Symbol, a proof-of-stake tech to be launched by the NEM groups

NEM groups to launch a proof-staking technology
  • NEM groups to launch a new technology for proof-staking named Symbol
  • This platform is going to allow the exchange of data and currencies between two blockchains very flexibly
  • NEM groups posted on Twitter that the launch would be delayed by a few hours, due to an unforeseen anomaly

Symbol, a new project based on business-enterprise facing has been launched today. NEM (New Economy Movement) Groups has launched this. This basically a blockchain with a proof-of-stake technology. This blockchain, Symbol, will also have its own token, XYM. As a solution for fintech, as well as supply chain marketing, is being done by the NEM groups. A supernode can be staked by the validators of PoS on the public blockchain of Symbol, with their XYM tokens. They can also stake all their tokens in a completely different pool of supernodes. It is just one step away from its launch in the market.

The view of the CTO of Symbol

Kristy Leigh Minehan, the CTO of the software developed by NEM, mentioned in an interview that the users would witness a lot of ease and flexibility while using the public and private networks altogether. It was also mentioned that the project minds are highly excited to view the outcome after the launch of Symbol. The platform will allow all sorts of launches about businesses and allow them to launch all their own developed privatized blockchains in the market via the platform. These blockchains would operate in a related manner with the Symbol platform. The platform will also support atomic swaps to transfer coins and data between separate blockchains. This tech of the atomic swap has originated from BTC, which would flexibly allow two blockchains to exchange their data. 

A slight delay in Symbol’s launch

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However, in a very recent Twitter post of the NEM, the launch of the much-awaited platform, Symbol, has been delayed. March 15 was the launch’s earlier date. It has been shifted to March 16, 2021, 16:00 UTC. This delay was unforeseen and is due to an anomaly identified in the application deployment step, as mentioned by the company. This unforeseen anomaly is under investigation as per the NEM groups and will be soon available to the public on the 16th. The users who were eagerly waiting for the launch are a bit sad after hearing about the delay, but we are all still very eager about its launch in the market on March 16, 2021. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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