Symbol (XYM)

Symbol is a next generation, open source decentralized blockchain platform from NEM that connects businesses to blockchain, helps them to reduce cost and complexity, and finds new ways to create value. It has increased speed, usability, security and flexibility – making Symbol the smart, pragmatic choice for both enterprise and developers.

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Symbol (XYM)

Symbol is a next generation, open source decentralized blockchain platform from NEM that powers unlimited possibilities.

 Website
 Whitepaper
 Source code
 Explorer

Consensus: PoS+
Hash algorithm: Ed25519 + SHA-512
Block time: 15 seconds
Max Supply:  8999 Million
Circ. supply: ≈7832 Million
Block reward: Inflation
Mainnet: expected in 2020
Critical upgrade: NEM 1 > Symbol

Main use case:
Enterprise, dApps, Cryptocurrency

Community & Communication:
 Contact NEM Foundation
 Blog
 Telegram
 Dev Chat
 Forum
Twitter

Wallets
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The story of Symbol

The original NEM project was started by UtopianFuture who assembled a great team in 2014. NEM developers were inspired by Nxt but built a public chain from scratch and launched a private chain in cooperation with Tech Bureau Japan. In 2016 and 2017, NEM Foundation was established, the project expanded globally and the core developers started to work on NEM 2.0. Symbol is a platform built on revolutionary blockchain technology, reimagining from scratch the ideal blockchain and improving on NEM’s performance and feature set. Symbol does not only allow for standard peer-to-peer value transfer transactions but facilitates complex blockchain development and enables seamless integrations between public chain, private chains and legacy systems.

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Non-technical Symbol onboarding resources

These resources help you to get to know Symbol, to understand how Symbol works and how it can be applied for enterprises and projects.

Get started with Symbol
  1. Introduction to Symbol
  2. Install the Wallet 
  3. Official guide to run a testnet node
  4. Explanation how to run a testnet node in 10 tweets 
  5. Introduction to a NEM blockchain course
Become a Symbol expert
  1. Symbol’s Architecture
  2. Aggregated Transactions
  3. Multisignature Accounts
  4. Cross-chain swaps
  5. Account restrictions
  6. Mosaic restrictions
  7. Harvesting
  8. Merkle Trees
  9. Cryptography
  10. PoS+
How can you join and contribute
  • Join the forum and introduce yourself.
  • Translate contents from Symbol Developer Documentation.
  • Write about Symbol and share it with your friends and followers.
  • Speak about Symbol at conferences and local events.
  • Run a testnet node.
  • Integrate Symbol with your project.

Check out this guide and meet the community

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Symbol Onboarding Resources for technical people

These resources help you to get to know Symbol on a technical level and to start working with it. After going through these resources you are able to determine when it makes sense to use Symbol, how to set up and run a node, network or application.

Get started with Symbol
  1. Set up your work station
  2. Write your first application
  3. Send a transfer transaction
  4. Create a mosaic (Token)
  5. Register a namespace
  6. Link namspaces with accounts or mosaics
  7. Assign metadata
  8. Create a multisig account
  9. Create an escrow contract
  10. Run a testnet node

More resources available at nemtech.github.io

Become a Symbol developer
  1. Restrict mosaic transfers
  2. Delegate mosaic transactions to a third party
  3. Prevent spam attacks with account restrictions
  4. Start an atomic cross-chain swap between public and private chain
  5. Create a private testnet
  6. Integrate Symbol with serverless functions
  7. Extending Symbol core

More resources available at nemtech.github.io

Available Tooling
  • Symbol SDK: Symbol SDK is the primary software development tool to create Symbol components, such as additional tools, libraries, or applications. Languages supported: JavaScript, TypeScript and Java.
  • Symbol Desktop Wallet: Cross-platform client for Symbol to manage accounts, mosaics, namespaces, and issue transactions. Symbol Desktop Wallet is available for Mac, Windows, and as a web application.
  • Symbol CLI: Symbol CLI is an open-source command-line interface to interact with the blockchain.
  • Symbol Explorer: Symbol Explorer is a read-only web application to browse the content of the blockchain. The explorer supports searching for transactions, accounts, namespaces, mosaics, and blocks information on a given network.
  • Symbol Service Bootstrap: The package Service Bootstrap contains the necessary setup scripts to deploy a network for testing and development purposes with just one command.

See additional tools and libraries here

How can you join and contribute

Check out this guide and meet the community.

 

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Tokenomics in Symbol

XYM are used as peer-to-peer cash and for transactions in the network. Node owners & stakers may receive transaction fees, block rewards and an additional reward from a supernode program to kickstart the network. The recommended approach for Symbol tokenomics was compiled by the Tokenomics Working group, reviewed by Migration Committee, Core Team & Super Node Holders.

A 2-page summary can be found here, the full outline here and discussion here.

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Governance in Symbol

NEM & Symbol’s governance model is constantly evolving. Long-standing community members, core developers and NEM Foundation take the most active role in Symbol’s governance process. The governance process looked like this but recently entities were integrated in NEM Group to push for Symbol mainnet launch. Ultimately, a similar model to Bitcoin’s governance model and community contributions shall be enabled.

Check out NEM improvement proposals.

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The ecosystem

The Symbol/NEM ecosystem is distributed around the globe. There had been multiple NEM entities such as core developers, NEM Foundation, NEM Ventures and NEM Tech but they were all integrated in NEM Group LTD to push for mainnet launch. Besides NEM Group, there are strong local communities (e.g. in Japan) and various projects around the globe.

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Roadmap

Tech Bureau financed the private chain development of Symbol. After 2.5 years of development, NEM core developers announced a private beta launch of this private chain on March 25th 2018. The software has since then been tested by NEM developers and companies. On June 12th 2019, Tech Bureau started offering enterprise licenses for the private chain of Symbol. Core developers have further developed Symbol public chain ever since. Public chain launch is now expected in 2020 but was previously anticipated much earlier.

A broad roadmap can be found here and a detailled one for launch here.

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Symbol community knowledge base

The Symbol ecosystem includes the NEM Group as well as many distributed projects and individuals that support the Symbol ecosystem. Add all interesting projects here and great influencers here.