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This article will be very rich and informative, as well as very useful for beginners who want to learn more about NEM and Symbol. We hope that the collected and written material will be useful to everyone and everyone will find something new for themselves from this article.
This article also includes an exclusive interview with active members of the Radio and Mikun community who shared their vision for the future of the Symbol/NEM blockchain.
What is NEM?
Circulating supply XEM: 8,999,999,999 billion
Core Devs: Jaguar, Hatchet, Gimre,
GitHub NEM: https://github.com/NemProject/nem
- Block generation interval: 1 minute
- Maximum number of transactions in a block: 120 transactions
- Per second: 2 transactions
NEM is a blockchain project that has been running stably since 2015 with no network downtime. The NEM project began its history on the popular cryptocurrency forum BitcoinTalk in January 2014. Read more 👉 HERE.
The original idea of NEM was to create a fork of the NXT cryptocurrency, but later this idea was abandoned and a completely new blockchain was developed. Therefore, starting on January 19, 2014, an open discussion began on the Bitcointalk forum on creating NEM from scratch.
The goal of the NEM project is to create a new decentralized economic zone using blockchain technology (distributed registry).
The NEM blockchain uses a PoI (proof of importance) consensus algorithm, where the higher the contribution to the community, the higher the probability of participating in obtaining a block. The PoI consensus algorithm is similar to the Proof of Stake consensus algorithm where, for example, POS has been used since September 15, 2022 on the Ethereum blockchain.
NEM Block Reward:
Participation in the generation and verification of blocks and receiving rewards in NEM is called harvesting (mining).
There are two ways to participate in harvesting:
- Launching your own node from 3 million XEM
- Harvesting from 10k XEM
The Future of the NEM Blockchain
NEM blockchain with native XEM token will be one of the first sub-chains on Symbol.
What is Symbol?
Circulating Supply XYM: 8,999,999,999 billion
Core Devs: Jaguar, Hatchet, Gimre
GitHub Symbol: https://github.com/symbol/symbol
- Block generation interval: 30 seconds
- Maximum number of transactions in a block: 6000 transactions
- Per second: 200 transactions
Symbol is a new generation blockchain that aims to integrate with existing systems and other blockchains where the internal currency is XYM. The Symbol project was launched by the NEM team and also rewritten from scratch and launched in March 2021.
Read more 👉 HERE.
The Symbol blockchain uses the Proof-of-Stake Plus (PoS+) consensus algorithm, which is an improved version of Proof-of-Stake (PoS). In a basic PoS consensus algorithm, the formation of a new block in the blockchain is stochastically assigned to a node based on a combination of factors related exclusively to the node owner’s wealth. The PoS+ mechanism considers the account’s stakes too, but it also promotes the ecosystem’s health by rewarding participants based on their activity.
Representative functions of the Symbol blockchain include mosaic, namespaces, multisig accounts, aggregated transactions and the ability to easily connect to web services and applications using the API and SDK, which allows developers to easily create decentralized applications (DApp). This ensures seamless integration with existing systems and processes, as well as with other networks and blockchains.
Symbol Block Reward:
Participation in the generation and verification of blocks and receiving a reward is called harvesting (mining), just like in NEM.
There are 3 ways to participate in harvesting:
- Launching your own node from 1 million to 3 million XYM.
- Launching your own API node in Symbol from 0 xym. Read more here.
- Harvesting from 10k XYM
During the launch of the Symbol platform, the token supply was ~7.2 billion XYM tokens. In addition, inflation tokens have been gradually added as block rewards to Symbol node operators and delegated harvesters, which will bring the number of tokens closer to the maximum value of 9 billion XYM (Symbol) tokens in the future. The rate of creation of new tokens will be the same as in Bitcoin (within 120 years), but with one key difference. The Symbol software update will adjust the block reward rate (halving) every quarter instead of every four years, thus ensuring a smooth distribution of XYM tokens.
Node owners will be able to receive up to 25% of income, and delegated harvesters up to 75% of income (inflation + transaction fees).
The Future of the Symbol Blockchain
The future of Symbol assumes that the Symbol blockchain will become a hub and exchange point at the center of the universe of individual blockchains without the limitations of global scalability. Therefore, subchains are the first step towards this success.
The built-in cross-chain protocol in Symbol allows you to “communicate” with other blockchains, and also allows developers to create products with a wide base of currencies, thereby developing broader functionality and increasing the stability of the network. Cross-chain bridges allow users to seamlessly transfer assets between blockchains, thereby increasing the liquidity of the network and increasing the value of tokens.
In addition, the next step is to create a Quadratic Symbol funding of 628,549,814.123009 XYM for Public Goods, allowing for a more equitable and democratic distribution of funding for Public Goods. In the case of Symbol, this allows people to contribute to the funding of various projects.
Philosophy for NEM/Symbol
- Each developer can use the Node APIs, which are distributed all over the world.
- Symbol (XYM) tokens are not locked by staking compared to the regular PoS consensus algorithm.
- The concept of the Symbol blockchain in the development of decentralized applications (dApps) is to provide flexibility by combining different types of transactions without writing contracts in a specific language.
NEM and Symbol organizations
The Symbol Syndicate: non-profit organization established to research and develop protocols.
Lingua Franca: organization for Quadratic Funding.
The Fushichou Foundation: non-profit organization that will promote the development and growth of NEM and Symbol.
Interview with Radio and Mikun
Now, dear readers of Symbol Times, we are moving on to an interesting section in which Radio, one of the active members of the Japanese community, and Mikun, director of NEMTUS, will share their thoughts on how they see the future of NEM/Symbol in the long term.
Interview with Radio
SymbolTimes: What future do you see for NEM and Symbol?
