Symbol Key Points
- Symbol is a next-generation, open-source blockchain platform developed by the NEM Group.
- It is designed to facilitate the efficient creation of value exchange networks and business logic applications.
- The platform utilizes a unique hybrid architecture that combines the best of both public and private blockchain systems.
- Symbol supports multiple layers of security which makes it an excellent choice for businesses and developers.
- Its native cryptocurrency is called XYM.
Symbol Definition
Symbol is a sophisticated, enterprise-ready blockchain platform that aims to streamline and expedite the development of business logic applications and value exchange networks. It employs a hybrid architecture that merges the strengths of both private and public blockchains. The platform’s native cryptocurrency is XYM.
What is Symbol?
Symbol is an advanced blockchain platform that was designed with businesses in mind. It facilitates the easy creation of specialized digital assets, which can represent shares of a company, ownership of a piece of real estate, or other assets.
Symbol provides a versatile platform for developers, enabling them to build highly customizable applications for their unique business needs.
Who Developed Symbol?
Symbol was developed by the NEM Group, a team known for their commitment to creating cutting-edge blockchain solutions. The NEM Group is widely respected in the industry for their innovative and practical approach to blockchain technology.
When was Symbol Launched?
Symbol was officially launched on March 15, 2021, after several years of careful planning and development.
Where is Symbol Used?
Symbol is used worldwide by businesses and developers who require a versatile, secure, and efficient blockchain platform. While it can be used in various industries, it’s particularly beneficial in the financial sector, supply chain management, and asset management.
Why Use Symbol?
Symbol offers several compelling reasons for usage. Its unique hybrid architecture provides the security and control of a private blockchain with the openness and interoperability of a public blockchain.
Moreover, Symbol supports the creation of specialized digital assets with configurable properties, enabling businesses to create bespoke solutions tailored to their specific needs. Finally, Symbol’s native cryptocurrency, XYM, allows for seamless transactions and incentivizes network participation.
How Does Symbol Work?
Symbol operates using a hybrid blockchain model, combining the advantages of public and private blockchains. It allows businesses to create their own private blockchains that can interact with the public chain, ensuring both security and interoperability.
Symbol utilizes a consensus mechanism called PoS+ (Proof-of-Stake Plus), which considers an account’s stake, transactions, and network activity. This mechanism promotes active participation and secures the network without monopolizing resources.
Moreover, Symbol incorporates a unique “multi-level multisignature” feature, enhancing security and facilitating complex account systems, making it a flexible and secure choice for businesses and developers alike.
