31 Jul Symbol blockchain news update – 01/08/21

July is over so this will be our first blog post for August. This means that Symbol Blog has now been up and running for more than a month – oh how time flies! It has been a lot of work but I have learned a lot and for the first time in my life I have actually enjoyed writing about something! 😄

Saying that, today’s post is a little rushed (sorry!) as I have been enjoying my weekend (and watching too much of the Olympics!).🥇🥈🥉

Gorgeous NFTs by Maho 🤩

I have seen a lot of Twitter posts about this but @bestgoldangel‘s was in English so I don’t have to translate it! We have mentioned @mahorobart several times on the blog and reported on previous NFT releases. These are the latest NFTs in the Hanafuda series and they look AMAZING! You can check out Maho’s work on nember.art.

@mahorobart Maho's new #NFT was exhibited at @nember_art
If you are interested in the Hanafuda series, check it out!
??????????????? Japanese Beauty ❤️#Symbol #japan $XYM #NEM https://t.co/317KDI5iRp pic.twitter.com/8C3odNt10B

— AngelNEM (@bestgoldangel) July 31, 2021

You might need deep pockets though – there is a huge amount of demand!

NEMHub

You will probably have noticed some XYM turn up in your wallet recently if you are signed up for NEMHub. I think I received about 80XYM which I guess is OK but looking at Twitter it seems some of you are making some serious income from this! 💰

I have very mixed feelings about NEMHub but I am glad that it is working out well for some of you. I would really like to see more focussed tasks that reward quality contributions to the community and a rethink of the algorithm which seems to be heavily biased at present.

#NEMHub ワークドロップ報酬を受け取りました。
713.70xym(約9,000円)

ブロックチェーン #Symbol の普及活動をすると、報酬が受け取れます。 pic.twitter.com/VOt3qNwSSl

— Fumito Mizuno ? #のベルズ (@ounziw) July 30, 2021

Symbol nodes – we have a robust network 💪

Thanks @FaizulReza1 for sending in this @TrendStream post. He points out that even when XEM was in the top 10 coins in terms of market capitalisation, there were only around 500 NEM nodes in total. Now, a few months after launch and after a decrease in XYM price there are already over 1600 nodes on the Symbol network. I think that this says a lot about the strength of the community and the tokenomics of Symbol block rewards.

NEM/XEM was ranked 8th in the market capitalization ranking (I think it was), and the number of nodes (and almost SN) at that time was a little over 500. There are already over 1600 nodes in NEM's 2nd Generation Symbol. Do you know

#Symbol #NEM #XEM #XYM https://t.co/6pcM4nyEsx

— Faizul Reza (@FaizulReza1) July 31, 2021

XYM cat cream soda 🍹

Thanks @SamiurR76186237 for sending in a translation of @AI27982784‘s tweet about Cafe Nemuriya in Tokyo that now accepts XYM payment! You can read more in his post on nemedia – it translates well to English with Google Translate so give it a read!

XYM(Symbol) settlement shop?

Today is "Cafe Nemuriya" ?.

I can't help but notice that Tokyo has the most XYM payment stores! I'm so jealous of those who are in Tokyo!

If I can make it to Nemuriya someday, I'll definitely eat cat cream soda, Neapolitan, coffee and pudding ?. https://t.co/27Z7CrTHTB

— Samiur Rahman (@SamiurR76186237) July 30, 2021

As you can see the cafe looks really nice and I love the cat vibe going on (I have two cats, Udon and Satoshi who you can see in my Avatar). I am not a fan of cream soda but I would buy this purely for its instagram appeal! 😻

• 

• 

I am sure that I will be back in Tokyo before too long but this looks a little way off the beaten track. If you are a local then please go spend some XYM and support their business 😊

The community Q&A results in Japanese

We reported on the results of part 1 of the responses to the Q&A in English in a previous post. It seems that the Japanese translation is now available. Just to remind you, the community put a lot of questions to the developers and this is the response from @0x6861746366574, @Jaguar0625 and @NCOSIGIMCITYNRE to the first 52. There will be a part 2 coming at some point in the future (hopefully soon)..

I asked number 25 on this list and the response points to Symbol Blog which I thought was funny – I learned that if you want something to happen then make it happen! 😆

先日公開されましたコミュニティAMA
Q&A (Part1)の日本語訳はこちらからご覧ください。

➡️https://t.co/MzytcAoFHY#Symbol #NEM https://t.co/VWJoeXrjKj

— 日本の窓口?? Symbol / NEM (@NEM_Japan) July 25, 2021

School of NEM

Thanks to @alediemmee and @FaizulReza1 for sending in these @SchoolofNEM tweets. I won’t spend too much time writing about them as I think that they are self-explanatory!

Mosaic divisibility

When issuing a mosaic, you can set the initial supply amount and the presence or absence of decimal points (dividability / up to 6 digits). The initial supply can also be locked so that it cannot be changed later. #NEM #Symbol https://t.co/Y18aE60TUP

— Faizul Reza (@FaizulReza1) July 31, 2021

NEM security

? Did you know?

Among 25 cryptocurrency (virtual currency/crypto asset) projects surveyed by China's CERT (China's non-profit cybersecurity center) in December 2016, NEM was reported to be among the top with very few vulnerabilities.#NEM #Symbolhttps://t.co/oIBNfHYT1Q https://t.co/mv71tQsDmM

— Alessio ?? (@alediemmee) July 30, 2021

PoI, PoS and PoS+

I am sure that we have covered this one before on the blog but I will give a little background anyway. Proof of stake (PoS) is an alternative blockchain consensus mechanism to proof of work (PoW) used by, among others, Bitcoin.

NEM uses a modified version of PoS called proof of importance (PoI) and Symbol uses a hybrid of PoI and PoS called PoS+. Confused? Well just click on the hyperlinks for each and you will find out more. The concepts are relatively simple even if the implementations are not 😆

?? to English:

"#NEM's PoI is based on percentage of currency holdings, but also on "how much you have contributed to the network by paying fees over a certain period of time.
This is one of the major advantages.

? #Symbol's PoS+ is an improvement on the PoI." https://t.co/6YGMB8Xqw1

— Alessio ?? (@alediemmee) July 30, 2021

Thanks for reading!

That’s it for Sunday’s post, I hope that you enjoy the rest of your weekend! It is back to work tomorrow 😔 but I will continue to update you on the latest goings on in Symbol-land. I hope that I will get time to write up some new guides to programming with Symbol soon too so keep an eye on the blog and our Twitter account!