DECODING MINDS — An Interview With Kristy-Leigh Minehan, CTO, NEM

NEM is a dual-layer blockchain similar to Ethereum but written in Java, a popular computer programming language. Launched in 2015, the NEM mainnet supports multiple ledgers on its cryptocurrency layer, and the NEM Smart Assets layer supports mosaics to represent any store of value. NEM’s proprietary crypto coin is XEM, which is harvested (mined) using a Proof-of-Importance (PoI) algorithm.

(NEM, by the way, stands for New Economy Movement.)

What makes NEM so powerful is the Smart Asset System. Nodes on the NEM blockchain process API calls, which makes it easy to develop for, whether the dApp accesses NEM’s API directly, through a server, or in the background.

Let’s dive into the interview question and answers we had with Kristy (CTO, NEM) about their new launch SYMBOL.

Please tell us about yourself and your journey in the crypto industry so far?

What is Symbol?

Our forward-looking roadmap — released in April — is around empowering creators to digitize and tokenize their work at minimum cost (through our mosaics); enabling developers to interact and build solutions using their language of choice (through our SDK offerings); and enabling individuals and businesses to exchange confidential data in a trustless environment, at scale (through zero-knowledge proofs).

How is Symbol different from NIS1?

Symbol is an evolution of blockchain from NEM. Symbol has been developed to specifically build the connection between business and blockchain. It’s flexible, fast, easy to use and secure. Symbol represents the beginning of a new chapter for NEM, as it becomes a two chain ecosystem — with Symbol sitting alongside NIS1, our original blockchain. NEM NIS 1 will continue to evolve, providing a simple and flexible architecture for developing on.

What’s the thinking behind creating a new brand for Symbol?

What are the security benefits of Symbol?

How does node reputation and multi-level — multi-sig work?

Symbol claims to be flexible as it is API driven and developers can use any programming language, but where do they get resources to develop in here different languages? How strong is the developer community?

The second layer consists of Dual Nodes, or Application Programming Interface (API) Nodes, as they are also called. This layer consists of a combination of Peer nodes and REST Gateway server, and their functionality is extended when run in conjunction with each other.

REST Gateway server form the third layer of the network, providing a powerful and developer friendly restful api interface. It is intended to add functionality, increase usability and scalability, and may be run independently from peer or dual nodes.

The fourth layer of the network consists of Software Development Kits (SDKs) and applications.

Symbol SDKs have been carefully developed with interoperability and ease of use in mind: the architecture, naming conventions and APIs of the SDKs are mirrored, when applicable, across languages. This means that any developer who has built an application on Symbol using JavaScript/TypeScript will be able to switch to another language with ease. SDKs also eliminate a high degree of complexity, dramatically decreasing developer onboarding overhead and required development time, allowing project owners to truly focus on building high value products.

The overall layered architecture enables the updating of any individual tier without disrupting the others, reducing network upgrade and maintenance overhead. Additionally, the layered architecture allows developers to interact with the network depending on their discrete needs, be it performance, usability, customizability or rapid proof of concept (PoC) development.

Developers have access to:-

Technical documentation: https:/

/docs.symbolplatform.com/guides/index.html

Rest API specification: https://docs.symbolplatform.com/symbol-openapi/v1.0.0/

Symbol specific concepts: https://docs.symbolplatform.com/concepts/overview.html

Symbol white paper: https://docs.symbolplatform.com/catapult-whitepaper/main.pdf

And the Developer community can interact on GitHub:

https://github.com/nemtech

https://github.com/nemgrouplimited

To what extent does the API driven approach will help businesses to integrate new features?

What would be the three reasons for a business to move to Symbol?

  1. Increased security. Our configurable contract plug-in framework makes Symbol more resilient to human error and network attacks, streamlining the security testing process.
  2. Enhanced interoperability. Our APIs ensure seamless integration with existing enterprise systems and processes, as well as other networks and blockchains.
  3. Speed and efficiency. Our tiered architecture delivers increased network performance, while our plug-in approach speeds up development and onboarding time, lowering the total cost.

What next, what are the future plans of the team?

The last question will be, what do you think about the future of Blockchain Technology, DeFi and NFT market and where do you see Symbol in it?

And since most of these opportunities are still emerging, it’s not a race for market-domination — all players have room to grow. We’re all working together to develop blockchain in our unique way. It’s the pioneer’s era for blockchain.

DeFi is one of the fastest growing sectors of blockchain technology, with much of the excitement based on the ability to provide access to a whole range of financial products and services, to individuals and businesses around the world, who have been previously overlooked by mainstream financial institutions.

We believe Symbol is perfectly positioned to help drive DeFi adoption for three reasons:

  1. Scalability. Symbol can provide high transaction throughput to help cater to the significant volume of DeFi users, from individuals and businesses. Because Symbol is a hybrid of both public and private blockchain, and it is designed for solutions to help enterprises avoid unnecessary cost and complexity.
  2. Liquidity and Collateral. DeFi is collateralised by Ethereum as well as Dai and USDC. Symbol brings other collateral types to DeFi, such as Bitcoin, via sidechains. Symbol is built for cross-chain interoperability and, through atomic swaps and multi-level multi-sig features, can provide a ready made solution to assist with collateralising the DeFi system.
  3. Reducing Volatility. Today, the primary use case for DeFi remains the facilitation of ‘longs’ on Ethereum — just buying the token and waiting for it to rise up in value. DeFi will only have broken through and created real value when more P2P lending goes mainstream (think microfinance, small business lending, seed funding, etc).

When it comes to NFTs, 2021 has witnessed an explosion in their creation. We are currently seeing a rapidly scaling market and sensational sales numbers being achieved, from Beeple selling ‘Everydays: The First 5000 Days’ for $69m, Grimes has sold over $6m in artwork, Kings of Leon will release two albums via NFTs, Rob Gronkowski generated $1.2m in 48 hours, and brand new marketplaces have emerged in the form of NBA TopShots. We are witnessing not just major artists deploying new content through NFTs, but a ground-swell of artists that will leverage and innovate on this technology to create new revenue streams, ways of engaging with their audience and fans, and wholly new ecosystems across music, sports and the arts.

NEM has partnered with leading global sports agency, InterEuropean, to create a consortium that brings to market premium branded NFTs where investors, traders and fans alike are rewarded for engaging with the athletes, teams and events. We’ll be sharing more about what this partnership will bring over the coming weeks.

DeFi and NFTs are just two examples of how the technology is currently being applied, and there will be many more new and exciting applications to come that we can’t currently comprehend.

DECODING MINDS — a brand new series of interviews by Digital Notice to give you an insight into the projects straight from the Founders and the Team. Each article explores the real-world experiences and expertise of our guests to discuss their unique perspective on the project use cases, its challenges, its changes, and its prospects in the fiercely competitive world of Crypto and Blockchain.