27 Oct Symbol blockchain news update โ 27/10/21
OK, long post today, I also have the flu and I’m feeling pretty rotten so I am just going to dive straight in! ๐
Garush
I am sure we will hear more about the Garush project soon but work is currently underway to develop this replacement to nember.art. For those of you that might be concerned about losing artworks that you had purchased previously, there is no need to worry. As Hatchet explains Garush will be another frontend for viewing the underlying data which is stored on the Symbol blockchain as mosaics. The new Garush platform will also have a option to store the actual artwork on chain rather than using IPFS as is the case with nember.art . I am assuming that this will be using NFT-Drive technology and this would be a major step forward – looking forward to this! ๐
Symbol study group
Lovely to see this kind of event taking place. I just checked the website and it seems that the capacity was increased to 150 attendees and still it is fully booked (actually it’s 151/150)! It shows the level of interest in Symbol in Japan and I would love to see this enthusiasm spread to the English speaking world. As soon as someone starts an English language group you can count me in ๐
Oops ๐คก
Saw this yesterday and thought that maybe this was an intentional act but Hatchet believes that it was an honest mistake. Whatever the reason was for this happening it resulted in Slack accounts being wiped and all communications channels with exchanges cut. I hope that it is an annoyance rather than a major problem but it has given an already busy team an additional issue to resolve.
Trading volume
Looks like XYM topped the Bitbank 24 hour chart in terms of trading volume. An incredible ยฅ4.7 billion or around $41.3M was traded in a single day, beating both BTC and XRP. Interest in Symbol is growing, even in its most established market Japan. Imagine what it will be like when the rest of the world wakes up to Symbol..
An inspirational thread
I urge you to read this thread from @nembear as it is full of hope for the future and praise for the community. These are sentiments that I share and the community activity, inventiveness and sense of shared purpose is growing rapidly. These are exciting times for Symbol and NEM and together we can do incredible things.
Unfortunately I don’t speak (and definitely can’t read!) any Japanese but I have provided an automatic translation below.
Translation
The exciting thing about the Symbol community today is that the competition comes out quickly. In the distant past, it was this person for development. This person for article compilation. For events, it was this person. It was a small village. It was a small village, so it worked. But now it’s completely different. For example, in the case of development, there are people who develop better things in the same direction.
Information providers are also coming up with good articles one after another. This is really exciting. If you sit on your laurels, you lose. If you don’t constantly think of new things to send out, your place will soon be taken. It’s like the medals of the past are useless. I like it very much. Very healthy. An environment where good things are born.
What’s more, if it’s good, it’s great that people will spread it regardless of their past activity history. Because people are becoming more discerning, they are naturally able to judge what is good. There is also a weeding out process. At the same time, they also value those who are just taking the first step. It’s not something anyone tells us to do. Everyone is doing that. I think it’s rather a miracle.
To add to that, if you are not good at sending out information, it is better to work with someone who is good at sending out information, because the talent to create something on Symbol and the talent of social networking are two completely different things. If you are not good at sending out information, you should work with someone who is. Explain your activities as politely as possible. I don’t think there is anyone in this area who would be insulted by that.
I think many of us have the same feeling too ๐
What to do with the forum?
There is a current Twitter poll to find out how regularly you used the old NEM forum.
I checked it occasionally and made a few posts over the years but was never actively involved, most of the content was people complaining and it pissed me off ๐ BUT there were some useful guides – I used spizzerb’s guide to setting up a Symbol node the first time that I did it. It seems thankfully that this kind of quality content will be salvaged and published on the Symbol documentation site though.
Let Hatchet know your views in the poll and take a read through the whole thread to get a better idea of the reasoning behind the plan and steps going forward.
A sad story
Again, this thread is in Japanese and I am relying solely on machine translation to interpret it but again it fills me with rage against NGL and the NEM Foundation that preceded it. I think it is important to share the story to audiences outside of Japan too.
Translation
@nembear: What does NGL exist for?
