What do you think about Symbol (XYM)?

[Abiky]

The NEM team recently launched a new Blockchain called "Symbol" (formerly known as "Catapult") which focuses on scalability for mainstream transactions. Holders of XEM instantly received an equivalent amount of XYM on the Symbol blockchain via an opt-in feature. The community claims that Symbol is a better version of NEM, with greater transaction throughput for massive scaling. But to me, Symbol looks exactly the same as the original NEM blockchain. Whenever it's indeed a better version of NEM or not, it's yet to be seen.

What do you think about this new Blockchain network? Is it a copycat of the NEM blockchain? If not, could you explain what's different? Do you think this project will be successful in the long run? Or will it turn into a failure? Will NEM thrive in the long run? Or will both projects co-exist for the foreseeable future? Your input will be greatly appreciated. Thank you.

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[santiPOGI]

I cannot justify what could be that result of this XYM, there are other altcoins out there that has the same interface.
And every coin here in cryptocurrency have a chance to increase or decrease in the future in terms of price value.
But all this will depend on the road map or plan for their coins, so lets see what could be the next move of XYM?

[michellee]

I think it is too early to say that as the new blockchain is already launched. I think we can give more time to see if their update is good enough to cover the problem so far, and if that can help the project to perform better than before, maybe that can help the coin price lift to the higher price. We see that NEM is not yet increasing so high, so hopefully, with this update, the NEM price can increase soon. We might see another surprise from the market, and we have time to wait and see

[yazher]

I think it is too early to say that as the new blockchain is already launched. I think we can give more time to see if their update is good enough to cover the problem so far, and if that can help the project to perform better than before, maybe that can help the coin price lift to the higher price. We see that NEM is not yet increasing so high, so hopefully, with this update, the NEM price can increase soon. We might see another surprise from the market, and we have time to wait and see

They need to update their users and investors on some of their developments if they want a further review of their project. Everyone who launched their coin today has the same principle and features they've got from the past project and only a few of them have their own unique project. That's why they should be innovative so that their market will increase after they've launched their project.

[GreatArkansas]

Why they created a new altcoin instead of fixing their original project? This is kinda a fork from the Nem blockchain itself.
I am afraid this could be another altcoin that will just a pump and dump, or they will just make more money.
Well, just a conclusion, if they are really dedicated and achieve the goal, this could be a big thing.

[Eureka_07]

<snip>
What do you think about this new Blockchain network? Is it a copycat of the NEM blockchain? If not, could you explain what's different? Do you think this project will be successful in the long run? Or will it turn into a failure? Will NEM thrive in the long run? Or will both projects co-exist for the foreseeable future? Your input will be greatly appreciated. Thank you.

I think was only made for profit of early investors and the creators of the token itself. I won't bother to try and add it to my portfolio as there's good chance that it will dump after it was pumped.  I don't see this to thrive on market long. But if they had new to offer, let's see if they can.

[btcsmlcmnr]

With Symbol and NEM, they have two cryptocurrencies to pump and dump. At least with the ratio of 1:1 and current prices of NEM and XYM, people bought NEM to join airdrop did not get any loss.

I don't understand their reasons to do so with two projects and their products, ecosystem. NEM will rally slowly as XRP does. Symbol will have many pumps and dumps with its new brand. People are more exciting with new cryptocurrency and new roadmap, sneak peek of future.

Simply hold NEM or XYM if you have them and wait for pumps to take profit.

[freigeist]

I see people do not have any clue about about NEM (NIS1) and Symbol(Catapult)
They are guessing developers build it just to make more money
or why they do not fix NEM and built a new platform?

Why is ETH bulding ETH 2.0 then? Why they just do not fix it?!
Maybe because ETH is not (will not be compatible with 2.0)
Well couldn't the same apply to other platforms than ETH?

I think developers have enough money already if they want they could retire
but they still build. I guess they like their job! They like what they do
or this could be applied only to Vitalik and company?

Why he(Vitalik) does not retire? He has more than 300000 ETH on his wallet
https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b

He could just dump it all and retire couldn't he?
Maybe he likes his job very much, like the NEM/Symbol developers do.

Don't get me wrong, I do not have anything against Ethereum or Vitalik but
I do not see the same questions being asked when it comes to Ethereum.

