New Economy Movement is all set to release its new symbol platform that will help in the management of custom security tokens. The platform is expected to release on the 15th of March after a hefty four years in development, consisting of an upgraded enterprise-level blockchain network to secure security tokens.
The network is supposedly using a proof-of-stake mechanism that helps in creating and managing digitalized assets, giving the assets configurable settings to make them function as security tokens. The developers involved in the creation of the new platform are also the developers of NEM NIS1, providing advanced upgrades to the NEM blockchain.
The platform will also focus on security token claiming opportunities and regulated assets, which are planned to be converted into digital tokens. The platform will enable all sorts of assets, including stocks, foreign currencies, and others, to be openly traded using digital tokens. The full tokenization is expected to be completed by the year 2025.
Symbol will be a platform that will help reduce human errors and network threats with the introduction of a Hybrid Chain system that comes with a changeable contract plug-in framework. Symbol will also be adding a feature known as mosaics that will allow the building of specialized assets to represent shares of many other assets, with each mosaic having unique designations with configurable settings. All of these offerings from the platform indicate a strong potential for new financial services for DeFi and STOs.
Symbol will also be compatible with the global digital security platform Digital Markets whose main purpose is to keep the network safe and provide support to it. For the XYM tokens to be distributed, a snapshot of the NEM blockchain had to be taken. XEM collectors will be given an XYM balance.
XEM has shown its presence for a long time in the market, prices increasing due to the free tokens offered with the release date coming close. It seems that XEM didn’t do quite well after the snapshot. XEM’s price value dropped by a whopping 40%, indicating that the price hike was just a hype to obtain the free tokens offered.