Veritise Blockchain Technology
NEM Symbol is Veritise’s choice of Blockchain architecture, designed for fast, auditable payments and transaction processing.
Future use-cases, like fully compliant tokenized securities and other financial instruments are made possible, improving speed, reducing potential fraud, and lowering costs.
Moreover, Symbol transforms the public sector, rebuilding trust between citizens and governments through increased transparency and the verification of data.
It protects sensitive personal identities and reduces the cost and complexity of government, resulting in more efficient use of budgets.
1) Focused on Enterprise and Governmental requirements
Symbol provides the canvas for businesses to create, exchange, and protect value. Use Symbol native support for both public and private chains to make your business more competitive, secure, and agile. Moreover, it is already battle tested.
SUPER HOW (Veritise blockchain developers) are using Symbol for several Private as well as Public blockchain Infrastructures, i.e. :
- Bank of Lithuania’s LBCOIN for digital collectors coin; LARED
- Consortium blockchain Infrastructure for financial and regulated services; Gold Coin Reserve
- financial services and e-money Interactions; FIX.NETWORK
- IoT devices authentication and security
2) Increased Security
Symbol comes with built-in safety features that take the worry away. Our contract plug-in framework makes Symbol more resilient to human error and network attacks. Symbol supports compile-time substitution of its primary hash algorithm, which produces a 32-byte value from input data. For conciseness, the rest of this document refers to this hash by its default setting (SHA3).
3) Enhanced Interoperability
Symbol is interoperable to fit around any business need. Symbol APIs ensure seamless integration with existing enterprise systems and processes, as well as other networks and blockchains.
4) Faster & More Efficient
Symbol speed and efficiency is unmatched (Public network has tested with 400+ TPS and Private network 3000+ TPS). Tiered architecture and plug-in solutions improve flexibility, speed up processing and development time, and lowering costs. Infrastructure also comes with configurable block time (from one sec up to ten of minutes), lesser block time gives faster transaction confirmation time, however, it has a downside for fast growing data storage.
5) Eco Friendly and Advanced Consensus mechanism
NEM Symbol uses a modified version of PoS that borrows key concepts from Proof of Importance (PoI). This new weighting attempts to capture the original intent of PoI, which was to award users preferentially relative to hoarders, but not suffer from the scaling issues inherent in the original PoI algorithm.
6) Modular Architecture Supporting Plug-in components
Symbol is built with a four-tiered architecture, making it more resilient and faster than current blockchains. This ensures that a slowdown in one layer won’t slow the others, and each of the layers can be updated independently.
For all these reasons and many more, Veritise settled on Symbol as it’s choice of blockchain architecture.