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.
So why will Symbol from NEM succeed where others fail — become “The Gold Standard” for Corporate Blockchain Solution?
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.
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.
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