20 Jul Symbol blockchain tweet update – 20/07/21
Hey everyone, it must be Tuesday already! It is my first day as a free man after my 10 day COVID isolation and it’s a great feeling! I think I will take the day off and do something fun with my family. Hope that you guys are all staying safe, happy and healthy 😊
There are a few tweets to get through today so I am going to get started..
Harvesting
Back to my favourite topic, harvesting! Here is a tweet from @CryptoXym discussing the number of nodes and harvesting accounts on the Symbol blockchain. It seems to confirm what I thought might happen. The number of nodes is decreasing, this could be expected since the XYM price is low and it costs money to host and maintain a node. If those expenses are not covered then there is no financial incentive for the node owner to keep going. My view has always been carry on harvesting now and in the future they will be worth more.
The tweet also shows that the number of harvesters is increasing which means that the remaining pool of nodes should attract new harvesters as well as those that were harvesting on the nodes that are no longer active. This will lead to more node fees going to the remaining nodes and hopefully will help them to keep going through the tough times. It’s a kind of digital homeostasis, the variables change but the system finds an equilibrium and keeps on going.
I get a slightly different numbers of harvesters (as of last week) than the SymbolNodes website but I am only querying API nodes so may have missed some. What has been abundantly clear is that the total amount harvested across all nodes has steadily increased week on week since Symbol launch. If you haven’t read it yet then check out my blog post on Symbol harvesting.
NFT-Drive
Thanks @bestgoldangel for sending in this interesting tweet from @NemtusOfficial it looks like there will be a video releasing soon covering NFT-Drive with a roundtable discussion and questions. It will be an interesting watch and I hope that YouTube manages auto subtitling in English as I want to watch!
If you haven’t heard of NFT-Drive before then please check out this tweet from @EUFjZEyIuzS9rIi describing how it it possible to store an on chain NFT video. The video in question was only 1 minute in duration at 720p resolution and 30 frames per second. It took 23,000(!) transactions to achieve this task. I think that there have been discussions on whether it is really feasible to store NFT data on chain since it requires a lot of transactions and could clog up and bloat the Symbol chain if it becomes a popular storage medium. This I guess could easily be resolved with the use of Symbol subChains specific to NFT storage as discussed in this post.
Shin-Kuma node support
Well this is a coincidence! Thanks @DjCellBlock for sending in this @nembear tweet. It gives an update on funding distributed to worthy Symbol related projects from income generated by the node. This week funding goes to the creator of NFT-Drive! There is an interview by nembear with the creator available on NEMLOG (Google Translate required if you are not fluent in Japanese!).
Whiskey Galore!
OK here are two of my passions coming together. Symbol and whiskey (or as we say in the UK whisky). The wonderful @AI27982784 aka Chipmunk has written an article on nemedia about the Kentucky Whiskey Fund. I would invest but I think that I love my XYM more than I love bourbon. If it was a nice Scottish Speyside or an unpeated Japanese whisky then I would be all over it. Shame how nowadays good Japanese whisky is so hard to get hold of and so damned expensive. I remember the days when your could pick up a bottle of Yamazaki 18 year old for a fraction of the cost 😞
School of NEM
School time (thanks @SamiurR76186237).. I remember this well and as I remember EcoBit didn’t cover themselves in glory but they were the first ICO on the NEM blockchain. I didn’t really hear much about them recently but apparently they migrated to an ERC token in February 2020.
OK, I think that I will leave it there today as I am trying to avoid cryptic tweets and translations that have been sent in at the moment in case they have been misinterpreted! Sorry if this was me @TrendStream! 😅
I’m a Symbol and NEM enthusiast and run this blog to try to grow awareness of the platform in the English-speaking world. If you have any Symbol news you would like me to report on or you have an article that you would like to publish then please let me know!
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