Why Symbol from NEM will become “The Gold Standard” for Corporate Blockchain Solution
By the beginning of its second decade of existence, cryptocurrencies and blockchain technology have evolved and developed sufficiently for businesses to turn their attention to them and see the benefits of using blockchain in their daily work.
I noticed that not all crypto enthusiasts understand why businesses are interested in using blockchain technology, what benefits it can bring to large and small companies. Meanwhile, this is precisely the main reason why Symbol will become the leader in the use of blockchain by businesses.
Many people have a misconception about how businesses can use blockchain and cryptocurrencies in their work. And if with narrowly specialized crypto projects that offer a specific product or service, everything is more or less clear. There is a lot of confusion with large, infrastructure crypto projects developing their own blockchains.
The main goal that a business pursues when deciding to use blockchain technology in its daily work is the desire not to directly increase the company’s income, but to:
- reduce of operating costs of its activities;
- acceleration of the production cycle;
- improve the security of transmission and storage of confidential business data;
- ensure transparency and immutability of data stored in the blockchain;
- and much more.
The main problem of crypto companies developing their own blockchains is their desire for universality, building the next dominating global player. Aiming to lead CoinMarketCap and be amongst the “Big Five” blockchain companies. As a result, some are building a “blockchain for billions of people”, while others are developing another “killer” of Ethereum and chasing any developers who agree to develop at least some applications running on these blockchains. These companies provide huge grants and create their own accelerators for developers so that they have at least something more than just working blockchain when they finally finish developing it. They want to embrace the immensity and enter all niches and markets, and this plays a cruel joke with them. The development process drags on, unsolvable problems appear, and many functions have to be abandoned. Therefore, as a result, such companies have either some specialized solutions or blockchains with reduced functionality and devoid of many functions and capabilities that were originally declared. And some just close their projects and disappear from the horizon.
So why will Symbol from NEM succeed where others fail — become “The Gold Standard” for Corporate Blockchain Solution?
NEM NIS1 is one of the earliest launched blockchains, functioning successfully and non-stop to this day. The development focus of NEM has always been put on developing the application of blockchain technology in the real business sector. NEM’s robust infrastructure was originally designed for public use that is compliant with corporate requirements and throughout the history of NEM the project community has fought for enterprise-level adoption of this technology as its application at the business level has provided a powerful incentive for growth. NEM blockchain enterprise solutions have been some of the most important milestones in NEM’s evolution, and Symbol is committed to continuing to achieve even greater business penetration.
Thus, NEM does not make the main mistake of other blockchain startups, they do not try to create a blockchain for all occasions and penetrate all market niches while chasing every golden egg. NEM initially, since its inception, has strived and focused only on real business applications, not trying to become the new Bitcoin or the “killer” of Ethereum.
This focus, which dates back to the company’s founding, has provided NEM with several colossal advantages over other blockchains:
The focus on business applications allowed NEM to work out first on NIS1 and now to implement a set of business-oriented functions in Symbol, some of which are completely unique, others can be found in other blockchains, but their overall combination is unique and gives Symbol a tremendous technological edge over its competitors in the corporate environment.
The new blockchain will use a modified Proof of Stake (PoS +) consensus mechanism. The new mechanism aims to reward active users regarding their accumulation while avoiding the scaling problems inherent in the original PoI algorithm.
The Smart Assets system provides a high level of flexibility as you can customize blockchain usage via Namespace, Mosaics, and the ability to add names to user addresses. This system also allows users to create their own smart assets, which can take any form such as a coin, document, and so on. Tokens are created in a few clicks through a browser-based user interface and do not require technical knowledge from the user.
Symbol was designed to support flexible configuration both at the network level and at the individual node level. It supports both public and private blockchains. The parameters of the entire network can be configured and set for all nodes in the network when needed, and vice versa, node-specific settings can be different for all nodes in the same network. Symbol allows private networks to specify all interactions between nodes through configuration files if needed.
