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Symbol (XYM)

Last updated 22/10/2022

Official Website: https://docs.symbol.dev/

What is Symbol (XYM)?

As a protocol, it is distinguished by a consensus method that aims to favourably benefit chain users over wealth hoarders. Its architecture as a system, as opposed to opcodes in a deterministic virtual machine, extends functionality through system-level plugins.

These two features sum up Symbols' design ethos - a user-first, service-orientated approach.

A decentralized blockchain platform of the future, Symbol (XYM) enables users to link businesses to the blockchain. This chain is intended to act as a reliable, secure network for corporate value exchange.

The first version of Symbol was released in 2021 and was developed by the NEM organization, which had previously run an eponymous blockchain that is fuelled by its XEM token. The main purpose of Symbol is to facilitate the creation of tools, tokens, and DApps. The ability to vote on suggestions pertaining to the system's future is also available to those who own XYM. Additionally, the cryptocurrency can be staked in exchange for rewards that are paid out in XYM. On several cryptocurrency exchanges, the coin can also be purchased, sold, and traded.

Symbol aims to address issues present in EVM-based platforms and omnichain solutions, such as the fact that security is frequently defined at the smart-contract level (as opposed to the network-wide level), that L2 validators are centralized and unincentivized, and that central client teams - than a free and open market—decide on new features and functionality.

In Korea and Japan, there is a cult following for Symbol.

Where to Store Symbol (XYM)

Symbol (XYM) tokens can be stored in the Symbol Desktop wallet, that is available for Windows, Mac and Linux operating systems, as well as a web application. By creating a new Symbol account, you can start sending and receiving transactions.

If you are looking for a cold storage solution, the leading hardware provider Ledger is a great option.

Where to Buy and Sell Symbol (XYM)

You can Buy & Sell Symbol (XYM) here at BC Bitcoin. Our customers effortlessly Buy XYM by heading over to the Buy Coins page of our website. $XYM is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. By simply placing your order and providing your wallet address, coins will be sent straight to your wallet after the payment.

If you would like to sell Symbol (XYM) you can transfer the coins to us and get paid to your bank account immediately. The Sell Coins page has further information and a live valuation.

Symbol (XYM) Resources

Website: https://docs.symbol.dev/index.html

Block Explorer: https://symbol.fyi/

Twitter: https://twitter.com/NEMofficial

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.

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