Symbol is a next-generation, enterprise-grade blockchain platform developed by the NEM Group and is considered a successor to the companys New Economic Movement (NEM). The blockchain network utilizes a new consensus algorithm called proof-of-stake-plus (PoS+) and supports cross-chain communication and interoperability to drive the mainstream adoption of this technology.

Sybmols public blockchain can be leveraged by corporate organizations to interface with dApp developers and users, enabling access to decentralized applications in fintech and other sectors, including supply chain and healthcare. In addition, the fourth-generation blockchain is capable of higher versatility than NEM Groups previous offerings, such as staking, NFTs, and DeFi applications.

The Symbol blockchain offers a secure yet competent platform for enterprises looking to deploy decentralized applications (dApps). Its hybrid chain architecture lets Symbol support both public and private blockchains, making it just as efficient for use among dApp developers as for businesses.

XYM is the native token of the Symbol ecosystem and is used for incentivizing node behavior within the network, staking, and paying transaction fees. It is a popular cryptocurrency to trade, especially in the South East Asian markets.

Symbol is a permissionless, open-source, interoperable PoS blockchain that can support dApps and tokenized assets and function as both a public and a private blockchain platform. In addition to supporting public/private hybrid networks, Symbol allows for trustless, atomic cross-chain swaps and offers easily integrable APIs.

You can also use the Symbol infrastructure to tokenize any asset and put it on the blockchain, including NFTs, stocks, shares, votes, and digital currencies. This key feature of enabling Security Token Offerings (STOs) and tokenized digital assets makes Symbol the platform powering the new economy movement envisioned by the NEM Group.

Symbol operates parallel with NEM Groups previous offering, the NIS1 blockchain. However, it takes the technology from NIS1 further with its added functionalities for on-chain, multi-layer, multisignature accounts. This makes it a far more secure blockchain network for use by enterprises.

In addition, its hybrid architecture is also something that enterprises can leverage to deploy various kinds of use cases on distributed ledger technology. They can use Symbols private chain architecture to deploy dApps that require access to confidential data and public chains for other less-secure use cases. In addition, the technology also supports bi-directional communication between these environments, offering immense flexibility for enterprise users of the blockchain.

The Symbol mainnet was launched on 15 March 2021 to offer superior security in an enterprise-grade blockchain system. It is a spiritual successor to the original New Economy Movement (NEM) project founded in 2014 by UtopianFuture.

The NEM Foundation was established in 2016-17 following the launch of the NEM public chain and a private chain developed in collaboration with Tech Bureau Japan. Work on NEM 2.0 led to the creation of the Symbol blockchain, which can seamlessly integrate public and private chains and legacy systems with its cross-chain infrastructure.

Tech Bureau Japan funded the private chain development of Symbol. The private beta launch of this private chain occurred on 25 March 2018, followed by the rollout of enterprise licenses for the Symbol private chain on 12 June 2019.

NEM announced an airdrop of Symbols XYM token to XEM holders at a 1:1 ratio at the time of the networks mainnet launch. Users who held XEM tokens till 12 March 2021 were eligible to receive free airdrops of Symbol (XYM), with the NEM Group allocating more than 7 billion XYM out of the total supply of almost 9 billion for this purpose.

Backed by the NEM Group and several key partners, the Symbol project could be a worthy investment in the crypto market, especially if you wish to diversify your portfolio beyond the more prominent altcoins. As an enterprise-grade blockchain, the network is built for mainstream adoption - a vital factor that could support the XYM price and make it an exciting asset to invest in.

As more enterprises and developers deploy dApps on the Symbol platform, an increase in its on-chain activity could power an uptrend in the Symbol price. The upcoming Web3 revolution could also generate higher interest in blockchain ecosystems like Symbol, which can support dApps and offer a hybrid, interoperable platform for scalability and real-world use.

Looking ahead, the Symbol price could also rise if the overall mood in the crypto market turns bullish. An uptick in the price of leading crypto assets like Bitcoin and Ethereum could raise investor confidence and encourage traders to buy other digital assets, boosting the XYM price statistics.

While it is impossible to make an accurate Symbol price prediction, several factors can influence price changes in the XYM token. Based on its price history, the price of Symbol token can fluctuate based on:

Adoption of its Ecosystem

As more developers and enterprises sign up to use the Symbol platform for their applications, the higher on-chain activity could increase the value of XYM tokens. On the other hand, competition from other blockchains that can offer similar or better services could cause a decline in the on-chain activity and exert downward pressure on the Symbol price.

Level of Staking Activity

Staking $XYM increases the resilience and security of the Symbol ecosystem and supports XYM cryptos value. Higher staking activity involving expanding the number of nodes participating in validation of transactions and block production could support the $XYM price and market capitalization. However, a drop in the number of nodes or XYM tokens staked could weaken the price of Symbol tokens.

Market Sentiment

A bullish market sentiment encourages buying activity by boosting investor confidence in digital assets. During such times, cryptocurrencies like XYM also see an uptick in buying interest, which sends the Symbol price towards its highest price and possibly to new highs. However, a bearish mood drives sell-offs across the market and causes the price of XYM tokens to drop.

XYM is the native cryptocurrency of the Symbol blockchain and serves the following purposes:

Transaction Fees

XYM is used to pay transaction fees within the Symbol ecosystem. Users pay in XYM whenever they use the blockchain to transfer payments. It is also used to pay gas fees when executing smart contracts on Symbol or interacting with dApps.

Staking

Symbol is a PoS blockchain network and, as a result, allows token holders to stake their XYM crypto on the network. Staking $XYM is a great way to contribute to securing the network, helping in validating transactions, and creating new blocks within the blockchain. In exchange for stakers contribution of resources, they can receive rewards in XYM crypto, making it a convenient way to earn passive income from investing in Symbol crypto.

Crypto Asset to Trade and HODL

Symbol (XYM) is an exciting crypto asset to invest in or hold long-term. You can buy or sell Symbol against other crypto assets or hold it if you believe in the projects long-term potential. Review the live Symbol price, XYM market cap, current circulating supply, 24-hour trading volume, and the latest crypto news before you trade XYM.

Symbol (XYM) airdrops are offered to all XEM holders. The NEM Group announced the airdrop program during the mainnet release of the Symbol network. XEM holders are eligible to receive airdrops of XYM at a 1:1 ratio.

All XEM holders can claim their free airdrops of $XYM for up to six years from the date of the Symbol mainnet launch. Symbols developers allocated 7.3 billion tokens from the max supply of nearly 9 billion for its airdrop program.

Several exchanges and platforms offer $XYM staking on their platforms. However, the most lucrative way to stake XYM is via the official Symbol Wallet. Heres how to stake $XYM on the Symbol Wallet:

1. Download and install the Symbol Wallet on your desktop or mobile device.

2. Set up an account and fund your wallet by buying XYM on BYDFi or any other supported platform. You will need at least 10,000 XYM for harvesting, as the staking function on Symbols ecosystem is called.

3. Head to the Harvesting tab on the Symbol Wallet to get started.

4. Select a node you wish to delegate your staked XYM from the Node Url dropdown box. This lists all the available nodes connected to Symbol you can delegate to.

5. Select a node and click the link all keys option.

6. Confirm the transaction via your wallet to see your Harvesting status change from Inactive to Activation in Progress and finally to Active.

7. Sit back and earn more XYM based on the number of tokens you have harvested and your importance score.