Symbol

Symbol

 XYM

The Symbol project was officially launched on 17th March, 2021, and was developed by the original core team behind NEM, known for its proof-of-importance algorithm. NEM is still maintained, and will eventually run off the newer Symbol blockchain as a subchain, as announced by the developers in June 2021. But what is Symbol and what is XYM? Let’s explore the newer and better blockchain solution and get acquainted with its key features, perspectives, background and the easiest way to make a XYM swap.

Symbol Exchange Rate

What is Symbol?

Symbol is a blockchain protocol characterized by a consensus algorithm that rewards users of the platform (over hoarders of wealth), and an extensible architecture via plugins (as opposed to fixed opcodes in a virtual machine, like Ethereum).

Partially owing to the reputation of NEM, Symbol has already attracted a strong community of developers, particularly in Japan. Some notable projects on Symbol include Quest, a tipping platform for streamers and NFT-Drive, a blockchain storage platform.

Symbol is also notably famous for its team’s recent move to a fully decentralized working environment, operating entirely on the public community Discord. Developers do all their day-to-day communication there, and community users can keep track of progress and get engaged if they want to.

What is XYM?

XYM is the native cryptocurrency of Symbol, just like NEM’s currency is XEM. As is common practice, XYM is used to pay for transaction fees which revert to node owners, incentivizing the network.

Key features of XYM

Some of the platform’s key features include:

Proof-of-Stake Plus (PoS+)

Symbol utilizes a novel consensus algorithm called Proof-of-Stake Plus (PoS+), a modified version of the popular Proof-of-Stake (PoS) consensus algorithm that seeks to reward users of the chain preferentially to hoarders of wealth. PoS+ assigns accounts an importance score in the network, factoring in transaction activity, and current stake. The activity factor includes collecting harvesting fees (see below) so running a healthy node is profitable.

Extensible Architecture

Extending Symbol is easy. In contrast to protocols like Ethereum where new functionality in the virtual machine must be rigorously tested to prevent unexpected behavior, Symbol allows users to contribute new functionality through self-contained plugins. This enables Symbol to quickly support new transaction types without impacting the security of existing features.

Mosaics

Symbol allows for the creation of mosaics – purpose-built tokens that are customizable at creation with features such as account restrictions. Mosaics can be namespaces (human-readable identifiers that can serve as your Web3 username, cryptocurrency address or website), NFT’s (collectible tokens that can represent any kind of digital asset, including art and music), or STO’s (secure token offerings), to name a few.

Aggregate transactions

A good example of the compromise between flexibility and ease of use. Aggregate transactions allow multiple transactions to be bundled together – providing users with the power to create highly specialized, secure smart contracts in an easy-to-use manner.

Harvesting

The process of creating new blocks in Symbol is called Harvesting. The account owning the node that harvests a block is called the harvester and is rewarded for doing so. In PoS+ the probability of harvesting increases with the account’s importance.

Delegated harvesting

Accounts not owning a node can still delegate their importance to one, increasing the node’s chances to be the next harvester. The rewards are then split between the harvester and the delegated harvester so this is a beneficial agreement for both of them.

How does XYM work?

XYM is the underlying utility token for the Symbol network: it is earned by harvesters when producing blocks, and it is paid as fees by every transaction issued on the blockchain. XYM powers everything from simple transactions to mosaic creation and aggregate transactions.

Nodes commit hardware resources to maintain the Symbol blockchain and their owning accounts are rewarded XYM tokens for doing so. In order to have enough importance to harvest (see Proof of Stake Plus above), accounts must hold a minimum of 10’000 XYM. Node owners with insufficient balance can benefit from delegated harvesting (see above) and split the harvesting rewards with an account providing the required balance.

Perspectives of Symbol

As of the time of writing this (September 2021), Symbol’s crypto value is currently at $0.16 with a total market cap of $881,251.504. The 24-hour volume is set at $3,606,633. Additionally, XYM sits at rank 216 according to CoinMarketCap. Thanks to its recent price growth and development changes, Symbol is beginning to gain quite a traction. Its price has remained bullish and there are chances that it might rise again before the end of the year. Therefore, our perspective on Symbol remains bullish.

XYM swap at the best rates

If you’re now wondering where to make a profitable XYM swap, you’re exactly in the right place. Swapzone has this option!

XYM swap at the best rates: instruction.

If you are looking for the best place to exchange XYM, then we highly recommend that you take advantage of Swapzone. Not only is Swapzone an excellent exchange platform, but also it provides the results of the top best crypto exchange platforms for you to optimise your XYM swap.

In case you don’t know how to use the platform, don’t worry. Here’s a step-by-step guide on how to make an instant XYM swap on Swapzone:

  • Head on over to the Swapzone website.
  • Look for the “select pair” tab and identify the kind of crypto you want along with the amount.
  • In the “get up to” section, select XYM.
  • Enter all the correct details in the tabs. After this, you will be able to see different exchange rates being offered on Swapzone.
  • Choose the offer that you want and then proceed to click on “exchange”.
  • Enter your wallet details and make sure they are correct. Click on “proceed to exchange”.
  • This prompt the transaction to start. At this point, just be patient and wait for the XYM swap to finalize.
  • Once it’s done, take a minute to rate and review the exchange partner. The process is complete.

Popular pairs to convert Symbol

Frequently asked questions

What is the Symbol exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Symbol?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.