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Symbol
About Symbol
XYM is a cryptocurrency used on the Symbol public blockchain. It is used to pay for transactions on the network, incentivizing nodes that process and record transactions. Symbol has features such as proof-of-stake-plus (PoS+), rule-based tokens called mosaics, namespaces, multisignature accounts, and aggregate transactions. Symbol is the successor to NEM and its client, Catapult, is written in C++.
*The Token* Symbol (XYM) is a native cryptocurrency that powers the Symbol blockchain platform. This token plays a crucial role in the functionality of the platform by facilitating transaction fees and serving as the primary token in the Symbol ecosystem.
*The Platform* The Symbol blockchain is an enterprise-grade, hybrid blockchain platform developed by NEM Group. Symbol is designed to bring a series of enhancements to the NEM ecosystem, including better speed, usability, and security. It is particularly aimed at businesses, with features that enable the creation of specialized assets with configurable properties, multi-level multi-signature accounts, and an array of advanced plug-and-play features.
Symbol (XYM) is used for multiple purposes within the Symbol blockchain platform. It serves as the primary form of payment for transactions and data storage on the network. The token is also used to incentivize node participation in the network through rewards. Furthermore, businesses using Symbol can leverage XYM for the creation and management of their custom assets or smart contracts.
Additionally, XYM is a governance token, giving holders voting rights on critical matters concerning the network's development and evolution.