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- The Blockchain Collaborative Consortium (BCCC) is one of the premier groups in Japan that advocates and encourages blockchains.
- On 9th March, it welcomed its newest member, the NEM Group.
- The firm is all set to launch its native public blockchain and its own cryptocurrency.
In line with the hypothesis that Asia is the most suitable for innovations in the crypto realm, a company named the NEM Group, primarily based in Japan, has decided to launch a public blockchain named Symbol. To accumulate popularity, the firm has also decided to join the BCCC.
The Blockchain Collaborative Consortium (BCCC)
The BCCC was founded in 2016 with the main aim to research and develop innovations and technologies in blockchain and to spread awareness among the general public about its use cases and benefits, which would, in turn, lead to more investments. About 34 companies primarily involved with blockchains and cryptocurrencies came together and established this domestic industry group in Japan. The group now has over 200 members. Ostensibly, the NEM Group wants in on the consortium to help promote its latest Symbol blockchain and collaborate in other areas of interest. It will also help sponsor the upcoming financial summit hosted by the Financial Services Agency and Nikkei.
Launch of Symbol
The new public blockchain from NEM, named Symbol, is all set to be launched on March 15. The firm already has another community-developed blockchain called NIS1. It boasts no major outages since 2015, making it the perfect choice for newbie developers. However, Symbol is touted to be an enterprise-level blockchain with improved features such as cross-chain transactions, metadata controls, receipts and Merkle state transition proofs. It cannot be integrated as such on top of the existing NIS1. Thus it will be developed parallelly. Its native cryptocurrency is the XYM token, whereas the older version had the XEM token. For users who decide to migrate to the newer platform, NEM offers an opt-in program.
Migration to the newer platform
A snapshot has been scheduled for March 12, during which the current wallet balances of all users will be recorded. Upon migration, every user who chose to opt-in would receive an XYM equivalent to the amount of XEM they held during the snapshot on the new platform’s digital wallet. The firm ensures that migration will be hassle-free, and those who do not choose to opt-in will not be affected in any way.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
