Symbol From NEM: Facilitating The World’s First Digital Collector Coin
March 15, 2021, 9:14AM EDT · 1 min read
As society rapidly advances towards a new digital economy, it is clear that Central Bank Digital Currencies (CBDC) will play a key role in this reshaping of our financial system. At NEM, we are proud to work with a number of partners who are making this vision a reality. One such notable partner is The Bank of Lithuania, a Central Bank that has leveraged our technology and the power of tokenization to commemorate the creation and development of the Lithuanian state.
Based on the NEM NIS1 chain, the Bank of Lithuania created the world’s first digital collector coin, LBCoin, dedicated to the signatories of the country’s 1918 Act of Independence. In a bid to provide a greater understanding of numismatics and engage younger citizens in coin collecting using elements of gamification and play, 24,000 digital tokens were issued through LBCoin. Upon purchasing the digital coin, collectors received six randomly selected digital tokens to be used as a gift, exchanged with other collectors, transferred to a public NEM wallet, or to redeem a physical silver coin.
The issuance of digital tokens through LBCoin represents a significant step forward for NEM with regards to hosting digital assets and is a testament to the acceleration of tokenization efforts which the NEM NIS1 chain started. With the launch of Symbol from NEM on March 15th, LBCoin will transfer over to NEM’s next-generation Proof-of-Stake (PoS) public blockchain. Symbol is the definitive enterprise blockchain, offering: interoperability between private and public blockchain networks, seamless enterprise systems integration, a tiered architecture, and plug-in-based solutions that improve flexibility and speed up development time dramatically.
By design, Symbol is particularly suited to the regulated asset industry. One of its many progressive features, the platform presents the first public blockchain to bring on-chain, multi-layer, multi-signature accounts. This feature allows the co-signatory of a multi-signature account to be a multi-signature account with its own set of co-signers. Along with this, each asset contains a unique identifier and can enforce logic-based account or asset-based restrictions at a protocol level. These features hold huge potential in the new economy movement, in particular, for the Decentralized Finance (DeFi), Regulated Assets and Security Token Offering (STO) spaces.
NEM’s ability to facilitate the Bank of Lithuania’s LBCoin vision has strategically created blockchain-based research and development opportunities for the financial sector, as well as drastically improved central banks’ understanding of the potential of digital currencies. This dynamic shift in the conventional financial system and adoption of distributed ledger technologies (DLT) means that we are edging ever closer to a new financial system finally fit for the digital age.
LBCoin is only the beginning for Symbol, as the chain is poised to provide comprehensive support for other CBDCs and the emerging tokenized assets sector. Symbol incorporates improvements in security, efficiency, configurability, and ease of use, as well as incorporating features which directly serve the tokenization process including the ability to create smart assets using Mosaics. In addition, Symbol provides an array of features that facilitate the issuance and management of security tokens, with wholescale support enabled for whitelisting, restrictions, token issuance, and token trading all while maintaining compliance within a fully regulated environment.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.