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When was the Symbol (XYM) coin issued?
The Symbol (XYM) coin, the native token of the Symbol blockchain, was issued on March 14, 2021, during a rebranding process that upgraded the NEM blockchain.
Dec 14, 2024 at 03:37 am
When Was the Symbol (XYM) Coin Issued?
The Symbol (XYM) coin was issued on March 14, 2021, during a rebranding process that saw the NEM blockchain undergo a significant upgrade. Prior to this, the native token of the NEM blockchain was known as XEM.
Background of the NEM Blockchain
- NEM was founded in 2015 and is an open-source blockchain platform designed for enterprise and business use cases.
- Its focus on security, scalability, and customization makes it a popular choice for organizations seeking to implement blockchain solutions.
- NEM features a unique Proof-of-Importance (PoI) consensus mechanism that rewards nodes based on their contributions to the network.
The Symbol Rebranding and XYM Coin Issuance
- In March 2021, NEM underwent a major rebranding effort that aimed to modernize the platform and appeal to a wider audience.
- As part of this rebranding, the NEM blockchain was renamed Symbol, and the XEM coin was replaced with a new token called XYM.
- The XYM coin serves as the native token of the Symbol blockchain and is used for transaction fees, staking, and network governance.
Significance of the XYM Coin Issuance
- The issuance of the XYM coin marked a significant milestone in the evolution of the NEM blockchain.
- It represented a fresh start for the platform and provided a new foundation for its future development.
- The XYM coin has since become an important part of the Symbol ecosystem, supporting a range of applications and services.
Additional Information
- The XYM coin has a total supply of 8,999,999,999 tokens.
- It is traded on a variety of cryptocurrency exchanges, including Binance, Huobi, and OKX.
- The Symbol blockchain is designed to be highly scalable, capable of processing thousands of transactions per second.
- It also features smart contract functionality, allowing developers to build and deploy decentralized applications on the platform.
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