Symbol offers a single solution specifically created to provide hybrid blockchain capabilities to a wide variety of organizations. In this article, as Kriptokoin.com, “What is a symbol?” We will answer the question. In addition, we will touch on other questions about the project.
What is Symbol? What does it do?
Symbol is a project of the NEM group for blockchain-based enterprise use cases. Symbol’s enterprise services are based on its use of both a public blockchain and private internal blockchains. A combination that makes it more practical for companies to integrate Distributed Ledger Technology (DLT) into their operational processes. This Symbol blockchain is essentially the next evolution of NEM’s N1S1 platform. It is an open source project. It also provides access to the decentralization and immutability of distributed blockchains. XYM is the native currency of the Symbol blockchain while XEM is the currency of the original NEM N1S1 blockchain. NEM N1S1 users received one XYM token for every XEM token they held during the release period to kickstart the Symbol economy.
What is XYM coin?
XYM coin is the native token of the Symbol. Token is a critical component of Symbol’s strategy. This token serves multiple roles. The first is used to incentivize nodes. This utility token is also the way stakers receive rewards, pay fees, and send transactions on the network. XYM provides fast transaction times and can ship globally without permission.
How does Symbol work?
XYM is earned by harvesters when producing blocks. A fee is paid for each transaction published on the blockchain. However, XYM powers everything from simple operations to tessellation and batch operations.
Nodes use hardware resources to maintain the Symbol blockchain. Accounts they own are rewarded with XYM tokens for doing so. Accounts must hold at least 10,000 XYM to be of sufficient importance for the harvest. In addition, node owners with insufficient balance can benefit from authorized harvesting. Additionally, it can split the harvest rewards with an account that provides the required balance.
What is Symbol? How to get XYM coin?
Symbol is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. However, the exchanges where Symbol is traded are listed as follows: MEXC, Bybit, Bitget, KuCoin. Users who want to invest in the project should open an account on one of these exchanges.
