Utilizing Symbol’s services offers firms a number of advantages. These businesses may increase transparency, cut costs, and develop new revenue streams thanks to tokenization. Symbol streamlines these procedures with a user-friendly developer dashboard.
In March 2021, the Symbol (XYM) mainnet became live. The platform combines a new coin, developers’ tools, and a high-performance enterprise-grade blockchain. According to the project’s authors, the main objective of the initiative is to build a society that is more equitable, inclusive, and open to all. Symbol is notably a NEM Group creation. These are the same programmers who launched the XEM cryptocurrency and NEM NIS1 blockchain in 2017.
To operate in tandem with the NIS1 blockchain, Symbol was created. In many ways, the system enhances the NIS1 blockchain. One is that it has full DeFi capabilities, including assistance with NFTs, staking, and other things.
What Problems Does Symbol (XYM) Attempt to Fix?
A major issue that Symbol fixes is the prior blockchains’ lack of functionality. The most recent DeFi features are supported by this fourth-generation network, which may also be expanded to accommodate upcoming market changes. Symbol is a considerably more advanced platform than its forerunners thanks to these characteristics and increased smart contract programmability.
Technical Barriers to Adoption
Symbol was created to simplify interaction with already-existing business processes and systems. The network offers developer tools, including secure APIs, to carry out this activity. These resources are used by businesses to create both public and private chains that rely on trustless data flows across numerous networks. With this flexibility, businesses may more effectively handle fundamental business processes like granting financial authority requirements.
Developer Restrictions
To promote collaboration across its network, Symbol offers a development ecosystem with a wealth of features. Using the network, developers may produce Dapps that are more robust and vibrant. As a result, Symbol serves as a market-growth catalyst. It forges new ties between companies, developers, and users.
Liquidity Restrains
These fresh markets aid in easing liquidity constraints. Global markets frequently lack the liquidity they require to run efficiently. These liquidity restrictions may result from the pricing or other properties of the asset. They may also manifest as a result of legal obligations or geopolitical factors.
For instance, finding a qualified buyer is typically necessary when selling your home. To consummate the deal, they must have the necessary funds and legal papers. Sadly, a large portion of the worldwide investment community is excluded by these criteria.
Tokenization Brings Opportunity
By tokenizing their assets, symbol users can lessen these friction points. The process of turning a different asset into a blockchain asset is known as tokenization. An asset may be divided into smaller denominations as part of this procedure. This strategy has a lot of benefits. The asset is now mostly accessible to foreign investors.
In most cases, it’s also quicker and less expensive. Consider the selling of your home. It is possible to divide a tokenized property into smaller chunks. The investment is more cheap because to these smaller units. Additionally, they can be transported internationally, opening up other markets.
Security
Another advantage that Symbol offers to the market is security. The network serves as a safe medium of exchange for values. The protocol also has cutting-edge components like multi-layer, multi-signature accounts that are on-chain. These choices add an additional degree of security for organisations. For instance, two keys are needed to authorise transactions in a multi-signature account.
A company can better control its cryptocurrency funds by requiring two signatures because the second signatory can be an accountant or oversight board. Additionally, multi-signature accounts aid in preventing hacks. One of the most popular ways for hackers to access cryptocurrency accounts is through phishing assaults. When conducting a phishing attack, hackers painstakingly compile data from several sources.
The intention is to eventually gather enough data to pass as you and access your accounts. By including a second key, a hacker would have to successfully phish two people, which is considerably more difficult to do. Many platforms on the internet could have warded off an assault by taking this one step.
Developer Tools
By including programming protections, Symbol enhances the developer experience. These inherent security measures guard against human error. They function somewhat similarly to a spell checker in that they alert you to typical code mistakes.
Efficient
The Proof-of-Stake consensus technique is used by Symbol to increase network effectiveness. With PoS blockchains, regular users take the position of miners in the consensus process. As a result, Proof-of-Work blockchains like Bitcoin are no longer associated with the computationally demanding requirements.
The Symbol blockchain can be secured by users just staking their tokens. The larger your reward, the more tokens that were staked. Because it allows users to secure a passive income without giving up control of their assets, staking is popular. As a result, it has emerged as one of the most well-liked features in the DeFi industry.
NFT support
NFTs can be issued, managed, and used with the help of Symbol (non-fungible tokens). Another area of blockchain technology that is expanding quickly is NFTs. These tokens can stand in for a variety of things, including a car title, digital artwork, and everything in between. All varieties of NFTs are used nowadays.
How Does Symbol (XYM) Work
To give customers and businesses a streamlined experience, Symbol has a four-tiered architecture. Fourth-generation blockchains, like Symbol, design layers especially for processing Dapps and carrying out smart contracts. The primary layer, which serves as a digital ledger, is less congested because to this dual-layered architecture, which increases scalability.
To satisfy the demands of their communities, businesses can tokenize and design specialised digital assets using Symbol. Assets like equities, signatures, votes, debt, and much more can be digitally recorded by symbol users. The procedure eliminates the technical obstacles to blockchain integration and offers tools for developers to hasten the procedure.
XYM
A crucial part of Symbol’s strategy is the XYM token. This token fulfils several functions. One of its uses is to motivate nodes. Additionally, stakers pay fees, receive rewards, and transmit transactions on the network using this utility token. Fast transaction times and permissionless global sending are both features of XYM.
How to Buy Symbol (XYM)
You may trade the symbol (XYM) on the following exchanges:
Over 300 more well-known tokens may presently be traded for cryptocurrencies on KuCoin. It frequently offers purchase opportunities for new tokens initially. Residents of the United States & other countries are currently accepted in this exchange.
Gate.io is one of the more well-known and trustworthy exchanges; it was founded in 2013. Currently, Gate.io accepts users from the majority of foreign countries, including Australia and the UK. Residents of the USA and Canada are forbidden.
Symbol (XYM) – Bringing Businesses into Web3.0
Through its decentralised organisation, Symbol offers a useful service. Businesses have been looking for more affordable solutions to take advantage of blockchain technology’s benefits for years. This used to call for a specialised expert. Platforms like Symbol continue to streamline these procedures and increase blockchain use.
