03 Sep Symbol blockchain news update 03/09/21
Hi everyone! Welcome to Friday’s edition of the Symbol Blog news update! This is now our 99th post and I hope we will have something special to publish soon as post number 100! 🥳 Also as a heads up, I will be taking a week off next week so I probably won’t be able to provide regular updates – you will have to fend for yourselves and scour Twitter to keep up to date! 😂
Pirate bounty
This is working out to be a nice little bounty for someone with the skills to make a XYM tipbot for Twitter. I am sure that something similar was done before by a member of our Japanese community for a XEM tipbot. Somebody out there must be able to do this and I would really love to see it happen. @Hatchet put up a bounty of $500 and the community (@LeonRedinger, @Arvedulis and me @blog_symbol) have chipped in. Now the pot is standing at $1,250 at the time of writing.
I feel like this would be a great ReQUEST (a feature that launches on QUEST next Monday!). Let’s make this happen and contribute to what will be a really cool feature 😎
Minecraft Symbol implementation
You will have seen me post about @nabe387690473‘s excellent work integrating Symbol into Minecraft. I saw this post saying that he has now implemented an system that sends XYM to any player’s address on Minecraft which is pretty cool! This means that he has successfully completed his QUEST – congratulations! 🍾🥳
Tech talk – node specialisation and sub chains
This is a really interesting thread posted by @0x6861746366574 which I have unrolled for you below. In summary, subchains will have different purposes with different computational requirements. This lends itself to node specialisation (GPU, CPU, storage etc). Additional fees could be added to transactions on subchains requiring additional non-standard compute resources which incentivises node owners to run these types of nodes.
I am really looking forward to the world of Symbol subchains! 😁
In Ethereum, we have smart contracts that use Solidity and opCodes to create dApps.
In Symbol, we have aggregated transactions that use plugins and tx_types to create dApps.
I think the gas model in Ethereum – where everyone pays for a basket of resources – is inefficient. Imagine a model instead where individual opCodes had base fee + demand adjusted.
Different tasks on a computer consume different amounts of energy. Gaming is more energy intensive than browsing the web.
Imagine we had tx_types on Symbol that had a base fee + demand-adjusted fee. A multiplier based on network use would let operators benefit from in-demand surges, and would incentivize the creation of new (and more efficient) plugins.
Thinking further on this – hardware acceleration. Solana was able to tap into this with their validators by having GPU-accelerated smart contracts, doing batch verification of signatures.
Let's take that a step further with Symbol.
Given tx_types (or plugins) can be assigned to certain hardware. Node operators that invest in different hardware configurations will be able to specialize in different types of transactions.
ZKP's can be batch verified by nodes that have GPUs; light verification can be handled by CPUs. If you're brave enough to somehow have a FPGA handy, you might specialize in orderbook creation or threshold encryption.
The important thing is to ensure the homogenity of the network is preserved. All nodes should be able to partake in all transaction types – but given a node can only partake in serving a fixed set of plugins, they will be forced to pick-and-choose (or specialize).
subChains are going to be for Symbol what Plasma and Arbitrum were for Ethereum. 🤯
Originally tweeted by ً (@0x6861746366574) on September 2, 2021.
The end of NEMHub
We all knew it was coming but here is the official announcement. NEM is no longer supporting the operation of NEMHub.
It seems that there will likely be a multiplatform system released in the future with announcements to come on September 15th. Maybe XEM and XYM will be supported but who knows..
Symbol on Youtube
So I tried to get automatic subtitle translations for this episode of @_Tanaka_manami‘s show that is focussed on Symbol but it really didn’t work well at all 😆 I am sure that our Japanese members will have watched this already but if you haven’t then go check it out!
New XYM exchange listings
Spotted this tweet from @yutasoCrypto this morning. Apparently Symbol will be listed on the Japanese Sakura Exchange Bitcoin (SEBC) on September 7th. In addition any accounts on the exchange that held XEM at the snapshot block will receive the equivalent amount of XYM (better late than never hey?).
I have never heard of this exchange so don’t have any information about trading volume but the more listings we have the better 😊
And HotBit has also announced a XYM listing! I can find this exchange on CoinMarketCap and it is ranked at position #118 with a 24h volume of $172.8M. Hopefully this trend will continue and we will see some bigger listings in the near future.
Thanks
Thanks for reading guys! Remember if you have some spare XYM and want to see a tipbot on Twitter then consider contributing to the bounty! Keep an eye on Twitter as blog post 100 is coming soon!
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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