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Symbol snapshot will boost NEM`s currency XEM to new heights

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Symbol from NEM will boost XEM on exchanges
Symbol snapshot will boost NEM`s currency XEM to new heights

XEM is not in your Crypto-Portfolio yet because the Herd Instinct has Zombed your Mind

Running after the DeFi trend dazzles trader and investors so that they overlook their chance of the year. While studying the market, many traders make a widespread mistake. They take a close look at the top gainers to see if this will bring them new opportunities to make a decent trade. And while they are right in many cases, they are mistaken about the options. Buy the bottom, sell the top. This is easy, right? The only thing is that the most significant opportunity will arise, not while you are looking at those assets that already gained a lot of traction, have seen a considerable increase in price, and caught public interest. But why do we always look for the winners? It’s a simple matter of psychology. We all love winners; they are successful, and that makes them very attractive. Only that your most significant opportunity will arise if an asset has been moving in the opposite direction long enough. Once a bottom has been confirmed, that’s when you would like to make your move and invest. Making gains on a quick pump seems to be the best opportunity, but making profits from the bottom is also a smart strategy. NEM`s cryptocurrency XEM had it’s low below 0.04 cents, and this was when I hade the guts to stock-up my XEM portfolio. Did you? The truth is that you won’t make that choice because you usually don’t see why such an asset should ever become attractive again.

NEM`s Success is Not a Matter of Coincidence

XEM is a potential winner in many points for me, and it`s the next best thing that will happen in 2020 is XEM for the blockchain Industry. Forget about yield farming, liquidity mining, and the DeFi Buzz. XEM is the native token of the NEM blockchain, and it overcame its troubled past only recently. NEM has left all the embarrassing moments for the young crypto industry behind and has turned from a forum project into a startup and transformed into an internationally respected company. There are strong indicators that show signs of XEM being the asset that you always hoped to invest in. Probably you sold your XEM positions after the 2018 All-Time High and lost the track on this Cryptocurrency. My final GO into XEM was their partnership announcement with DAO Maker to re-launch their global community via NEM HUB, a community platform build with DAO Maker`s blockchain agnostic Social Mining Software. NEM was known for a healthy community until internal scandals destroyed the bridges between the NEM team and its community; the rebirth of these was decisive for me. Still, I`ve been studying their news, forum, and market chart since the Symbol presentation earlier this year. It was a brave and correct decision to transfer this seemingly impossible mission to DAO Maker. As a neutral third party, the DAO Maker team became the better bridge-builder to the global community.

Symbol Opt-In has been announced, NEM is gearing up for the sprint.

At least if you are looking for a potential winner, NEM is still a great pick to diversify your portfolio. The price hasn’t seen much action since its last all-time low while attempting to break out of a multi-year accumulation channel. Once the resistance of 0.15 US-Dollar is finally burst, things will get fast and exciting. But that’s not even the most important thing. Later this year, XEM is going to launch SYMBOL. And approximately at the end of November, there will be a snapshot that will airdrop 1 XYM for every XEM an address is holding at that time. I could teach you a lot about NEM, SYMBOL, and the whole ecosystem, but I will focus on the analysis of market dynamics. Network snapshots are huge price drivers. If you look at the history of snapshots throughout the market, you will soon find that almost all assets had seen insane increases in price right before the snapshot was taken. It’s a similar psychological effect, like the one I already explained. In general, Psychology plays a significant role in stocks and crypto markets. We all love things that are for free. Buy one XEM and get one XYM on top. Also, your “free” XYM might offer the opportunity to make more money in the future or will be your portion on NEM`s 2.0 development. Both assumptions will drive the price to new highs in 2020 since both aspects make buying and holding XEM very attractive. You don’t believe it? Remember the price rally of HIVE and STEEM Token, even Symbol is not a Hardfork of NEM – every XEM holder will get XYM tokens as we saw it at STEEM and HIVE. Remember, XEM`s all-time high was 2018 at 2.09 US-Dollar driven just by the bubble-hype without any technological backup. If you liked the idea that the snapshot will turn XEM into a winner, you might want to read my upcoming series of articles that closely inspect the technology and ecosystem of NEM and Symbol. By the way, the Opt-in for Symbol will begin on the 15th of September 2020. I guess we will see XEM above 0.20 US-Dollar soon this month. Will you do the right decision? I did my! You can follow NEM HUB`s Twitter to be on track on everything that happens around NEM and its Community.

