutions that build off the NIS1’s features, with dedicated improvements for commercial use cases.
Symbol creates a focused utility of some of the most successful milestones of NIS1’s timeline.
Even though Symbol carries NEM towards the world of commerce, the NEM community remains at the epicenter of the wider ecosystem. To ensure this, Symbol’s nearing launch has been accompanied with the launch of NEM Hub, a social media-like ecosystem dedicated to the NEM Hub, exclusively accessed by trustless proof of XEM ownership.
NEM Hub plays a pivotal role in ensuring that the enterprise-focused growth of NEM, via Symbol, does not interfere with the voice and power the community has had. Rather, the Hub has empowered the community to easily organize its efforts, voice and validate its perceptions among and through the community, and achieve an eased consensus towards the direction and growth of the NIS1 chain.
The newly launched Symbol network will launch to create public-private hybrid deployment by syncing with the NIS1 publish chain. While Symbol, the enterprise-ready network, will function as the private plugin, the community-led and -validated NIS1 chain will operate as an ever-strong public network.
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