07 Aug Symbol blockchain news update – 07/08/21

Hi everyone, as you will have noticed I there was no Symbol Blog news update yesterday. It has been a busy few days and to be honest I didn’t spot too much in the way of new stories so if I did miss something important then please let me know! 😊

Account metadata in Python

In case you missed it, I posted a translation of @xembook‘s guide to adding account metadata in Python. I will add another post about modifying account metadata in the near future. You can check out the article here.

The latest article is about assigning #Symbol account #metadata using #Python and is based on the original article from @xembook (thank you again! ?). There may be mistakes in my explanation so let me know if you spot any ?https://t.co/mKEKY89blu#blockchain #coding

— SymbolBlog (@blog_symbol) August 6, 2021

Vision and utility

I wanted to let you know about this post from Hatchet (@0x6861746366574) talking about future directions in cryptocurrency regulation. She is very honest(!) and makes it clear that there needs to be a strict focus on the protocol and that without a clear vision and utility we won’t make it. I think that the recent changes in team focus, transparency and community education and engagement are clear signs that we know what we are aiming for and are determined to become a big player and will earn the respect of our peers.

I think we are all ready to fight for the future of Symbol so let’s get motivated and organised as a community and then we can make things happen!

Spent a lot of time this week looking at the new movements in regulation. Cryptocurrency projects that do not legitimise – fast – will fail.

If we’re going to bring financial freedom to the world, we’ve got to do it with transparency & integrity.

— Hatchet (@0x6861746366574) August 7, 2021

I’m ready to fight for the future of #Symbol and #NEM. I hope you are, as well. ?

— Hatchet (@0x6861746366574) August 7, 2021

English QUEST announcement

I have reported on this several times but I love this concept and will just briefly mention that there is an English version of the QUEST documentation and FAQs. Please check it out and start your quests!

We have posted English annnouncement.

Introduced novel tipping platform "QUEST" using blockchain technologies#Symbol #XYM #QUESThttps://t.co/AnaXPK6r6f

— QUEST official (@QUESTofficial5) August 7, 2021

Quadratic funding 🤓

I saw this post from @OliverMuldoon sharing a link to a WTF is QF? 😆 As you may remember quadratic funding is mentioned in Symbol²: Reflections of Space Pirates as being a key part of Symbol’s new vision and project funding model. There is a video explanation on the website and also a calculator which will help you get your head around how quadratic funding works. It is a really nice concept which will give a higher weighting to projects that benefit the most people so please go check it out!

Before you think (as I did) “what stops me setting up 100 different accounts and pledging 1XYM from each?” there will be mechanisms in place to defend against this – I think that it is under discussion at the moment but rest assured it will not be easy to game the system 😊

Quadratic funding is the mathematically optimal way to fund an ecosystem in a democratic way. The secret behind quadratic funding is the mathematics and it's not as complicated as it sounds. This is how it works. https://t.co/rMQk30hCqf#Symbol #XYM

— Oliver Muldoon (@OliverMuldoon) August 7, 2021

Exchange listings

Thanks @Niashabid17 for sending in this @TrendStream tweet. I think that this comes from the recent news that Hatchet and the core developers would be liaising with exchanges to build relationships and help them with Symbol integration. This is clearly a good thing and will lead to more cooperation in the future.

Building a good relationship with exchanges first is what I learnt maybe. If you do that, the exchanges will offer to deal with you.
Coins are products for the exchanges to deal with.#Symbol #XYM $XYM

— Nia Shaa ❤ Symbol ? (@Niashabid17) August 5, 2021

Symbol selling points

Thanks @alediemmee for this translation of a tweet from @kotopapa8. They clearly know their stuff and all of these are great selling points for Symbol. I think that points 3 & 4 are especially true for our Japanese community but we are definitely growing and I have a feeling that Symbol popularity will continue to grow worldwide.

?? to English:

"The great things about #Symbol are:

1) Assets are not locked up when harvesting.
2) Fast transactions, low fees, and messaging.
3) Easy to develop & has a following of knowledgeable people.
4) High follower rate of $XYM holders." https://t.co/h1mcGb3WgX

— Alessio ?? (@alediemmee) August 6, 2021

School of NEM

Thanks @SamiurR76186237 for this @SchoolofNEM tweet! Just a reminder for those of you that are new to the community. Symbol was originally called “Catapult” and was later renamed Symbol. Symbol is the new, second generation public blockchain from NEM.

Since the new core engine "Catapult" will be commonly used by NEM and mijin, the next generation large updated version of the public chain NEM was also called "Catapult", but the project will now be branded as "Symbol".#NEM #mijin #catapult #Symbol https://t.co/cDUHFvwTaL

— Samiur Rahman (@SamiurR76186237) August 6, 2021

Thank you!

Once again, thank you for reading – I hope to get up to date with all of my other commitments and be a bit more on the ball when it comes to Symbol Blog posts! If you would like to help out by contributing an article or even sending in news and ideas then please email us or DM on Twitter!