XYM Begins to Filter into the World

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In Brief
  • HBTC announced on Mar. 21 that it started operations with XYM.

  • Huobi Global announced on Mar. 19 that it had sent XYM to all relevant wallets.

  • Not all exchanges have completed this stage.

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HBTC launched operations with XYM for those who had received the coin following the recent airdrop.

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HBTC announced on Mar. 21 that the exchange launched XYM operations as of noon, UTC+8. Operations would begin in a staggered manner, with deposits beginning on Mar. 21, but withdrawals starting on Mar. 22. The exchange will also hold special events to reward clients who use XYM during the week following. 

The HBTC announcement is the first regarding the use of the new coin. However, the infrastructure had been filling in during the week previous. Huobi Global announced on Mar. 19 that it had completed its XYM airdrop. NEM tweeted on Mar. 20 that XYM was listed on CoinMarketCap. 

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However, some in the budding XYM community were frustrated. Twitter users were questioning why other major exchanges lagged regarding the coin, and why they had not received their XYM yet.

While posters complaining gained a little sympathy from those who already received their XYM, there was remarkably little chiding:

NEM Upgrades, not Forks

The New Economy Movement (NEM) started its first NEM blockchain, NIS1, in 2015. The network has developed a reputation for reliability, with no major outages or downtime since its launch. NEM wanted to create an easy-to-use architecture to utilize the then-new smart contracts. The development of Symbol, NEM’s next platform, focuses on speed and security as well as ease-of-use. However, the NIS1 platform, with its familiar XEM token, will still run. The team intends to operate both independently for the foreseeable future.

Symbol and XYM

The Symbol platform, which launched on March 17, was in development for four years. The result is an enterprise-grade platform keeping security in mind.

Using proof-of-stake (or, rather, an enhanced Proof of Stake +) for a consensus mechanism gives the platform flexibility. This will come in handy, especially in terms of creating bespoke assets. Configuring and launching security tokens is one example of the direction NEM sees Symbol’s users taking.  

Symbol is focusing on security token offerings (STOs) for a number of reasons. The number of hacks and configuration exploits is only increasing. The NEM team is betting that users, especially professionals, will increasingly demand better security options.

Regulation is another area in which more security will be required. Appeasing regulators, in terms of Know Your Customer (KYC) and Anti-Money Laundering (AML) features, should get easier.

Beyond STOs, the NEM team sees it as a good fit for any tokenization project for physical or digital assets.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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