As stated by the authors, Symbol was designed as a new version of the NEM blockchain, optimized for the corporate and business sector. The launch of the project was announced on March 15, 2021. A public testnet was launched several months ago and testing is in the process now.
Migration from NEM to Symbol: who benefits
Until March 15, all owners of XEM tokens (the currency of the NEM project) are invited to issue a “conscious action” to participate in the new blockchain. Those who agree will receive new tokens according to the scheme “one XYM for each XEM”.
To do this, only two conditions are needed:
- own XEM tokens
- make a conscious action to Opt-in
The migration will allow these users to use Symbol blockchain and fully exploit its benefits. They will also keep all their XEM tokens.
Those who want to use this opportunity are invited to declare it by March 15th. On the day, a “Snapshot” will be made: fixing the state of the network and amount of XEM on each account. XYM tokens will be credited according to this data.
But the developers also left the door open for those XEM holders that have doubts. Owners can make a decision even later (in 6 years) under the same conditions.
According to Kailin O'Donnell, CEO and co-founder of NEM Ventures (the investment branch of the NEM community), Symbol has a high level of optimization for business solutions, unique features, and complete security. Therefore, users will be the first to benefit from the launch.
Different protocol and new features
Symbol inherited some of the features of the original NEM network, and the most distinctive one is harvesting. But, unlike the Binance Smart Chain (its structure of the new network is similar to the original blockchain), NEM and Symbol ecosystems are markedly different. They vary in functions and capabilities, and also technically.
The main changes:
Protocol. NEM uses an algorithm Proof-of-Importance (POI). it gives more "value" to persons who “invested” into NEM. The longer owner holds NEM tokens the more “importance” this person gets. And the new Symbol blockchain uses a PoS + algorithm based on Proof-of-Stake, but also with elements of participation in network activity and contribution to the network of nodes.
Architecture. Symbol blockchain platform is built from a network of nodes. There are four levels in this structure:
- Peer node
- Double nodes (Dual)
- Rest gateway
- Symbol SDK
This structure allows developers to update any of these tiers without disrupting the others, which improves security. It also perfectly solves the problem of disappearing transactions.
- The concept of plugins and extensions: a counterpart of smart contracts in the NEM ecosystem. The plugin model provides a determined set of operations that can be performed.
- Aggregated transactions. This feature allows you to process a group of transactions involving multiple signers on an all-or-nothing basis. The transaction will be completed only if all participants sign it. Scope of use: exchanges of assets between participants or in transactions.
- Atomic exchanges (swaps). Ability to exchange XYM for currencies of other blockchains that support swaps: for example, Bitcoin and Ethereum
Prospects of Symbol
The authors of the project promise that Symbol will affect the blockchain industry. It will be a platform with huge capabilities, the highest level of protection, and excellent performance.
Initially focused on business solutions, the project is also described as easy-integrated, flexible, and scalable.
We consider this project as promising as other blockchains for business. Therefore, Getblock.io owns a node on the Symbol testnet, and, in the near future, we will get our own node on the Symbol mainnet.