@takaoasayama: That was a charade, wasn’t it? It’s not even a proper dialogue. They jumped on the bandwagon. And to top it all off, they tried to take over the mijin business. But even the lawyer who contacted me didn’t understand anything and just insisted, so we couldn’t proceed. Then, before I knew it, the company collapsed. We need to be driven by community, not greed.
I wanted to work with NGL in a cooperative manner. However, they were only interested in forcing us to take what they thought would be a good deal on the spot, and raising the XYM price to get something in return. It was very disappointing, but after that, I thought the direction of the group continued to be blurred, and when I heard that it was disbanded, I thought that was it.
I, even during my time at the NEM Foundation, refused to accept a penny of compensation myself. I don’t think there’s anything wrong with accepting money, but if we didn’t have the ability to get rid of people who were just after the project budget, I was removed from the next board, and after that, the budget just kept flowing to good stories, and as a result, NEM itself collapsed without moving forward.
When it became NGL, it was supposed to be an improvement, but it was reformed and self-disintegrated by another group of money-grabbing businessmen in the name of professionalism. The day will come soon when, for the third time, the community will take the lead in moving forward with the future of the project in mind!
In that sense, CoreDev and I have not lost sight of our vision, and we will continue to work with them more closely to build the ideal community. We will continue to work closely with them to build the ideal community. mijin is also becoming more and more popular, and we will continue to work with public chains.
Voice and exit
So Hatchet also picked up on this post and introduces us to the concept of voice and exit. It basically means that if those managing the project and its funds do something that we, as a community do not agree with then we have the option to disagree with the path being taken, exit and take back the project and funds. Hmm.. this scenario seems directly relevant to the current Trust situation.. ๐ค
This process is achieved (in the context of crypto) by a fork and as Hatchet mentions in her thread this is nothing to be afraid of. We did this recently with the previous hotfix, node owners updated their nodes and life went on as normal.
I have a feeling that we will hear more about this in the future and it is a long thread so please read Hatchet’s posts for more information about the notion of voice and exit. She also includes a link to an article explaining how this applies in the context of crypto.
Symbol store
I didn’t know this.. As Symbol is being set up as a non-profit organisation in the US it will be required to raise some of their operating funds from the public. I presume that there is no minimum threshold for this(?). The team are not really comfortable asking for charity so they will give away merchandise as a gift when you donate. What this will mean in practice is that when you donate you will be sent a mosaic which you can then redeem for an item that you actually want. It also gives you the opportunity to hang on to the mosaic and wait until another item becomes available at a later date. I really like this idea. I hope that international shipping isn’t going to be too expensive..
Other news
I don’t usually do this but I am being lazy and in the interests of not writing a 10,000 word post I am including a short summary of other interesting news below – forgive me ๐
Magic mouth
I think that this is even fixed already but I have included anyway just in case you wondered what was going on with the Telegram-Discord bridge yesterday. Is it a valkyrie in the GIF? ๐ค
Brand assets
Looking to make anything Symbol related? Print t-shirts, make games, update your website (I will need to revamp the resources page very soon!) – you can download the Symbol brand assets and use them for whatever purpose without requiring any permissions – go check out the cool stuff! Good timing too as it is Open Access Week. I expect that there will be a lot more resources coming soon too when the new website launches?
Challenge coins
I hadn’t heard of the concept of challenge coins before but it seems that they are coming to XYM City along with some rather smart currency designs. As far as I can tell community members will be rewarded with challenge coins if they have gone above and beyond in their efforts – I guess it is a bit like getting a gold star sticker in school (but much cooler) ๐
Symbol on English Wikipedia
Nice job @yutopianf! It seems we now have an English Wikipedia page for Symbol! It’s kind of ironic that it was written by a Japanese community member – awesome work! ๐
symbol-sdk-typescript-javascript release
It looks like version 1.0.2 of the Symbol Typescript/Javascript SDK has been released. You can check out the changes here.
Thanks!
If you made it this far then thank you for reading. I am struggling to keep up with everything going on at the moment and I realise that my posts are getting longer and longer but I still think that it is important to keep you up to date! We will be back again soon with another Symbol Blog 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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