06 Feb Symbol blockchain news update – 06/02/22
Here it is Symbol Blog post number 200! 🎉🥳🍾. We started 233 days ago so not quite daily posts (I have let myself down recently) but it isn’t far off! Unfortunately, I don’t have anything super special lined up to mark this milestone but I will post something today at least! 😁
NFT mania!
It seems that Twitter is ablaze with Symbol NFT related posts and I’m pretty sure that COMSA is responsible! 😁 You can go browse the latest NFT offerings and maybe snap up a bargain!
I think all of you will have noticed that the number of transactions has increased quite dramatically recently due to on-chain NFTs. I didn’t have any stats to back this up so I made a couple of plots just to demonstrate the fact – I hope that they are correct, it was a real rush job, as usual 😁 Here I downloaded all block sizes and transaction fees from block 890,000 (20th January 2022) until the present day and have plotted the total fees and block sizes summed over 1000 block periods.
Bigger blocks
As you can see, blocks are getting bigger, much bigger.
Higher fees
And with that fees are increasing – good news for harvesters!
If you think that the plots look uncannily similar then that’s because there is a very strong correlation between block size and fees paid 😊
Small correction, just noticed that I was dividing bytes by 1,000,000 rather than 1,048,576 to get Mb (updated plots). Promise to actually check the figures in the morning – not used to manipulating pandas dataframes, should have made plots in R 😄
Money saving tip
Hatchet has a money-saving tip for all of you listing on COMSA. Compress your PNGs and you will save a bit of money in fees!
In summary – it looks like that network flywheel is starting to spin and transaction volume is increasing. This is just the very beginning of our story, we have a LOT more to look forward to!
Hatchet and Valkyrie host an AMA
Put this one in your diaries for Tuesday 8th Feb! Valkyrie and Hatchet will be hosting a community AMA on Twitter Spaces. It’s in my outlook calendar for 14:00 UTC/GMT but I guess that is 23:00 JST. I will try to take a few notes and report back in a later blog post although I am sure Hatchet will provide a summary of key points too.
NEM tokenomics to get a revamp
And about time too 😁 NEM block rewards are terrible! With better incentives, we may see the number of nodes increase rapidly which is good news for NEM also those SuperNode owners may be a bit happier too (you lucky people!).
If you want to share your views then now is the time to do so. Get involved on Discord or Twitter!
One week left to enter the hackathon!
Would have loved to see some more documentation on this in English. The NEMTUS Hackathon seems a bit inaccessible to westerners but if you would like to enter then you have until February 14th – not long now! Also reminds me that I need to get something for Valentine’s Day 😬
Start spreading the news
Love to see Symbol getting some recognition. I can guarantee that this is just the start and we will see it continue to grow in the coming months and years. Such an exciting time to be part of this community! 🤩
Remember – the responsibility is on all of us to promote Symbol and let the world know that our community and technology are a force to be reckoned with. Come on you Twitter warriors – let’s see some more posts! 😁
Start your own Symbol testnet
Ever wanted to start your own Symbol network? Well @FBoucquez has written an article explaining exactly how to do this! Don’t ask me what the use cases for this are but I guess that there are some people that might want to set up a private testnet for app development. It kind of looks like a fun weekend project even if you don’t necessarily need your own Symbol network so try it out!
Thanks!
I am going to leave it there for today as I have to go and make some dinner for my son otherwise I will get into trouble! Thanks for reading, I appreciate your support. It’s great to see that the blog has survived for 200 posts, hopefully we will see a lot more milestones coming soonTM 😁
If you are a regular reader and would like to support me through endless blog posts then please consider delegating to my node xymharvesting.net – it is hugely appreciated (and thank you to all of my current delegates – you are awesome!).
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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