The Israeli-Lithuanian project FIX Network, aimed at improving telecommunication technologies, has signed a partnership with the well-known organization NEM. In the course of cooperation, FIX will use the corporate Simbol system, which runs on the NEM blockchain, and its main purpose is to minimize the theft and substitution of SIM cards. According to the statement, the project aims to ensure the security of more than 8 billion cards worldwide, using the latest solutions for data administration and anonymity.
Although developers will use the existing cellular infrastructure, they will additionally implement a blockchain-based security protocol. This will allow you to become a supplier of cryptocurrency exchange wallets and applications that are designed to store private keys on SIM cards. Symbol will provide interoperability between private and public blockchain networks and advanced account systems. The first application to be released on the new system will be FIX ID – a program that identifies users using a phone number and perceives it as a unique digital identifier. Thus, the card is “attached” to the person, and it can be restored if the SIM is stolen or replaced.
The delivery of new cards that support FIX ID will begin in April – the first batch will be 10,000. The keys to the cryptocurrency exchange facilities will be located directly on the SIM card. The project has already introduced its own global mobile operator, roaming agreements of which are valid in more than 186 countries. The ultimate goal of FIX Network is the implementation of secure and private mobile technologies, as well as their delivery to subscribers around the world – regardless of which provider they use.
Recall that the Symbol system appeared as a result of rebranding of the NEM project. The reorganization was carried out in connection with the threat of bankruptcy, but after receiving funding, the NEM Foundation team was able not only to change the brand, but also to launch the Catapult updаte, which is now active in the system. Changed tokenomics and open source are some of the main advantages of the new updаte. Users get a lot of benefits – starting with reduced fees for exchanging cryptocurrencies online and ending with rewards for servicing nodes and mining blocks. Today, the NEM Foundation is a rapidly developing project that provides blockchain technology in various fields, including agriculture and charity.