Originally planned for a March 15 launch, the Symbol platform is finally on mainnet following almost four years of development.
The proof-of-stake enterprise grade blockchain enables the creation of specialized crypto assets with configurable properties that can act as security tokens. It is an evolution of the original NEM blockchain which was launched in March 2015.
NEM Group CEO, David Shaw stated:
“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.”
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 due to a network configuration issue that caused unexpected node behavior according to a forum post on the incident.
Custom Asset Tokenization
Symbol will allow any asset from real estate to intellectual property to commodities or stocks to be tokenized as a regulated security token. The announcement elaborated:
“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 permit the creation of these specialized assets that can represent shares of any other asset that is tokenized. According to the announcement, each mosaic has configurable properties and …
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