09 Jun Symbol blockchain news update – 09/06/23
I’m back and here’s today’s update!
Taking vanity to the next level
Gimre has released a new tool for creating Symbol vanity addresses. There is already a tool released with the Catapult client but this should supercharge the process as it uses GPU compute. He has it generating over 4 million keys per second(!) on an NVIDIA GeForce RTX 3070. That seems super fast but it would be interesting to benchmark it against the existing vanity address generator. I really want to use this but I only have a Mac without a fancy graphics card 😭 Maybe it is time for me to buy a gaming PC 🤔
Self custody
I have told one of my friends a million times not to rely on exchanges to keep your funds safe but to no avail. With the turmoil of the last year or so, it really isn’t the best idea to trust your funds to someone else. I didn’t realise this, but some exchanges are using your XYM and XEM to generate income from harvesting – why not withdraw and put your funds to work generating yourself some income.
The importance of trust
Another interesting post from Jag. this time discusses the issue of trust in relation to network security. 67% of stake comes from delegated harvesters who entrust their importance to a node owner when they delegate. As mentioned in the tweet if all harvesters were to delegate to a single node (or set of nodes run by the same person) then that node owner would hold the fate of the network in their hands and be able to execute 51% attacks at will. This is something to think about, spreading importance more evenly across nodes would reduce risk.
I actually had a look at generating Nakamoto coefficients for Symbol the other day. Here’s what I found.
Using current active harvesters taken from Nodewatch (combined stake = 2,252,186,399 XYM) Symbol has a Nakamoto coefficient of 157. I.e. the top 158 accounts by balance would have to collude in order to obtain 51% of harvesting power.
Looking at all harvesting eligible accounts (with a balance of >= 10,000 XYM) minus the core funds in NBANK and NCHEST accounts would produce a Nakamoto coefficient of 51.
For voting and finalisation things do not look so rosy. Here I use a cutoff of 34%. Only 472,561,086 XYM is staked on voting nodes and these are high-value accounts. As a result, only 6 accounts would have to collude to have more than 1/3rd of voting power.
Funding success
Great to see that Opening Line is continuing to win funding and bring Symbol-based technology to the world! You can find out more in the tweets below:
Settler
I guess this is probably a Japanese app as I haven’t heard of it before. However, it looks like they have integrated Symbol into their app which is great to see!
Bestseller
I think that I reported on this last week but it looks like the NEMTUS textbooks about Symbol have already sold out! I am not sure how many were printed but it’s fantastic to see that they were so popular. You can still buy electronic copies although they are written in Japanese!
COMSA comes to Ventus
I think again I posted about Ventus last week and the fact that it supports on-chain NFTs from NFT-Drive. Since then Mikun has been hard at work and the wallet can now display both “UNIQUE” and “BUNDLE” NFTs generated on the COMSA platform too.
SSS Update
SSS continues to be updated with new features and it looks like both hash lock and multisig modification have been built into the latest version – make sure that you upgrade 😊
Styled with Symbol
I saw this post and realised that I really need a haircut! If you are in Tokyo and you fancy a trim then go check these guys out and pay for the service in XYM!
A brighter future
I liked this post so thought I would share. The English (automated) translation is:
“The seeds for Symbol’s social implementation are steadily being planted! Many, many, many of these seeds will grow to great heights.”
And I am sure that they will!
Thanks!
Thanks again for reading. I will be back next week with another update!
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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