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Symbol from NEM – Brand Introduction

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, LEGAL, OR OTHER ADVICE.

NEM explaining: The tokenized future has begun

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tokenization, NEM, SYMBOL, NIS1, XEM, XYM, STO, IEO, DYCO, Crypto. token, security token

Things that come immediately to mind if one is thinking about cryptocurrencies are ICO`s and IEO`s. While they had a pretty big hype in the past years, many people forgot about the advantages of tokens and the ecosystems that they can create. While everybody is focusing on the DeFi hype, the tokenization of assets has a lot of benefits. NEM has its own approach towards tokens, smart contracts, and decentralized autonomous organizations, while at the same time offering interoperability with other blockchains. It is safe to say that you can use XEM, the native token of the NEM blockchain, for payments, but that is not is the main purpose or use case. NEM is more suitable for a lot of applications and use cases closely connected to the token economy, web 3.0, and developing independent financial platforms. To give you a better idea of what is possible, let’s look at a couple of examples and the underlying solution behind all those use cases. 

Mosaics allow more options.

Many other blockchains only use a simple classification for their tokens, NEM has a unique name for its smart asset system. Mosaics are making this system highly flexible because Mosaics are fixed assets that can represent many different things. A mosaic can be a token, but it could also mean a stock, a certificate of ownership or authenticity. You could even use Mosaics for a vote or a voting system, which opens up the NEM blockchain to different governance models. While offering many use cases, Mosaics offers enough flexibility while ensuring that it is easy to program smart assets. You can choose to create a mosaic in your desktop wallet or opt for the SDK to adjust all specifications according to your needs. It is fast, simple, and cheap to create a Mosaic out of the box.

Symbol will launch in 2020.

While many options are already available, NEM will face a tremendous transformation that will occur approximately at the end of 2020. NEM will shift to Symbol, a new and even more scalable solution that will also allow interoperability with other blockchains. It will enable companies and open source projects to benefit from its massive toolkit without missing out on the option to connect their project with different blockchain solutions. Think of it more as a platform that will allow you to build those tools and applications that will work just the way you need them to be. You can deploy and integrate them into existing and working business environments or build them utterly new from scratch. Interoperability is a crucial feature to drive Symbols adoption, since developers are not forced to take sides, but can connect different solutions with each other seamlessly. If you are interested in taking part in the Symbol snapshot and getting free XYM tokens secure your share of XEM tokens in your NEM wallet, you will find more information in my NEM series.

Aiming to learn more about NEM and Symbol?

Why Symbol will build the most awesome Blockchain Applications

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Symbol will benefit from NIS1 Know-How

One thing you can do with NEM and its native currency, the XEM token, are super-fast and reliable payments and transactions. But aside from using NEM as a means of payment, many other things can be built on its blockchain. NEM`s NIS1 platform already offers many choices, but later this year, Symbol will be released. With Symbol, you’ll get a one-stop-shop for developing blockchain applications that build on top of all the advantages NIS1 has to offer. Only that Symbol will incorporate even more innovations that will drive the adoption of NEM to a whole new level.

Symbol Platform will outperform its Niche

While many other projects focus on copying already successful technology, Symbol has its very own approach and advantages. Symbol – a reliable DLT solution Symbols public blockchain is a decentralized distributed ledger. While NEM is using proof of importance (PoI) as a consensus algorithm, Symbol will introduce an improved version of proof of stake. Symbol’s contract framework will make it even harder to break it by human errors or attack the network. One of the significant advantages is the fact that Symbol will come with high interoperability. Its hybrid chain solutions will build a bridge between permissioned and permissionless blockchain ecosystems. With its concept of so-called Mosaics, Symbol also presents a solution towards fungible fixed assets that allow flexibility and stability. And these are only a few of its advantages, among other things like metadata controls, encrypted messaging, and aggregated transactions, which will allow trustless swaps and escrowed transactions. While many other blockchains require to develop a lot of things, Symbol will present out-of-the-box solutions that will work like plugins. It will be the easiest way to create a token or any other tokenized assets for that matter. That being said, these plugins won’t lack complexity and are not limited to a use case of creating tokens. You will still be able to shape the solutions to the full extent that you’ll need. While at the same time enjoying the possibility of creating standard solutions that won’t take too much of your time.

