What Is Symbol?

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Jul 28, 2022
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3 min read
what-is-symbol

This blog post will cover:

  • About Symbol (XYM)
  • Where did Symbol (XYM) come from?
  • What are the advantages of Symbol (XYM)?
  • What are the disadvantages of Symbol (XYM)?
  • How to buy Symbol (XYM)?

About Symbol (XYM)

Symbol is meant to be a trustless, high-performance, layered-architecture, blockchain-based protocol. As follows, these are the core points that affected the formation of the project.

At the beginning, Symbol was intended to be just a protocol as well as an update of NEM, a separate blockchain platform. But here it is, an independent Symbol with XYM as a native token. It is used to stimulate the public nodes to verify and record transactions.

One of the main goals of Symbol is to find a solution for EVM-based platform problems.

Where did Symbol (XYM) come from?

NEM Group was founded in Singapore by Lon Wong, Erik Van Himbergen, Jeff McDonald and Leon Yeoh, and first launched in 2014 as a blockchain.

The Symbol project initially was made to become an upgraded version of NEM. But in 2019, members of the NEM community have voted to make Symbol a separate chain. In 2021, there was another voting where users decided to merge two chains. That’s how the idea of Symbol 2.0 appeared.

What are the advantages of Symbol (XYM)?

  • Ease of use.
    
    Symbol is designed to speed up development and onboarding time. The platform offers a flexible plug-in approach, and you can create custom assets and tokens in minutes. This really eases the use of the platform and its instruments.
  • Security.
    
    Symbol uses a contract plug-in framework, making it more resilient to human error and network attacks, and streamlining the security testing process.

What are the disadvantages of Symbol (XYM)?

  • A quite young project.
    
    Symbol might be a part of a global NEM project, but as an independent chain it still has a lot to do and fix. Also, the marketing of the projects is considered to be weaker than it could be. According to the Bitcointalk topic, most users think that Symbol “is no different than the next chain split”.

How to buy Symbol (XYM)?

Ready to join the Symbol community but don’t own XYM yet? In order to make a safe purchase, visit the SimpleSwap homepage. Follow our instructions on how to buy XYM:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select XYM in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. XYM will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

If this article was useful, feel free to read other SimpleSwap crypto texts.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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