NEM leads an expansion into an enterprise-focused private network as the brand for public ledger technologies has been doing so since 2017. Following our latest NEM news, we take a closer look at the analysis.
NEM is on a new path to release the Symbol network which is an enterprise-ready blockchain. NEM leads the way into the continuation of the founding utility-centric view of the future of blockchain technology. For many years, the blockchain has been home to a lot of firsts and NIS1 was one of the earliest materializations of the proof-of-stake consensus mechanism. It was also the home to the first non-fungible assets and supply chain solutions with its multi-sig features.
Utilities such as the simplified multi-sig and the compliant tokenization enabled advanced asset management. The NIS1 in the meantime led an involvement with supply chain solutions that paved the NEM brand in logistics. NIS1’s most impressive solutions have been enterprise use cases. As NEM was built off a grass-root movement that spiked from a Bitcointalk forum thread, the NIS1 chain acquired a dedicated and distributed community that was the key driver for future expansion. The strong efforts of the network highlighted the route at which the NEM ecosystem performed well. The Symbol network is a composition of enterprise-ready solutions that build off the NIS1 features with improvements for commercial use cases.
Even though Symbol carrier NEM to the world of commerce, the community remains at the center of the ecosystem. To ensure this, Symbol’s nearing a launch is accompanied by the launch of NEM Hub which is a social-media like an ecosystem. The hub has been launched with the use of Social Mining a product by DAO maker and the leading European blockchain accelerator.
NEM hub plays a huge role in ensuring that ht enterprise-focused growth of NEM with Symbol doesn’t interfere with the voice and power of the community. The Hub has empowered the community to organize its efforts and to validate perceptions among the community and to also achieve the consensus towards the direction of the NIS1 chain. The symbol network will launch to also create public-hybrid deployment by simply connecting with the NIS1 chain. While the network will function as a private plugin, the community chain will operate as a strong public network.
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