Radio: Hello everyone, my name is Radio. This time, I would like to take this opportunity to write down my personal thoughts both on the future that blockchain is shaping and that is being shaped in NEM/Symbol. Traditionally, the blockchain is used to record the transactions of cryptos such as Bitcoin, XEM and XYM and the data is managed by network members without a centrased administrator.
And the advantages of blockchain technology, such as high transparency, security without the risk of hacking, and no need for a centralized system get attention by various companies, organizations, then the blockchain technology has already begun to be integrated for logistics, energy, administrative services, authentication services, and is also used in many other areas.
So what will blockchain bring us?
The word “blockchain” gives us intangible atmosphere but make us feel that ahead of what is actually changing. However, I feel there is no doubt that blockchain will become one of the social infrastructures of the future and that it will become more widespread and used in places we know.
I think there is an expectation that by using blockchain there will be improvements or better solutions to all the problems in society. In addition, the use of blockchain will not only allow us to do things that were impossible or difficult, but will also enable us to find value in things that were not appreciated before.
However, blockchain is not magic. I don’t think that the blockchain itself will change anything drastically, it’s just a new useful tool that will make my life and yours better. Instead of using blockchain for all sorts of things in the world right now, it will be gradually replaced in the future with its integrations. We will have convenient services, not knowing that blockchain technology is being used and such a future will come.
By the way, in the current context when we talking about blockchain, the term Web 3.0 has become seen and heard. It is often said that Web 3.0 is the next generation Internet that uses blockchain.
As for the process that led us to Web 3.0, in the 1990s this process was called Web 1.0, and access was limited to several sites. In the early 2000s, services such as Youtube, Facebook, Twitter, Instagram, and in recent years TikTok have appeared in Web 2.0, and we have been able to send information individually and communicate with each other. However, such services are used using a platform provided by a platformer called GAFAM (Big Five). When using it, personal information will be stored there, content data such as our own texts, images and videos that we create will depend on the platformer, and incidents such as information leakage will often occur. Therefore, such problems often arise due to centralized management and storage of information. Therefore, Web3.0, which uses blockchain technology, is expected to solve the problems of Web2.0. Distributed information based on blockchain technology is platform independent and cannot be tampered with.
In Japan, when trading cryptocurrency on the exchange, full identity verification is required on the exchange now. Exchanges require proof of identity to prevent criminal activities such as money laundering and fraudulent use due to the revised Payment Services Law that came into effect in April 2017, so registration of personal information is mandatory.
However, when using the blockchain itself, there is no need to enter personal information, so with Web 3.0 you are in control of your personal information. In addition, content data such as our own texts, images and videos that we have created is a value that we have created ourselves. We can create such value in the form of an All-On-Chain NFT and exchange values directly between individuals, without any exchange. Also smart contracts that automatically perform exchanges based on predetermined conditions through transactions are also technologies made possible by the blockchain. In this way, both your information and the value you create become available regardless of the specific centralized platform.
There are many blockchains in the world, and each of them is developed and applied in practice by many enthusiastic engineers and users to solve social problems. But I still think that these new technologies have appeared and are available now, but the blockchain is still too complicated for the common people, and the barriers to its use are, first of all, a lack of knowledge. In order for blockchain to integrate society even more in the future, it is very important to have ease of understanding and ease of use so that even common people can use blockchain with confidence.
There is also a scalability issue in Web 3.0, but I feel that the most suitable blockchain network will be used multiply. As an example of the use of several blockchain networks, a hybrid All-On-Chain NFT was created, in which tokens are generated using Ethereum (ERC-721), and the data itself is recorded on the Symbol blockchain.
Therefore, in the future, when the blockchain becomes a common social infrastructure and easy to understand, then NEM/Symbol, which is aiming a modular type and uses an API, will have a significant advantage. Creating smart contracts in Symbol is relatively easy by combining several types of pre-built transactions and functions without writing codes from scratch and deploying. From a security point of view, multi-signature in NEM/Symbol is a powerful feature. In Symbol, you can have your accounts with a high degree of freedom by combining several levels of multi-signature settings and account restriction features, so it will be matched any needs. Cross chain swap will be very effective when used across multiple blockchains.
As the future envisioned by blockchain becomes more familiar to us, I believe that the functions and features that NEM/Symbol now has are already qualified to become one of the blockchain networks in use at that time. The future being drawn by blockchain and the future being drawn by NEM/Symbol is fun and I’m fascinated and I’m already using NEM/Symbol right now. This is not just a dream, the future is already here.
Interview with Mikun
SymbolTimes: What future do you see for NEM and Symbol?
Mikun: Hello everyone, I’m Mikun. I am a director at the Japanese non-profit organization NEMTUS. I would like to think about the future of NEM/Symbol.
I think those of you who have been supporting NEM for a long time have been waiting for the launch of Catapult for a long time. The catapult was renamed Symbol and finally launched last March.
The launch of the Symbol blockchain was great, but then the hard fork, the collapse of NGL and many other events followed, and this year the cryptocurrency winter has come. The market has cooled down and there is no more energy from the cryptocurrency community.
In the midst of all this, though.
The Symbol community is doing interesting things here and there, trying something new and positive every day, which is why I don’t feel winter is coming.
I have also recently been active in NEMTUS. The Symbol Fall festival this weekend, October 29th, will be full of events and I hope everyone is looking forward to it.
I believe that Symbol is a blockchain that empowers everyone. The symbol creates a place where each of us can shine. The concept of the NEM subchain and Symbol 2.0 is far from complete, but we can do a lot right now.
Let’s play with Symbol.
And let’s open it up with our own hands.
The Symbol blockchain does not belong to anyone in particular, it belongs to all of us.
I believe that we can change the world with everyone’s power.
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