Symbol is a next-generation, enterprise-grade blockchain platform developed by the NEM Group and is considered a successor to the company’s 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.
Sybmol’s 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 Group’s 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.
