Symbol (XYM) - The new cryptocurrency from NEM continues to grow

201% growth during the month is an excellent result even in a period when the valuations of other cryptocurrencies are also growing. NEM has created a second blockchain - Symbol - which is based on cryptocurrency XYM. What is it that makes its valuation soar immediately after its debut? How did blockchain Symbol surprise investors? We check.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for XYM - cryptocurrency blockchaina Symbol, launched by the NEM Group, a development hub and patron of the NEM blockchain platform.

Symbol blockchain network and its advantages

NEM created another blockchain network based on a new generation Proof of Stake +. It is one of the safest solutions in terms of technology, which is why it is already known that the application will be e.g. in the fintech industry, as well as health protection or the supply chain.

The whole is based on the XYM cryptocurrency, which is used, inter alia, for online transactions.

“The feature-rich Symbol platform makes it suitable for a wide range of industries and applications, ranging from enterprise services, financial services, operations with regulated assets, and operations in wider blockchain spaces. NEM, along with other platforms, has an important role to play in terms of collaboration and the creation of a new value paradigm " - we read in a statement from David Shaw, CEO NEM Group.

How the symbol blockchain works

The main advantage of Symbol is interoperability, i.e. the ability to support both public networks as well as private and hybrid networks, being a combination of different chains. Moreover, information between the chains is transmitted directly and does not require the use of intermediaries. This obviously increases safety, speeds up operations and lowers costs. 

With the symbol, you can also create new cryptocurrencies, but also NFT and virtually all other digital assets, such as stocks. 

All operators can also adapt the system to their requirements. They can impose restrictions on individual accounts, granting specific users different permissions, which is of great importance when handling sensitive assets. The symbol is supposed to be a public blockchain that provides multi-layer accounts with multiple signatures. Thanks to this, the system can quickly and efficiently handle, among others payroll with multiple records. Some of the data is available only to specific users, while others are generally available, all on one blockchain, which can communicate with e.g. public networks on an ongoing basis, without reducing the security of protected data.

“As a flexible platform, API Symbol can be seamlessly integrated into existing enterprise systems and processes as well as other blockchains. Its multi-layer technology allows for multilateral asset exchanges, deposits or transactions. Feature sets enable the rapid development and implementation of secure solutions and the expansion of functions and services by development teams " - emphasizes Kristy-Leigh Minehan, CTO at NEM Software.

Cryptocurrency Quotes

XYM cryptocurrency, which is used, inter alia, for covering tolls on the Symbol network is currently listed at 17 Cryptocurrency exchanges from around the world. As of October 20, 2021, 5 of the target 436 tokens are in circulation, valued at $ 837 apiece. This translates to a capitalization of more than $ 789 billion. The peak of trading was October 7, 895, when each XYM token was paid $ 395.