There is massive distress in the crypto market at the moment as Bitcoin and other cryptocurrencies dropped in January 2022. Yet, there is always hope that 2022 will still be a bullish year. The reason is some upcoming and some excellent altcoins projects. This post is all about one such coin called Symbol coin (XYM). Let’s find out.
What is Symbol Coin(XYM)?
According to its website, Symbol is the authorized, safe value exchange system for enterprises. Symbol hones trade conflict, improving the flow of data and invention to enhance the product, business, and security of assets.
Some key features such as layered architecture, blockchain-based DLT protocol are responsible for the result of Symbol. Symbol decreases the expenses and intricacies in current processes, and gives a platform for new enterprise standards and invention, bringing together designers, projects, and companies to gain mutual advantage and deal together. The following are some of its rich features:
- Increased Security: Symbol has built-in safety elements. It includes the contract plug-in framework that makes Symbol more robust to error and system attacks.
- Improved Interoperability: Symbol is interoperable. It means that the APIs allow smooth integration with the current business systems and operations.
- Efficient: Symbol gives swiftness and efficiency. It means it is tiered architecture and plug-in solutions enhance flexibility and processing and outcome period and reduce costs.
XYM is the currency of the Symbol and is utilized as the essential significance transfer tool for the blockchain.
The Tokenomics of Symbol Coin (XYM)
According to its website, the public chain of Symbol is a self-sufficient financial system that includes node operators, harvesters, traders, and the XYM token. The following is the tokenomics:
- Initial Supply: 7,842,928,625 XYM
- Maximum Supply: 8,999,999,999 XYM
- Inflation Rate: Pegged to bitcoin inflation
- Harvesters gain dividends just by carrying a token ratio.
- Harvesters make greater dividends by running nodes.
In Symbol, the Proof of Stake allows nodes to build blocks based on their XYM holdings. Symbol utilizes the term harvesting rather than mining. The more tokens maintained by a node runner, the more elevated the possibilities of building the next block and earning harvesting rewards.
In Symbol, the POS computes a score for each node runner as per the scope of their holdings and other components, such as current network movement and the holdings that other users may entrust to them. In this manner, POS+ tries to incentivize use, a rival for low expenses, and other hot manners.
Since Symbol’s blocks are approved per minute, dividends are regular. Block rewards include inflation bonuses and transaction costs. The probabilities of gaining a block compensation are based primarily on the operator’s XYM holdings, as well as other aspects like network movement. Both node runners and anyone else with an XYM wallet can gain block rewards.
XYM Price Analysis and Where to buy?
At the time of writing this, the XYM price was sitting at 0.180821 USD. The price has increased by almost 2% in the last 24 hours. Symbol is up 1.77% in the last 24 hours. At the moment, the XYM and its market conditions are displaying a bearish cycle. This could be because of the existing market condition of the crypto world. Yet, the XYM price can gain momentum in the next 45 days if the POS-based coins display good performance.
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