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?