What is Symbol (XYM)? Detailed overview of the XYM . token

• General overview of Symbols (XYM)
• What is Symbol (XYM)?
• Learn the network structure of Symbol
• What problem is Symbol solving?
• What are the outstanding features of Symbol (XYM)?
• Overview of the XYM . token
• What is XYM token used for?
• Basic information about XYM . token
• The safest place to store and buy XYM tokens today
• Instructions on how to download XYM wallet and make Opt-in connection
• Frequently asked questions about Symbol
• summary

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 since March 2021, it has received the attention of both the user community, investors and businesses. So what is Symbol (XYM)? Is this really a potential project? Let's explore this project with TraderH4 in the article below!

General overview of Symbols (XYM)

What is Symbol (XYM)?

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 support users to create digital products such as signatures, stock shares, etc.

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

Learn the network structure of Symbol

Symbol's network has a 4-layer structure. This makes the blockchain system speed faster and more stable. Besides, each layer will work independently, so there is no delay or affect other layers. Here is the function of each layer:

• Layer 4 takes care of handling the client and SDK (including Javascript, Java, C#, Typescript, PHP...).
• Layer 3 is a REST Gateway that handles API requests from clients.
• Layer 2 will run on Mongodb and server API.
• Layer 1 will handle the nodes and also the core servers for blockchain and P2P transactions.

What problem is Symbol solving?

One of the main problems that 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 effectively 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 the outstanding features of Symbol (XYM)?

• POS+ consensus mechanism: This is a solution that not only gives users 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 to form the Symbol - XYM coin is based on the combination of the chain structure to support the blockchain in both public and private form. 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, 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.

Overview of the XYM . token

What is XYM token used for?

XYM is a utility token of the Symbol platform, incentivizing activity in the Symbol ecosystem. This token is to have multiple roles as follows: 

• Used to incentivize nodes.
• Used as staking rewards, payment currency in the ecosystem. 
• XYM supports the execution of transactions quickly.

Basic information about XYM . token

• Symbol: XYM
• Blockchain: NEM
• Token Type: Utility
• Total supply: 8,999,999,999 XYM
• Circulating Supply: 5,580,000,000 XYM

The safest place to store and buy XYM tokens today

Currently, XYM token is being listed on major exchanges such as KuCoin, Gate.io, Bittrex, Poloniex…

Users can store this token on hot wallets of exchanges, or the Symbol Wallet wallet issued by the project's own development team.

Instructions on how to download XYM wallet and make Opt-in connection

Below TraderH4 shows you how to download the XYM token storage wallet and make an Opt-in connection. 

Step 1 : Download the Symbol Wallet on the operating systems you are using.

Step 2 : Read carefully and accept the wallet's security terms. Then, enter the wallet name and press the “Create” button to initialize. 

Next is back-up using a secure method. This back-up method can help you recover or change your password in the future. Symbol will give you two options:

• Back up with keywords. (Save phrases for future emergencies.)
• Back up by QR code (the development team recommends that users be careful when choosing this method).

Step 3 : Select “VIEW Account”.

Next is to enter the private key code.

Step 4 : So you have basically set up the Symbol Wallet. 

• However, next you need to register for opt-in on the NEM Wallet platform. 
• Access the link of the NEM wallet.

Step 5 : Connect NEM Wallet and Symbol Wallet.

Step 6 : Select the wallet name you want to opt-in for.

Step 7 : Enter public address and private key code

Step 8 : Complete the opt-in process and wait for the snapshot. 

• It is necessary to confirm that the balance in the NEM account will be rewarded with the corresponding amount of XYM in the Symbol account. 
• If there is any change to the balance of XEM tokens in the NEM Wallet, there will be an impact on the Symbol Wallet balance at the time of launch and payout.

That is the process of creating a Symbol Wallet and doing an opt-in to receive the airdrop. All information of the opt-in will be displayed in detail in the “Review opt-in” section. 

Frequently asked questions about Symbol

• Is Symbol Wallet supported on phones?

The Symbol Wallet is available with a desktop app and on the Android and iOS operating systems of the mobile platform.

• What can Symbol support businesses?

Symbol provides a service that uses blockchain technology and has a decentralized structure. Many businesses have wanted to find new, more cost-effective and efficient business forms. Symbol was able to simplify the process, to leverage blockchain technology in businesses that aspire to innovation. 

• What is NEM?

NEM (New Economy Movement) is the world's first blockchain platform for smart assets. NEM is written in Java and C++ programming languages ​​and was born on March 29, 2015 after performing a fork from the NXT blockchain.

The platform aspires to create a sustainable economy that ensures financial freedom and focuses on values ​​such as equal opportunity and self-determination for users.

• How much is the transaction fee on Symbol?

Symbol is built on the blockchain platform of the NEM project. Therefore, Symbol will charge a transaction fee of 0.01% for asset transfers on the blockchain, the same as NEM.

summary

The article on TraderH4 shared details about the Symbol project as well as the XYM token. Businesses who want to change and apply blockchain technology in their business activities will find many useful solutions from Symbol. However, this is also a relatively young project and has only been on the market for more than 1 year. Besides, the price volatility of XYM token is not really explosive. Therefore, readers need to consider carefully before making a decision to invest in this token. Good luck!

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