NEM Introduces Symbol & A New Multi-Layer Network for Enhanced Trustlessness

March 11, 2020

By Hackernoon (Kailin O’Donnell)

Kailin O’Donnell is the Director and Co-Founder of NEM Ventures, the VC and Investments arm of the NEM Blockchain Ecosystem. Kailin is a DLT advocate who has been deeply involved in NEM since before launch, coding some early SDKs for NIS1 and Symbol, and has assisted multiple companies building on the NEM blockchain.

Distributed Ledger Technology (DLT has come a long way since its humble beginnings in Satoshi Nakamoto’s 2008 Bitcoin white paper. For NEM, Symbol is the latest stage in the development of a next-generation enterprise optimized chain which addresses the core issues associated with DLT.
 
The development of the Symbol protocol has been guided by a set of fundamental principles including trustlessness, performance optimisation, and layered architecture throughout the technology stack. 
While other DLT protocols were considered, including (Directed Acyclic Graph) DAG and (Delegated Byzantine Fault Tolerance) dBFT, blockchain was quickly chosen as the technology most true to the ideal of trustlessness.