12 Sep Symbol blockchain news update – 12/09/22
Good morning! It’s Monday already and I now have the first full week of my new job under my belt. It has mostly consisted of research and lots of reading, with a bit of writing thrown in for good measure. I thought before diving back into the books that I would take some time to write a quick blog post and catch myself up with what has been going on in the Symbol and NEM community over the past seven days.
NFTDrive Space
NFTDrive now has its own platform called NFTDriveSpace which according to Radio’s tweet will allow users to exchange (and sell?) on-chain NFTs securely without a third party, presumably bypassing the middleman who will take a cut of the fees. Unlike most platforms, you can create any type of digital asset so it is not limited to images. The site looks a little sparse at present but it is brand new so consider supporting them and experimenting with the platform. There is a guide available to get you started and if you get stuck or have questions then let the developer know and I am sure that they would be happy to help you.
Food NFT Consortium
Have an interest in food? Speak Japanese? Well, this might be the news that you were waiting for! 😁 The Food NFT Consortium (built on Symbol naturally) is accepting applications for new members. The annual fee has been waived so it is absolutely free to sign up for the first year. If you are interested in finding out more, or becoming a member then go check out their website!
Crypto (in)securities
This is an interesting thread from Hatchet and she said to share far and wide so I am doing what I can to oblige 😁 This isn’t directly Symbol related but it does apply to all cryptocurrencies so is an important read. The US Securities Exchange Commission (SEC) has outlined a list of criteria defining what constitutes a security in a recent presentation and I am sure that it has made major waves in the cryptocurrency world. What is interesting here is that almost all cryptocurrencies would currently be defined as securities in the eyes of the SEC, this is bad news since securities would come under intense regulation by the US government leading to severe consequences, likely leading to the death of many projects and having a massive impact on the market.
As Hatchet explains, we as a project need to be very careful and ensure that we do not fall under the umbrella of a security in the eyes of the SEC. The team will be doing their best to ensure that we comply with the guidance and hopefully will avoid any future problems. This is something that we definitely have not done in the past but have been focusing on in recent times, as Hatchet explains.
- Every cryptocurrency with a “Foundation” is a security
- Every cryptocurrency with a centralized website promoting it, it is a security.
- If your cryptocurrency “Foundation” markets or talks about price performance, it is a security.
- If your cryptocurrency has a team constantly marketing it to other individuals, it is a security.
- If your community addresses a group of individuals as “the management”, or holds “the management” accountable for price performance, your cryptocurrency is a security.
- If your cryptocurrency has a “Foundation” that runs a majority of the nodes, it is a security.
- If your cryptocurrency has to convince other people why they should buy it – it’s a security.
If your cryptocurrency is organic and decentralized – where everything from infrastructure to marketing to engineering is led out by different organizations and individuals all rallied together under one banner – it may not be a security, and may live.
This is why the team have steered itself away from how things were done in the past and is aiming for true decentralisation and community ownership. We will need this to survive.
Wolf Farm donations
Tresto is continuing to support community activities and charities in Japan through harvesting income raised through his Wolf Farm node (wolf.importance.jp).
The English translation:
🔹 Child cafeteria operation: sandwich-factory/2000XYM
🔹 EXYM development: Ryo-san/5000XYM
🔹 Symbol Node List development: Mr. Ahiki/1000XYM
🔹 Animal protection activities: Kasuyaneko/30,000 yen Thank you as always! 🙇♂️
Great to see that worthy real-world community incentives are being supported as well as those doing good things for Symbol 😊
Choose Hatchet’s next article
Only two days left to have a say in what you would like to see Hatchet write about in her next article and there are some interesting topics on the table:
It seems that she has already started writing an article on NEM’s future (I voted for that one) so perhaps if we all now vote for something else she will have to write two? 😆
C# SDK
Toshi is hard at work (as usual) and has now created a C# Symbol and NEM SDK! I have lost count of the number of different Symbol SDKs that have been created by community members. I think that you would be hard pushed to find a popular programming language that is missing Symbol support.
Number 1 on CoinMarketCap*
Haha 😂 Well, we are the number 1 (and only) POS+ blockchain at least. Great to see that Symbol is now correctly characterised at least.
* For POS+ blockchains
The crypto space
This is seriously impressive work. Tresto has rendered an entire city in Blender. Apparently, this represents the past incarnation of district 89 a crypto city residing somewhere out there in cyberspace. This is before the transformation into what is now XYM City. I love that we have a backstory already and can’t wait to see what XYM City looks like!
Crypto veteran or enthusiastic newcomer
It’s another Twitter poll! When did you first get into cryptocurrency? Let Hatchet know here:
I bought in super early and was mining Bitcoin on my work computer in late 2011 but I sold it all for $15(?) each (probably in 2012) and then didn’t return to crypto until early 2017. Biggest financial mistake of my life but hey, I needed the money to fly back to the UK after leaving my job in the US so needs must I guess. In another universe, I’d be a multimillionaire. Hope you’re having fun parallel universe me 🤑🏝
Thanks
Thanks for reading! I’m going back to the books (or at least websites and research papers) for a bit but will be back again soon 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!
Sorry, the comment form is closed at this time.