Symbol
Crypto Overview
Overview
Symbol (XYM) is a hybrid blockchain platform launched in 2021 by NEM Group Ltd. The platform is designed to serve enterprises and businesses with blockchain solutions, focusing on asset tokenization, digital identity management, and secure data sharing.
Intended Utility
Symbol is positioned as an enterprise-grade blockchain platform that enables businesses to create tokens, manage digital assets, and implement complex business logic through its multi-signature account system and built-in token features. The XYM token serves as the native currency for the network, used for paying transaction fees and incentivizing network validators.
Actual Utility
The platform demonstrates real utility through its implementation of harvesting (similar to staking), multi-signature accounts, and atomic swaps. The network maintains active development, with regular updates and improvements to its core infrastructure. Symbol's blockchain is being used by various enterprises for asset tokenization and supply chain management solutions.
Token Distribution and Governance
The initial token distribution included allocations for the NEM Group, early contributors, and the community. The project maintains transparency in its operations and development progress through regular community updates and GitHub activity. The development team has maintained consistent involvement since launch.
Technology and Revenue Model
Symbol's consensus mechanism, Proof-of-Stake Plus (PoS+), allows token holders to participate in network security through harvesting, which is essentially a form of validation that complies with Islamic principles as it represents actual work and network security contribution. The platform generates revenue through transaction fees, which are distributed to harvesters, representing payment for actual services rendered.
Crypto Impact
To assign a comfort level investing in Symbol from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Symbol.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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You can change your vote if you change your mind.