Symbol

Halal Rating :
Comfortable
Last Price $0.03 Last updated:
Rank 335
1D Change 3.23 %
Market Cap $178.58m
Circulating supply 6,106,738,635
Maximum supply 8,999,999,999

Crypto Overview

Categories
  • PoS+

Understanding Symbol (XYM)

Symbol is a hybrid blockchain platform launched in 2021 by NEM Group Ltd. The platform is designed to provide enterprise-grade blockchain solutions with a focus on asset tokenization, supply chain management, and secure digital asset transfers.

Intended Utility

Symbol's primary purpose is to serve as an enterprise blockchain solution offering: tokenization of real-world assets, creation of digital assets, supply chain tracking, and cross-chain interoperability. The XYM token serves as the native currency for transaction fees and network operations.

Actual Utility Assessment

The platform demonstrates actual utility through its implementation in several business use cases. Development activity remains consistent, with regular updates to the core protocol. The project maintains transparency through open-source code and detailed documentation.

Token Distribution and Governance

Symbol implemented a fair token distribution model through an opt-in process for NEM (XEM) holders. The initial distribution allocated tokens to development, marketing, and community initiatives with transparent vesting schedules. The development team maintains regular communication and updates through official channels.

Technical Infrastructure

Symbol operates on a Proof-of-Stake Plus (PoS+) consensus mechanism, which is energy-efficient and compliant with Islamic principles as it involves actual asset ownership and network participation. The platform's focus on business solutions demonstrates legitimate technological utility.

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.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Justification for our Halal Rating