Symbol allows the issuance of Security Tokens and access to the financial markets sector, and also introduces the setting of token properties set at the protocol level.
Added the ability to create aggregated transactions that allow you to process multiple transactions involving multiple parties, in the form of an ‘all or nothing’ package, enclosed in one external transaction.
Symbol uses Elliptic Curve Cryptography (ECC) and uses a 512-bit SHA3 hash function. The team aimed to guarantee security and speed and the algorithm produces short 64-byte signatures that support fast verification.
A plugin/extension approach is also used, which makes it easy to implement complex Smart Contract functionality.
Users can create tiered accounts with multiple signatures on the Symbol public network, allowing up to 25 joint subscribers per account. This allows funds to be deposited on shared accounts, and funds can only be transferred after a specified number of signatures have been confirmed.
Long-Term Business Relationships — Since NEM was originally focused on using its solutions by the business, over the years there are many businesses that are already using NEM NIS1. Having access to the top officials of corporations and companies, NEM listened carefully to what functions and capabilities a business really needs in its daily activities. All of this essential functionality was implemented during Symbol development. Therefore, immediately after the launch of the mainnet, the Symbol blockchain will be able to satisfy most of the business needs. NEM NIS1 customers will migrate to Symbol immediately upon release, providing NEM and Symbol with an admission ticket and an easy start in the business environment.
- Large, professional, international community — NEM is one of the first blockchain companies; over the years of its work, the company has rallied around itself a large, professional geo-distributed community. Many talented people and companies around the world support the company every day and create many different dAPPS for NEM NIS1. While other startups are chasing developers around the world, luring them in with grants, creating accelerators, and more, NEM already has a large army of followers. Symbol inheriting the spirit and values of NEM will continue to deepen its community partnership through the launch of the Symbol Enterprise Marketplace
The Symbol Enterprise Marketplace is a unique NEM initiative for its community and developers around the world. Well tried-and-tested idea was taken as a basis that has proven its viability and effectiveness — building a dApps store similar to leading app stores. NEM enables developers to monetize their efforts by providing products and services that can be rented or purchased by other Marketplace users.
The Symbol Marketplace remains focused on the community and serves as a liaison between dApps developers targeting enterprises and firms on the one hand and the entrepreneurs using Symbol on the other.
These dApps are being developed and will be required for enterprise use and they will also be built on the “Blockchain as a Service” (BaaS) solutions offered by Symbol. All community creations will be integrated with the Symbol feature set and will demonstrate plug and play functionality. The dApps offered on the Marketplace will enhance the use of Symbol and further enhance the user experience in customizing and adaptation of how a particular enterprise uses the Symbol blockchain.
The benefits I have outlined above are fundamental for NEM to conquest the leadership in delivering the flexible and customizable BaaS solution that Symbol is.
A large technological gap from competitors will allow Symbol to fully meet business needs and established business relationships with dozens of companies around the world will provide NEM with the first loyal customers for its blockchain.
The already existing global-professional community united on NEM HUB will allow NEM in the shortest possible time to offer businesses not just a blockchain, but a full-fledged professional ecosystem that allows satisfying most of the business needs in various sectors of the economy. The creation of the Symbol Enterprise Marketplace will allow the community to monetize its work, and empower NEM to maintain and foster the engagement of existing talented developers, marketing professionals, and business developers within the community — making them more than just common crypto ambassadors and attract a large number of new ones. The competition between them will foster the rapid emergence of a large number of dApps that will significantly expand and improve horizontally as well as vertically the already large basic functionality of Symbol.
All this allows me to argue that very soon after its release, Symbol will become the gold standard for business and will significantly accelerate the adoption of blockchain technology in general. It won’t replace or compete the so often mentioned Hyperledger or IBM Blockchain when talking about business solutions, Symbol will position itself in a new niche and create a new ecosystem around it. In fact, NEM simply does not have competitors at the moment, who could offer business such a complete professional and lively ecosystem.