How to get Symbol`s cryptocurrency XYM?

How to get involved? While you often have to pay a high price to get on board of high-quality projects or be part of an ICO, Symbol will offer all participants a fair chance. Later this year, the NEM network will have a network snapshot. For each XEM token, stakeholders will receive one XYM token. While XEM is the native currency on NEM`s NIS1 network, XYM will be that native currency on Symbols blockchain. To be a part of Symbol means that you only have to hold XEM in your wallet. While some exchanges might choose to airdrop the XYM tokens that they will receive on behalf of their user’s others may not. So, if you want to rest assured not to miss out on the snapshot, you want to make sure that you hold your XEM in your very own wallet. NEM has announced the Symbol Opt-In start for the 15th of September 2020.

Aiming to learn more about NEM and Symbol?

NEM explained: How to gain passive income by staking XEM

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defi, staking, cryptocurrency, blockchain

Our first trip to NEM and its many advantages will require us to take a closer look at its specifications and features. Many other cryptocurrencies opted for proof of work (PoW) or proof of stake (PoS), while NEM has a unique proof of importance (PoI) consensus algorithm. Proof of work requires a lot of hashing power, and proof of stake always favors the largest stakeholders. NEM`s proof of importance algorithm is designed differently and rewards those users who actively transact XEM and enables users to run their nodes. Because of this very different approach, the algorithm is believed to best all other options. The best part of PoI is that participants with a smaller stake can receive a real benefit. This is very different from usual PoS coins because with a small stake, you won’t see any significant return on your initial investment. 

Supernodes can make Banks superfluous

Supernodes are essential for the whole network, and the reward structure reflects this fact. Such a node requires a minimum stake of 3.000.000 XEM, roughly $400.000, and, therefore, only affordable for a few investors in industrialized countries. Once your Supernode is set and running, you’ll get a 4.71% reward per year, translating into an adjusted reward of 4.14%. Try to get those interest rates from your local bank. They sure will take your savings, but you won’t see any returns. Swiss leading banks UBS and Credit Suisse, are charging their wealthy private and corporate clients currently a negative interest rate of 0.75% for cash saving above 2 million francs. Chances are very high that consumers have to pay globally their banks a negative interest rate for safekeeping their money at some point in the future. Setting up a node is very easy because there are already a couple of infrastructure providers offering a full, but non-custodian service to their users. Setting up a Supernode on Allnodes doesn`t require any coding skills and won`t take you longer than 30 minutes. That being said, you will sacrifice some of your rewards to run the node with such a company. On the other hand, you don’t have to worry about mandatory updates of hard- and software. Therefore, running the infrastructure with a third party is reliable, and the best thing is that you will keep control over your XEM. Most and largest NEM Supernode owners are based in Japan, where NEM`s largest community is based.

Earnig XEM with Harvesting

But what to do if you lack the necessary funds for running a Supernode? In this case, you might be interested in harvesting your XEM, which means that you still get rewards by either delegating XEM to a Supernode or only harvesting in your wallet. Harvesting considers how much XEM you hold, how long it has been sitting in your wallet, and how many transactions you had within the last 30 days. This makes it a lot easier to gain rewards since you are only required to have at least 10.000 XEM in your wallet. Everything else you need to do is using the NEM network and its native currency. Suppose you liked this short introduction to the NEM consensus algorithm and staking. In that case, you might be interested in the next part in our series of articles where I will show you how easy it is to develop something within the NEM ecosystem. NEM`s Supernode and Harvesting Reward Program will be extended for at least six years, after Symbol launch according to an announcement by the team. As every XEM holder will get Symbol`s cryptocurrency XYM assigned in a ratio of 1:1 – every NEM Supernode owner will likely run a Symbol Supernode. By the way, it`s still not to late to join NEM`s community platform NEM HUB and earn XEM with Social Mining, more about this kind of XEM earnings in an upcoming article,