What is Symbol (XYM)?

Symbol (XYM) is a next-generation, open-sourced decentralized blockchain platform that allows users to connect businesses to the blockchain. The platform seeks to help businesses reduce cost complexities and find ways to generate value. The Symbol blockchain network is a business value exchange network that aims to be reliable and safe. To speed up inventiveness, Symbol seeks to minimize corporate disagreement and boost trust and the flow of ideas. The network aims to encourage enterprises, developers, organizations, and individuals to construct the value of businesses together. The Symbol platform is established on the strengths of the NEM Group and aims to share its technical excellence, simplicity, and robust belief system but with more functionality, flexibility, speed, and ease of use. NEM Group is a smart asset blockchain network.

In addition, the Symbol platform seeks to solve the challenges businesses and individuals face, such as the absence of trust causing a pause in innovation, value removal, and exploitation of business. To overcome this problem, the network has adopted a collective, holistic approach to seeking to establish trust, creating and protecting value. Symbol seeks to connect business, blockchain, and people by providing a secure platform. Such a platform can unblock, empower, and speed up the system and support transactions and exchange. The platform further seeks to feature increased security, enhanced interoperability, and a fast and efficient system. 

As per the website, XYM is the native utility token of the Symbol platform. The primary utility of the token is to pay for transactions to incentivize the network. The platform operates on a proof-of-stake+ (PoS+) consensus mechanism, which is the improved version of the well-known PoS system. PoS+ calculates a score for each node operator based on the size of their stake and other factors, such as recent network activity and the stakes that other users may delegate to them. Here, a node is a system or device connected to the network.

History of Symbol (XYM)

The Symbol platform was launched on March 17, 2021, by NEM Foundation. Erik Van Himbergen, Jeff McDonald, Leon Yeoh, and Lon Wong are the founding members of the NEM Foundation. NEM Foundation is a Singapore-registered organization operating globally.

XYM has a maximum total supply of 8,999,999,999 tokens.