What is Symbol?

Symbol (XYM) is a blockchain platform that was launched in March 2021. It is the successor to NEM and features a unique consensus algorithm known as proof-of-stake-plus (PoS+). Symbol is designed with a range of features including rule-based tokens, multisignature accounts, and aggregate transactions. Its client, Catapult, is written in C++. Symbol aims to address issues found in EVM-based platforms and omnichain solutions, and seeks to enhance security and incentivization, fostering a fair and equitable market.

How does Symbol work?

Symbol operates using a proof-of-stake-plus (PoS+) consensus algorithm. This algorithm is a unique feature of Symbol, differentiating it from other blockchain platforms. Symbol also utilizes rule-based tokens, known as mosaics, and supports multisignature accounts and aggregate transactions. These features allow for a wide range of transaction types and increased flexibility for users. Symbol's client, Catapult, is written in C++, enabling efficient performance and robust functionality.

What are the potential use cases for Symbol?

Symbol's unique features open up a wide range of potential use cases. Its rule-based tokens, or mosaics, can be used to create custom assets on the Symbol blockchain. Multisignature accounts provide enhanced security, making Symbol suitable for applications that require high levels of security, such as financial services. Aggregate transactions allow for complex transactions involving multiple parties and assets, which could be useful in supply chain management or decentralized finance applications. Furthermore, Symbol's scalability and security features aim to make it a suitable platform for developing a variety of blockchain-based applications and services.

What is the history of Symbol?

Symbol was launched in March 2021 as the successor to NEM. It was developed with a new consensus algorithm, proof-of-stake-plus (PoS+), and introduced features like rule-based tokens, multisignature accounts, and aggregate transactions. In November 2021, Symbol underwent a hard fork, known as Cyprus, which was led by a team of cryptocurrency enthusiasts. This hard fork marked the community's intention to transform Symbol into an omnichain platform.