Mainnet launch delays – Symbol (XYM) finally goes live
Originally scheduled for 15 March, the Symbol blockchain has finally successfully launched after a two-day delay.
The launch of the Symbol Mainnet ushers in a new era for the New Economy Movement (NEM) cryptocurrency, which has been around since 2014. According to an announcement on 17 March, NEM is now a two-chain Bitcoin Bonanza ecosystem consisting of both the NEM blockchain and the new Symbol blockchain.
Initially, there were delays in the launch of the mainnet, but the problem was identified within 24 hours. According to official information from NEM, network configuration problems caused the start of the mainnet to be delayed by two days. However, the Symbol mainnet has since gone live successfully and without further complications.
What is Symbol (XYM)?
NEM describes Symbol as an interoperable proof-of-stake blockchain. It can be used to tokenise financial, physical and intellectual assets. Security Token Offering (STO) should also be possible. In addition, Symbol supports both private and public blockchain and the flexible project therefore wants to offer added value to companies in particular.
The native token of the new blockchain is XYM. It was allocated to all XEM token holders in a 1:1 ratio during a snapshot on 12 March. They now have six years to claim their tokens. In the run-up to the airdrop, the NEM price has exploded and at press time one NEM costs US$0.3827, while the XYM price is currently US$0.3987.