NEM, a blockchain and cryptography solutions provider, is set to make multiple announcements with respect to its cryptocurrency XEM and Symbol, an enterprise blockchain under NEM. Hatchet, one of the key developers, revealed the news on Monday.
“This week is an important week in both NEM & Symbol’s history,” Hatchet wrote on Twitter. Via a series of Tweets, Hatchet revealed that the company would be open-sourcing NEM, an initiative NEM had announced in September.
This week is an important week in both NEM & Symbol's history. For those of you who have been paying attention to our tweets and our GitHub, you might have seen a flurry of activity on both NEM & Symbol. pic.twitter.com/tKPhIDosAz
— Hatchet (@0x6861746366574) November 1, 2021
Opening the source code of a program to the public reportedly strengthens the autonomy, independence, and transparency of a project, and would likely lead to cost reductions for companies and engineers, and various use cases.
The company would also request NEM nodes to signal their support for subChains. They said:
“Our passion for subChains has grown stronger over the last few weeks. We’ve managed to attract interest from other projects that wish to partner on the research and development front, and we’re looking forward to collaborating with them.”
In addition, Hatchet also revealed information on the new platforms being developed by NEM. NEM will launch Garush, a mosaic marketplace for the Japanese market, and Hermes, a unified web and mobile wallet for Symbol & NEM.
“This is the week we will be revealing our new structure, and our tentative roadmap and plans for the year. This is also the week where we’ll be introducing some new faces – whether partners or team members you might not have met,” Hatchet said in one of the tweets.