Symbol (blockchain)

Symbol is a public blockchain platform that was lived on March 17,2021. XYM is the native cryptocurrency of Symbol platform.
Typical functions of Symbol include mosaic, multisig, aggregate transaction, etc.
On June 25, 2014, an open alpha test was launched, and on October 20, 2014, an open beta test was launched. And on March 31, 2015, Symbol's predecessor, NEM, launched to the public.
In 2016, Tech Bureau published a white paper on its blockchain core Catapult.
In 2018, a beta version of Catapult was released, and Catapult was released as a feature and open source program of the private blockchain mijin v2.
In 2019, the Catapult server was updated to make it a different blockchain than NEM.
On December 20, 2019, it was proposed that the blockchain "Catapult" be named "Symbol," and on January 4, 2020, a community vote decided that the name was "Symbol".On February 1, 2020, ticker symbol for Symbol platform decided to “XYM”.
In 2020, the public testnet was launched to the public.
Symbol mainnet was launched on March 17,2021.
Design
XYM
XYM is a cryptocurrency used as a commission when trading tokens on the Symbol platform.The maximum issuance amount is set to about 9 billion (8999,999,999)XYM .It will be issued based on the amount of XEM, the native currency of the blockchain NEM, held as of March 12, and a portion of XYM will be issued over 100 years as an inflation reward.
Harvesting
Symbol uses Proof-of-Stake Plus (PoS+) as a consensus algorithm, and the process of block generation is called harvesting. Block generation takes about 30 seconds, during which the sum of the fee to enter the block and the inflation reward amount prepared in advance by the protocol is distributed as a reward.The reward is XYM.
Mosaic
Mosaic is a token issued on the Symbol platform.
Namespace
Namespace is like a domain on the Symbol platform. This will allow you to name addresses to make them easier to remember and trade, or to name mosaic to name cryptocurrency.
Aggregate transaction
Aggregate transaction is merged multiple transactions into one, allowing trustless swaps.
Account restriction
Symbols have the ability to restrict transactions from a particular account.

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See Also

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