After painful birth, NEM’s tokenization blockchain ‘Symbol’ is live

Veteran crypto group NEM Group has introduced the profitable launch of its Symbol mainnet.

According to a March 17 announcement, NEM now contains a “two chain ecosystem,” with NEM’s present NEM NIS1 chain persevering with to function alongside Symbol.

Symbol’s launch wasn’t solely clean crusing, with the mainnet going live two days late.

Despite the group announcing the launch could be delayed as a result of want to research surprising node conduct amid its pre-mainnet rollout, sponsored posts celebrating Symbol’s launch have been prematurely revealed by quite a lot of crypto media shops.

The situation stopping Symbol’s launch was recognized inside 24 hours, with NEM announcing on March 16 {that a} “network config issue” had resulted in its pre-mainnet forking on startup.

NEM describes Symbol as an interoperable Proof-of-Stake blockchain designed to help asset tokenization, together with monetary, bodily, and mental property. Assets created on Symbol are given distinctive identifiers — permitting conditional programming for tokens to be enforced at a protocol stage. Symbol additionally helps each private and non-private deployments.

Symbol’s native XYM token is being airdropped to holders of NEM’s native token, XEM, at a one-to-one ratio based on steadiness snapshots as of March 12 — with 7.3 billion tokens from its nearly 9 billion max provide being allotted to XEM holders.

While the deadline for pre-snapshot opt-ins for the airdrop expired on Jan. 9, XEM holders will be capable to declare their tokens for as much as six years after Symbol’s mainnet launch.

Opportunistic buyers trying to cash-in on the airdrop seem to have pushed a violent pump and dump within the XEM markets, with the token gaining 250% from $0.23 in the beginning of February to $0.Eight on March 4.

However, many of the positive aspects have been short-lived, with XEM having retraced again to $0.6 by March 12, earlier than tanking again all the way down to $0.33 over the subsequent three days. As of this writing, XEM final modified palms for $0.37.

NEM/USD, 90-day chart: CoinGecko

XYM is presently buying and selling for $0.4, a roughly 8% premium over NEM, suggesting that Symbol is the 31st-largest crypto asset by market cap, rating above FTX Token and beneath IOTA, based on CoinGecko/

The NEM NIS1 blockchain first launched in 2014, and was the primary chain to help on-chain multi-signature wallets. Symbol expands on this performance by permitting the signatory of multi-sig accounts to additionally comprise multi-signature accounts with distinctive co-signers.

“This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll,” NEM mentioned in an announcement.