After painful birth, NEM’s tokenization blockchain ‘Symbol’ is live

After painful birth, NEM’s tokenization blockchain ‘Symbol’ is live

Veteran crypto team NEM Group has announced the successful launch of its Symbol mainnet.

According to a March 17 announcement, NEM now comprises a “two chain ecosystem,” with NEM’s existing NEM NIS1 chain continuing to operate alongside Symbol.

Our top trading bots

Symbol’s launch wasn’t entirely smooth sailing, with the mainnet going live two days late.

Despite the team announcing the launch would be delayed due to the need to investigate unexpected node behavior amid its pre-mainnet rollout, sponsored posts celebrating Symbol’s launch were prematurely published by a number of crypto media outlets.

The issue preventing Symbol’s launch was identified within 24 hours, with NEM announcing on March 16 that a “network config issue” had resulted in its pre-mainnet forking on startup.

NEM describes Symbol as an interoperable Proof-of-Stake blockchain designed to support asset tokenization, including financial, physical, and intellectual assets. Assets created on Symbol are given unique identifiers — allowing conditional programming for tokens to be enforced at a protocol level. Symbol also supports both public and private deployments.

Symbol’s native XYM token is being airdropped to holders of NEM’s native token, XEM, at a one-to-one ratio according to balance snapshots as of March 12 — with 7.3 billion tokens from its almost 9 billion max supply being allocated to XEM holders.

While the deadline for pre-snapshot opt-ins for the airdrop expired on Jan. 9, XEM holders will be able to claim their tokens for up to six years after Symbol’s mainnet launch.

Opportunistic investors looking to cash-in on the airdrop appear to have driven a violent pump and dump in the XEM markets, with the token gaining 250% from $0.23 at the start of February to $0.8 on March 4.

However, most of the gains were short-lived, with XEM having retraced back to $0.6 by March 12, before tanking back down to $0.33 over the next three days. As of this writing, XEM last changed hands for $0.37.

NEM/USD, 90-day chart: CoinGecko

XYM is currently trading for $0.4, a roughly 8% premium over NEM, suggesting that Symbol is the 31st-largest crypto asset by market cap, ranking above FTX Token and below IOTA, according to CoinGecko/

The NEM NIS1 blockchain first launched in 2014, and was the first chain to support on-chain multi-signature wallets. Symbol expands on this functionality by allowing the signatory of multi-sig accounts to also comprise multi-signature accounts with unique co-signers.

“This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll,” NEM said in an announcement.

Keep reading relating to Cointelegraph
Raoul Pal believes institutions have finished taking profits as year winds up
Real Vision CEO Raoul Pal believes the recent volatility in the Bitcoin price is due to institutions selling to help shore up their end-of-year profits, The...
Tim Cook says he bought crypto, but rejects Apple adding it to its portfolio… for now
Apple chief executive officer Tim Cook said he owns some crypto as "part of a diversified portfolio," but is not planning for the tech company to follow...
Russian Sberbank plans to register its digital asset tool in September
Sber, the largest banking institution in Russia, continues progressing with the development of its blockchain-based platform for issuing digital assets.Anatoly...
Price analysis 8/30: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA
There is an old proverb which says that history does not always repeat, but it tends to rhyme. If that holds true for Bitcoin (BTC), then a strong up-move...
SingularityDAO appoints Chris Poulin as CTO and head of AI
Decentralized finance (DeFi) portfolio manager SingularityDAO has appointed research scientist Chris Poulin as its new chief technology officer and head...
Facebook’s David Marcus calls for “fair shot” at crypto payments
In a newly published Medium piece titled "Good stablecoins, a protocol for money, and digital wallets: the formula to fix our broken payment system", Facebook’s...
Fidelity purchases 7.4% stake in Marathon Digital Holdings for $20M
Multinational financial services firm, Fidelity Investments, has announced the purchase of a 7.4% stake of major North American mining company, Marathon...
Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’
The CEO of Osprey Funds — the issuer of over-the-counter Bitcoin trust OBTC —isn’t holding his breath for a Bitcoin (BTC) exchange-traded fund (ETF) approval...
‘Billion of users adopting Bitcoin? Maybe in ten years', says Dan Held
Bitcoin has a good chance of becoming the world reserve currency, although we are  “at least ten years away from that”, said Kraken's head of growth Dan...
Tanzania central bank may rescind crypto ban after presidential endorsement
The Bank of Tanzania is reportedly working to overturn its ban on crypto amid favorable cryptocurrency comments made by the country’s president.According...
Ignore the headlines — Bitcoin mining is already greener than you think
Is it possible to mine Bitcoin (BTC) using only 100% renewable energy sources and deliver the same economic returns as those using carbon-based sources?...
Peak fear? Bitcoin funding rates crash to lowest levels in 7 months
The funding rate of Bitcoin (BTC) has dropped to levels not seen since September 2020 as the price of Bitcoin plummeted below $52,000 on April 18. Quant...
Brian Brooks defends fintech charter to House Financial Services Committee
Brian Brooks has defended the fintech banking charter introduced while he served as the acting comptroller of the currency after Congressional Democrats...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Turkish Football Player Hired For $530 Bitcoins, Fiat On Top
Turkish semi-professional football team called ‘Harunustaspor’ claims to be the first football club to have ‘bought’ a player for the cyber funds. ’Big...