Symbol (XYM)

The symbol is a very popular platform in Korea and Japan. The platform helps connect businesses, developers, and individual users to the public blockchain. Symbol (XYM) is a project that is considered quite prominent and is dubbed the "heir" of the NEM blockchain platform. Although it has only been launched in March 2021, it has received the attention of both the user community, investors, and businesses.

What is Symbol?

Symbol (XYM) is a blockchain developed on the technology platform of NEM. The main goal of the project is to reduce costs and simplify implementation processes. Simultaneously applying blockchain technology in enterprises/developers to create a newer, more efficient business model. This platform fully supports DeFi capabilities such as NFT, staking… Even, the Symbol people also support users to create digital products such as signatures, stock shares, etc.

The symbol was created by a team of crypto enthusiasts and officially launched in March 2021. The symbol is an outstanding product of the NEM ecosystem along with NEM Group, NEM Ventures, and NEM Trading.

Outstanding Features

What is the project trying to achieve?

One of the main problems Symbol wants to overcome is the lack of many features in previous blockchain networks. Therefore, Symbol has added support for DeFi features, extensions, and programmability of smart contracts. This helps Symbol operate more efficiently than its predecessor blockchain networks. Here are some specific problems that Symbol is solving:

• Technical barriers to integration: Symbol can help businesses integrate blockchain into their existing systems and processes with secure APIs. Businesses use this technology to deploy public blockchains and leverage decentralized data flows across multiple networks.
• Extend functionality, solve developer limitations: Symbol is known for being a development ecosystem, supporting a lot of features. These features will greatly support Developers in the process of creating powerful and effective Dapps.
• Solve liquidity problems: Asset characteristics such as price or specific local regulations limit liquidity. Symbol can completely solve these problems easily.

What are unique selling points?

• POS+ consensus mechanism: This is a solution that not only helps users have a big say in the project but also has the right to confirm and create more blocks on the blockchain.
• The network system of Symbol – XYM coin is very fast: The block processing time usually fluctuates within 60 seconds. This proves that the participants can receive large and continuous rewards. In addition, the more XYM coins you hold, the greater your chances of receiving rewards on a larger scale.
• Open source: The mechanism of forming Symbol - XYM coin is based on the combination of structural chains to support blockchain in both public and private forms. Accordingly, this project will provide the most outstanding features that other blockchain systems have not yet been able to do. Such as reduced costs, high transparency, safe security, and maximum privacy.
• Security: Besides being a secure exchange platform, Symbol's network also has advanced security features such as on-chain, multi-layer, and multi-signature accounts. These advanced options add additional layers of security to the business. Typically, a multi-signature account requires two security keys to make transactions.
• Developer tools: Symbol has additional safety features to help prevent human errors. Symbol features work like a spell checker. The developer will receive a notification when the system detects errors while writing the code.
• NFT support: In addition to supporting businesses and developers to develop Dapps, Symbol also supports the issuance, management, and use of NFTs.

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