Symbol is a blockchain platform launched in March of 2021. It's the spiritual successor to NEM, featuring a new consensus algorithm called proof-of-stake-plus (PoS+), rule-based tokens (called mosaics), namespaces, multisignature accounts, and aggregate transactions. Its client, Catapult, is written in C++. XYM is the native cryptocurrency of the Symbol blockchain. It was launched in 2021 and has a maximum supply of 8999999999.
Symbol has a cult following in Japan and Korea. The community can be primarily found on Twitter, LINE, and KakaoTalk. Some of the most notable projects built on Symbol include:
- QUEST | a bounty and tipping platform for creators. Follow the official Twitter account here.
- SYMBOARD | a loyalty and rewards card for businesses. Follow the official Twitter account here.
- THE TOWER | a endless dungeon crawler.
- NFT DRIVE | a on-chain media and content storage service. Follow the official Twitter account here.
- COMSA | a novel NFT marketplace developed and designed for the Japanese cryptocurrency community.
In November 2021, Symbol was forked by a pseudonymous team of cryptocurrency experts and enthusiasts alike. Titled **Cyprus**, this hard fork signaled the community’s intent to turn Symbol into the world’s leading omnichain platform with content-specific, scalable shards - powered by zk-STARKs.
Symbol aims to solve for problems inherent in EVM-based platforms and omnichain solutions, where security is often defined at a smart-contract level (versus a network-wide level); where L2 validators are centralized and not incentivized; and where new features and functionality are decided by central client teams versus a fair and free market.
What are Symbol’s key features and how does it work?
Symbol uses a proof-of-stake consensus mechanism. This is designed to help improve interoperability and communication between other blockchains. As well as reduce the amount of energy required to operate. There are several key participants in the network. This includes node operators, general users, investors, and harvesters. Harvesters are those who run nodes or hold XYM.
Symbol is notable for its versatility thanks to its hybrid blockchain design. For example, although the protocol’s main target is security token offerings (STOs) and regulated assets, Symbol technology provides users with the ability to create almost any type of digital asset. This includes NFTs, stock shares, cryptocurrency, signatures and more.
In addition, the network facilitates fast cross-chain swaps that are easy to execute.
