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NEM Foundation was able to create a composite private-public blockchain that is leading enterprise adoption of the private blockchain.
The notion that the strength of any blockchain project lies within the community cannot be disputed, however, it requires a lot of effort to pull large committed people together and make them stay. The idea that ‘people’ is wealth is also true, but, for the larger part of individuals, they will be more likely to exist within an ecosystem that plugs them to a source of value.
Oftentimes, this creates a symbiotic relationship between the project and the community. Achieving this dual function seems like a huddle but it has proven to be an effective route that ensures sustainable long-term development. Since the foundation of NEM’s blockchain project, this is one aspect they have seamlessly buttressed.
Through NEM’s Social Hub and NEM’s Symbol Network, the foundation was able to create a composite private-public blockchain that is leading enterprise adoption of private blockchain and on the flip side, it incentivizes the community for their governance effort and contributions to the development for the foundation.
The NSI1 public chain is NEM’s original blockchain that powers the NEM’s social Hub and its pluggable private Symbol Network, designed for enterprise solutions. By creating a hybrid private-public network of the Social Hub and the Symbol Network, The NEM foundation is able to deliver an ecosystem that empowers the community and pioneers enterprise blockchain adoption.
How NEM Empowers the Community And Dips Into Enterprise Adoption
The NEM’s Social Hub is the channel through which the voice of the community is heard. Every decision concerning project milestones and development is fostered through the opinion of the community. By connecting the community, the social hub creates an avenue that rewards the community for their contribution to the development of the ecosystem
The cryptocurrency-powered social media platform pays out XEM tokens as a reward earned for the contribution of marketing content related to NEM. The platform is exclusively open to contents related to and targeted at promoting the ecosystem suite of products.
Even though it connects with the NSI1 public chain, however, it’s built from scratch using the MakerDAO social mining platform. Users mine XEM by contributing content including articles and videos positioned at marketing NEM’s brand.
The reward system is exclusively available to users holding the XEM token. Participants can cross-posted to other platforms like Telegram and Twitter, creating a seamless content flow through the platforms.
Aside from content sharing, the Social Hub houses a voting system through which the opinions of the community members are vested. Token holders can make recommendations, validate opinions, and get rewarded for their contributions. This creates a dual-empowerment mechanism that rewards the community for content creation and also gives them the right to decide the direction the project sails at any given time.
NEM’s Enterprise Solution
Since the launch of the Social Hub, the entire NEM ecosystem has been experiencing explosive growth and the Hub has greatly benefitted NEM’s flagship enterprise solution, the Symbol Network. Dubbed NEM’s next-gen, rebranded blockchain, it is a private blockchain aimed at business enterprises.
NEM has traditionally been quite asset-centric, allowing the issuance of configurable assets. Symbol burrows this concept from NEM’s original blockchain and crams it with new innovative modifications well suited for digital asset tokenization and issuance of Security Tokens (STOs).
The Symbol Network is designed to be scalable and low-to-zero cost, providing the functionalities required to issue compliant security tokens, without the usual complexities, and risks. Symbol is designed for large and small firms operating in various sectors such as asset management, data management, finance, logistics, notarization, and the construction industry, etc.
Symbol Network recently reached a partnership with VNX Exchange, a venture capital (VC) assisting startups in receiving VC funding. With over 10,000 startups hosted, and close to $170B raised in VC funds by VNX, the partnership exposes Symbol to a large prospect of business enterprise looking at deploying Symbols solution.
The NEM ecosystem is evolving at breakneck speed and it will soon be hard to keep tap with everything happening within the ecosystem. The existence of NEM Hub will give a lot of visibility to the Symbol Network as both coexist to pioneer the next-gen enterprise blockchain adoption and community empowerment.