Symbol (XYM) is a cryptocurrency token used as the native currency of the Symbol blockchain, which the NEM Foundation developed. XYM designs itself to be a high-performance, enterprise-grade blockchain platform that can be used for a wide range of use cases, including digital asset management, supply chain management, and decentralized finance (DeFi) applications. The Symbol token is used to pay transaction fees on the Symbol blockchain and can also be used to vote on governance decisions for the network.
The Symbol blockchain is designed to improve interoperability and collaboration with other blockchains through the Proof of Stake (PoS) consensus mechanism and the NEM protocol. The Symbol blockchain is not designed to compete with other blockchain networks but to act as a bridge between different networks, enabling assets and data to be transferred between them.
This allows for greater accessibility and inclusion for both blockchains and their users, enabling them to interact and transact seamlessly and efficiently. Symbol’s multi-layer encryption and secure key management also provide enterprise-grade security, making it a suitable platform for various industries.
Symbol (XYM) Features and Updates
Symbol (XYM) offers fantastic features that make it unique and different from other tokens. Here are some of the features of XYM token:
High-performance: Symbol is designed to be a high-performance blockchain platform that can handle high throughput and low latency for a wide range of use cases.
Enterprise-grade security: Symbol incorporates advanced security features, including multi-layer encryption and secure key management, to ensure the safety and security of transactions and digital assets.
Governance: Symbol has a built-in governance system that allows token holders to vote on important decisions for the network, such as protocol upgrades and the selection of network validators.
Interoperability: Symbol supports interoperability with other blockchain networks by using the NEM protocol and its integration with other protocols such as Ethereum.
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Who are the Founders of Symbol (XYM) token?
The NEM Foundation develops the Symbol (XYM) project. The NEM Foundation is a non-profit organization established in Singapore in 2017 to promote the use and development of NEM blockchain technology. The general leadership, strategy, and commitment responsibility fall on the responsibility arm of the organization’s board of directors and management team.
What Makes (XYM) Unique?
One of Symbol’s unique features is its multi-signature functionality, which allows for increased security and transaction flexibility. Symbol also utilizes “smart assets” that can be programmed to perform specific actions and can be used to create decentralized applications.
Additionally, Symbol (XYM) utilizes a unique consensus algorithm called “Proof of Importance,” which considers a user’s overall network support, including their stake in the network and the number of transactions they make.
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How Many (XYM) are There in Circulation?
Symbol (XYM) has a current circulating supply of about 5.58 billion XYM and a total supply of 7,967,988,930 out of a maximum limit of 8,999,999,999 XYM.
symbol token price Predictions by year 2035
Price predictions table: 2024-2035
| Year | Max Price | Average Price | Min Price | Detailed Prediction |
|---|---|---|---|---|
| 2024 | $3 | $2.5 | $1 | The price of XMY is expected to range from $1 to $3 in 2024, with an average price of $2.5. There might be some volatility, but overall, it’s anticipated to remain within this range. |
| 2025 | $10 | $5 | $3 | In 2025, the price of XMY is forecasted to vary between $3 and $10. It might experience fluctuations due to market dynamics, but the average price is expected to be around $5. |
| 2030 | $25 | $20 | $12 | By 2030, XMY’s price is projected to increase, ranging from $12 to $25. The average price could stabilize around $20, reflecting potential growth and maturity in the market. |
| 2035 | $30 | $25 | $12 | Looking ahead to 2035, XMY’s price is anticipated to remain relatively stable, fluctuating between $12 and $30. The average price is expected to hover around $25, indicating a mature market with moderate growth potential. |
These predictions are based on the provided data and assumptions about market conditions, adoption rates, and other relevant factors. Actual prices may vary due to unforeseen circumstances and changes in the cryptocurrency market.
How is the (XYM) Network Secured?
The Symbol (XYM) network is secured through a combination of different mechanisms.
First, it uses a consensus algorithm called “Proof of Importance” (PoI), which considers a user’s overall network support, including their stake in the network and the number of transactions they make. This helps prevent the network’s centralization and ensures that all users have a say in its governance.
Second, it uses multi-signature functionality, allowing increased transaction security and flexibility. Multisignature requires more than one signature to authorize a transaction, making it more difficult for a single user to compromise the system.
Third, Symbol uses a unique mechanism called “harvesting,” which allows users to earn rewards for maintaining the network, incentivizing users to keep the network running smoothly and securely.
Finally, Symbol’s underlying blockchain NEM also uses a consensus algorithm called “Delegated Harvesting,” which allows a node to delegate its harvested blocks to another node, increasing the network’s security.
How can Crypto Investors use (XYM) Token?
There are several ways in which crypto investors can use Symbol (XYM):
Trading: Investors can buy and sell XYM on cryptocurrency exchanges like other cryptocurrencies, allowing them to take advantage of price fluctuations in the market.
Staking: Symbol uses a consensus algorithm called “Proof of Importance” (PoI), which rewards users who hold and use the currency. By staking their XYM, investors can earn rewards in the form of a new XYM.
Symbol (XYM) Buying Guide
Purchasing XYM is a straightforward process, similar to acquiring other cryptocurrencies. It involves a few key steps:
- Choosing an Exchange: XYM is available on several exchanges such as Kucoin, Gate.io. Select an exchange that best suits your needs in terms of fees, security, and user interface.
- Setting Up an Account: Once you’ve chosen an exchange, the next step is to set up an account. This will typically involve providing some personal information and going through a verification process.
- Selecting Payment Methods: After your account is set up and verified, you’ll need to link a payment method. Most exchanges accept bank transfers, credit cards, and sometimes even PayPal.
- Storing XYM Securely: After purchasing XYM, it’s essential to store it securely. While you can keep it in your exchange wallet, a more secure option is to transfer it to a private wallet, like a hardware wallet, especially if you’re planning to hold it long-term.
FAQ
Is XYM a good cryptocurrency?
Based on the recent trend in the crypto space, it looks like a good investment. However, this is not a piece of financial advice.
Does XYM has a future?
XYM is one of the few crypto assets with great potential to give a realistic return on investment during the bull season. XYM could jump as high as $0.2257 in the next few years.
