NEM Foundation Rebrands Enterprise Blockchain Solution

The NEM Foundation, a non-profit organization set up to promote NEM’s blockchain, has rebranded its enterprise blockchain solution and opened the public testnet to partners, community and consumers.

The NEM Foundation is dedicated to the ongoing development of the NEM blockchain technology and the promotion of a vibrant ecosystem of NEM users and developers in governments, academia, industry, and the public at large.

In a press release, the foundation said that its blockchain platform developed under the codename “Catapult” has been renamed and will now be called SYMBOL. The platform is a full-featured solution for enterprises supported by a plugin engine that allows effortless interoperability and configuration. The solution’s plugins enable digital asset creation, decentralized swaps, multi-level multi-signature accounts, advanced account systems, business logic modeling, and interaction between public and private data.

“Following the launch of the SYMBOL token, the XEM token will remain as a functioning currency on the NIS1 platform,” the foundation said. “SYMBOL will coexist alongside the original NIS1 chain—a token allocation opt-in process is currently underway. Current XEM token holders may elect to opt-in on a 1:1 basis for their SYMBOL tokens before or after the snapshot of XEM balances is taken. After the snapshot has occurred the opt-in period will be several years.”

In addition to the public release of SYMBOL as a brand, the foundation has invited developers and enthusiasts to join the SYMBOL public chain testnet. The subsequent testnet launch is in preparation for the mainnet scheduled to go live in the first half of this year.

“SYMBOL is built for scale with frictionless onboarding and adoption for developers and faster POC to production development,” said Nate D’Amico, Chief Technical Officer of NEM Foundation. We’re excited to welcome the community and partners to participate in our testnet in preparation for becoming validators on our mainnet.”

According to the foundation, SYMBOL embodies a new brand and direction for NEM’s enterprise-focused blockchain solution, which reached feature complete status at the end of 2019.

“Our goal is to transform the way enterprises do business. We sought to build a secure and flexible solution that reduces costs and business friction, increases trust, and expands the flow of ideas to accelerate innovation,” said NEM Foundation President Alexandra Tinsman. “The SYMBOL blockchain does all this for a multitude of industries.”

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