Symbol (XYM)-NEM’s 2nd And Best Blockchain?

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  • Post last modified:December 20, 2021
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The New Economy Movement(NEM) was created to change the way cryptocurrency users interact and accomplish transactions. NEW’s latest project is Symbol.

Symbol
Symbol

Symbol is a trusted and secure enterprise blockchain that smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange, and protection of assets.

Symbol is purpose-built to help businesses cut costs, reduce complexities, and streamline innovation.

It uses a special hybrid (public/private) architecture, which allows businesses to benefit from the transparency that public blockchains offer.

It also has in place “permitting data restrictions” as well as “encryption to safeguard confidential information.

How Does Symbol Work

Just like other blockchains, the NEM public blockchain network is made up of investors, users, node operators, and a native token.

Nonetheless, there are some unique and easy ways its users can gain rewards. Harvesters can acquire rewards by either running nodes or holding a token balance.

How Does Symbol Work
How Does Symbol Work

The blockchain network is also made up of several versatile tools designed to streamline processes, thus multi-layered and multi-signature accounts.

XYM users have the chance to create digital assets. These assets include a non-fungible token (NFTs), signatures, or stock shares.

The blockchain network is a parallel blockchain that promises to improve liquidity, reduce the cost of transactions and increase the speed of processing time.

How Symbol Works
How Symbol Works

Baked as a next-generation blockchain, the network took half a decade to be created. It utilizes a less energy-intensive proof of stake (PoS) consensus mechanism and makes it very easy for users to create tokens and digital assets.

Nonetheless, its main target is security token offerings (STOs) and regulated assets. Its creators visualize an interrelated crypto marketplace. And till now, they’ve enabled the creation of configurable digital assets which came in as security tokens.

The network features open-source code that is readily and easily available for all of its users, This double-quick, secure, friendly, and easy-to-use blockchain network promises unparalleled flexibility.

How Symbol Works
How Symbol Works

Its blockchain network users are allowed to easily develop and deploy secure multi-layered solutions that are very convenient to integrate into an already existing system.

The blockchain influence more than 100 separate configurations and allows for atomic swaps and “Mosaics,” thus non-fungible tokens that can represent any asset.

Mosaics are made up of their own individual identifiers and can be fully designed and customized according to the user’s preference. With Mosaics, users are allowed to create new DeFi services, Security Token Offerings, and even their own native currencies. Very Interesting right!.

How Symbol Works
How Symbol Works

The blockchain network is made up of intensive security features based on the original NEM blockchain. These features include “on-chain multi-signature accounts” and “delegated financial authority”.

XYM Is Symbols Native Coin

XYM is the native currency of the Symbol public blockchain network. Launched in March 2021, the network was developed to promote cooperation between the various blockchains and improve interoperability between them. XYM, as the native token of the blockchain, is used to incentivize the public nodes which are used to verify and save transactions.

XYM Is Symbols Native Coin
XYM Is Symbols Native Coin

Harvesters are allowed to be delegated harvesters, and those who delegate a stake to a harvester are all rewarded with XYM token, which maintains the functionality of the blockchain and boosts a vibrant crypto-financial ecosystem.

The History Of Symbol

The History Of Symbol
The History Of Symbol

The original project was started by UtopianFuture who assembled a great team in 2014. NEM developers were inspired by Nxt but built a public chain from scratch and launched a private chain in cooperation with Tech Bureau Japan.

The History Of Symbol
The History Of Symbol

In 2016 and 2017, NEM Foundation was established, the project expanded globally and the core developers started to work on NEM 2.0.

The symbol is a platform built on revolutionary blockchain technology, reimagining from scratch the ideal blockchain and improving NEM’s performance and feature set.

The NEM blockchain does not only allow for standard peer-to-peer value transfer transactions but facilitates complex blockchain development and enables seamless integrations between public chains, private chains, and legacy systems.

What Makes Symbol Unique

The Symbol blockchain has some features that make it special from the other blockchains networks ;

  • Advanced Built in smart contracts
  • Easy combination oF private and public chains
  • Multi-layered performant architecture

Is Symbol A Good Investment

XYM I think is worth an investment, not only can you benefit from the built-in scarcity of the system, but as a token holder, you can as well earn more XYM through staking their Symbol wallet.

Is Symbol A Good Investment
Is Symbol A Good Investment

The skillfulness and usefulness of the blockchain network make the XYM coin attractive to invest in. It is on the way to making blockchain technology more attractive through providing very needful services most important to corporate users, organizations, and other entities.

Where You Can Buy Symbol (XYM)

You can purchase XYM from the following exchanges;

Where You Can Buy Symbol
Where You Can Buy XYM

Will XYM Reach $10?

At the time of writing this article, XYM was worth $0.2528, from an all-time high of $0.5503.

The chances of XYM reaching $10 are high, as the blockchain provides several use cases and cutting edge technologies that many corporations and developers are going to find useful to work with.

With the increased adoption of the blockchain, and increase popularity, we expect XYM to reach $10 before 2025.

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