Symbol (XYM)

What is it?

The TokenSymbol (XYM) is a native cryptocurrency that powers the Symbol blockchain platform. This token plays a crucial role in the functionality of the platform by facilitating transaction fees and serving as the primary token in the Symbol ecosystem.

The PlatformThe Symbol blockchain is an enterprise-grade, hybrid blockchain platform developed by NEM Group. Symbol is designed to bring a series of enhancements to the NEM ecosystem, including better speed, usability, and security. It is particularly aimed at businesses, with features that enable the creation of specialized assets with configurable properties, multi-level multi-signature accounts, and an array of advanced plug-and-play features.

What is it used for?

Symbol (XYM) is used for multiple purposes within the Symbol blockchain platform. It serves as the primary form of payment for transactions and data storage on the network. The token is also used to incentivize node participation in the network through rewards. Furthermore, businesses using Symbol can leverage XYM for the creation and management of their custom assets or smart contracts.

Additionally, XYM is a governance token, giving holders voting rights on critical matters concerning the network's development and evolution.

Who created it?

Symbol and its native token XYM were developed by NEM Group, an organization known for developing the NEM (XEM) blockchain. The group has extensive experience in blockchain technology and has fostered a strong and active community around NEM and now Symbol.