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When was Symbol(XYM) coin issued?
Symbol (XYM), formerly known as NEM (XEM), was officially issued on March 31, 2015, marking the launch of its blockchain platform with a focus on security and efficiency.
Dec 10, 2024 at 12:00 pm
When Was Symbol (XYM) Coin Issued?
Symbol (XYM) coin, formerly known as NEM (XEM), was issued on March 31, 2015. Here's a detailed timeline of the coin's issuance:
1. Development and Launch:
- NEM was conceptualized in 2014 by a team of developers led by Lon Wong.
- The project aimed to create a blockchain platform focused on security, efficiency, and ease of use.
- NEM's blockchain was built from scratch using a proprietary consensus algorithm called Proof-of-Importance (PoI).
2. Initial Coin Offering (ICO):
- In January 2015, NEM conducted an ICO to raise funds for its development.
- The ICO offered 9,000,000 XEM tokens for sale at a price of 0.000026 BTC per token.
- The ICO raised approximately 520 BTC, which was used to fund the project's ongoing development.
3. Official Issuance:
- On March 31, 2015, NEM's blockchain was officially launched and the XEM token became available for trading.
- The initial supply of XEM was set at 8,999,999,999 tokens.
- XEM was initially listed on a few small cryptocurrency exchanges, but its availability gradually expanded in the following months.
4. Rebranding to Symbol:
- In March 2021, NEM rebranded itself as Symbol and its token XEM was renamed to XYM.
- The rebranding aimed to reflect the project's evolution towards a more enterprise-focused blockchain platform.
- XYM retained the same blockchain infrastructure and token economics as XEM, but with a new branding and focus on business applications.
XYM's Role in the Symbol Ecosystem
XYM is the native token of the Symbol blockchain platform. It serves several key roles within the ecosystem:
- Transaction fees: XYM is used to pay transaction fees on the Symbol blockchain. These fees incentivize nodes to validate and process transactions.
- Staking: XYM holders can stake their tokens to participate in the Proof-of-Importance consensus algorithm. By staking, users earn rewards in the form of additional XYM.
- Governance: XYM holders can participate in the governance of the Symbol ecosystem through voting and proposals. They have the power to influence the platform's development and decision-making process.
- Interoperability: XYM can be used as a bridge currency to facilitate interoperability between different blockchain platforms. Symbol provides native support for cross-chain transactions.
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