Review on Symbol (XYM) by Inioluwa Okedeji
Symbol XYM: A Significant Part Of The NEM Ecosystem That Will Smoothen Interactions With Blockchain Technology.
Until recently ago I didn't know about the NEM project and it was then that I got to know about the NEM ecosystem too and the projects and development it's undergone since it's establishment and I would say it's an amazing one.
In my desire to know about the NEM ecosystem I encountered Symbol which I found out to be a developing, about to be launched part of the ecosystem.
Now, what really got my attention about Symbol was that this part of the NEM ecosystem will have its own token XYM and it was to be airdropped to hodlers of the XEM the native token of the NEM ecosystem. So I read up on the process and requirements in order to participate in the airdrop. I then discovered that the snapshot for the airdrop will be taken very soon so I had to go get some.
Unfortunately, due to misinformation and shallow research I missed out on the snapshot and didn't qualify for the XYM airdrop. Well, I still plan on getting the XYM token because I believe it will moon given the role it is meant to play in the NEM ecosystem.
I found out that Symbol was created to be a connector for the NEM ecosystem, to connect businesses, individuals and developers thereby creating limitless for blockchain. It's technology will help power the NEM ecosystem alongside other parts of the ecosystem, NEM Trading and NEM Ventures. Symbol's design will majorly help in smoothening interactions with blockchain, which will majorly help in the accomplishment of the purpose by which NEM project was established.
Finally, given the features that Symbol possesses, it will bring about enhanced security of assets, openness and collaboration in businesses hence resulting in social, commercial and technical excellence.
Pros
- Symbol is equipped with built-in safety measures that fortifies the ecosystem and makes it impervious to cyber attacks.
- Aside from ensuring smooth interactions with the blockchain, Symbol provides enhanced interoperability which ensures seamless integration with other networks and blockchain.
- Symbol is designed to improve speed and efficiency in processing time thereby lowering costs and fees.
Cons
- The advantages that Symbol has to offer far outweighs any drawbacks and as the project is yet to be fully launched, I can't state any drawbacks at the moment.
