NEM is preparing to launch Symbol, its new blockchain platform


Important facts:
  • NEM, NEM Studios and NEM Ventures will be integrated into a new unit, the NEM Group.

  • The announcement focuses on the new governance plans for the NEM platform.

An announcement by the NEM team sets out the governance plans to prepare for the launch of Symbol.

NEM plans to pave the way for the launch of the new symbol platform for the public. This is a decentralized, open source blockchain platform that you want to use to get traditional companies to use blockchain-based technology. The aim of NEM is to use symbols to reduce operating costs and at the same time to create new opportunities for adding value. The symbol will be released in late 2020.

The different phases leading to the start of symbols are shown in an explanation. From April 7th to May 7th, the community plans to familiarize itself with the roadmap for the symbol introduction. From May 7th to July 7th, NEM will hold focus sessions with key groups to get efficient feedback from the community.

There are also plans to implement a voting scheme that will allow the community to express their preferences regarding the product, marketing, token issuance, and other as-yet-undisclosed issues. The intention is to be achieved that the coordination plan becomes a continuous, self-supporting and decentralized process.

On the other hand, NEM ensures that the community is informed about everything that is happening through its various information channels. In addition, users are offered multiple Ask Me Anything (AMA) sessions in different regions of the world in a variety of languages, including Spanish, Japanese, and English.

NEM announces its new organizational structure

The announcement also stated that the three companies known as the NEM Foundation, NEM Studios, and NEM Ventures will transition into a single common framework. This new unit will be called Grupo NEM and this change will not affect the performance of the above units.

In the following figure, which is offered in the explanation, you can easily see what the new organizational structure will look like.

New organizational structure of the NEM group. Source: NEM ecosystem document – plans for the future and structuring.

The new governance approach defined by the NEM core group and the three units has three priorities:

  • Organize everything centrally that has to do with software development, consulting and treasury management of existing companies.
  • Create a formal project plan and roadmap that will be ready by April 17th. This plan contains everything you need to start Symbol.
  • Get the NEM community more involved so they can take part in tasks and receive certain incentives. A full specification document will be released on May 7th.

The formation of the NEM group is described in communication as “a positive and collaborative step to ensure that Symbol is best supported right from the start and beyond”. He adds that it is an adequate structure “to help NEMs take part in open source and business projects after launch.”


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