Regarding the question posted in the OP:

Currently NEM(NIS1) is closed source and i think that
also this was partially a cause why it did not get more traction in the dev community.
Plan is to open source in future but there are no estimated dates yet.

Symbol is/was build like open source platfom applying the
knowledge and experience that was gained in the development of NEM (NIS1).
The reason why new platform was build it that new features that were started to being build on
catapult were not compatible with the existing blockchain therefore a decision
to make a new blockchain was taken.

Regarding the quesiton if is a copy cat?
You can check here what are differencies between the 2 platforms are:
https://nem.io/platforms/

For those seeking more info everything is already available on the internet.
For example on NEM forum https://forum.nem.io/
or official pages: https://nem.io, https://nemplatform.com/, https://symbolplatform.com/

Regarding the future I think Symbol has potential but the
dev community will decide. Neither Etherum was popular in first 2 years after
it was created even if it was an open source project
but once the developers jumped in the ecosystem have grown
and all kind of apps were build around it.

I hope symbol will get traction in similar way.

NEM (NIS1) once open sourced could exist on it own.
It will again depend on the dev community
if it will get traction and get improved.

[Yogee]

.... What is the team plan for the previous coin since the now have a new coin.

The team still claims that both XEM and XYM are essential to the NEM ecosystem last time I checked. There are also plans lined up for XEM but it looks like the focus is on XYM.

Why is ETH bulding ETH 2.0 then? Why they just do not fix it?!
Maybe because ETH is not (will not be compatible with 2.0)
Well couldn't the same apply to other platforms than ETH?

You may know more about NEM but don't compare it to what's happening with Ethereum.
ETH under POW will migrate to ETH 2.0 which will use POS algorithm. No new coin will be created during the transition unlike what NEM team did.

[michellee]

I think it is too early to say that as the new blockchain is already launched. I think we can give more time to see if their update is good enough to cover the problem so far, and if that can help the project to perform better than before, maybe that can help the coin price lift to the higher price. We see that NEM is not yet increasing so high, so hopefully, with this update, the NEM price can increase soon. We might see another surprise from the market, and we have time to wait and see

They need to update their users and investors on some of their developments if they want a further review of their project. Everyone who launched their coin today has the same principle and features they've got from the past project and only a few of them have their own unique project. That's why they should be innovative so that their market will increase after they've launched their project.

That is if the developer and the team are serious with their project because they need to make sure that the project can run and reach every target they already made. The public will see how far their development to their project, and if the public see they have good progress with their project and have a chance to increase in the future, the investors will try to invest in their project.

[Heisenberg_Hunter]

Seems like XEM devs have lost their track and most of the redditors claim XYM is to be the NEM 2.0. I never had any intentions to invest in any altcoin other than ETH and XMR as I am addicted towards their technological perspective but I thought of buying some NEM's recently just for experimental purposes with my gains in ETH and XMR. I like the use case of NEM but the developers has failed with the marketing miserably, hence it's been tanking and it seems like it would never recover back to normal $0.8 range anytime soon.

Symbol has the similar usecase of NEM but XYM network has the added advantage of creation of NFTs and shares or bonds just like how Ethereum has evolved over the years. Redditors even discussed that NEM's purpose would be gradually degraded by devs and they would be concentrating more towards developing Symbol. With these talks its more or less clear that NEM would gradually die over the years and will be replaced by Symbol. But the point which I don't understand is that, why they did develop another coin and why not they move with a soft fork propoganda just like how Eth is gonna move to ETH 2.0? Are the greedy devs willing to take profits just by making another coin?

[Abiky]

Why they created a new altcoin instead of fixing their original project? This is kinda a fork from the Nem blockchain itself.
I am afraid this could be another altcoin that will just a pump and dump, or they will just make more money.
Well, just a conclusion, if they are really dedicated and achieve the goal, this could be a big thing.

It doesn't make sense to create a new blockchain from scratch when you can improve the original project itself. This looks more like a marketing scheme to lure investors into the new project for a quick money grab. The NEM team will have nothing to lose as they double their income with the newly-fond blockchain network. Holders of NEM are also holders of XYM, allowing whales to dump coins on the market for profit. Whenever the new project will succeed or fail in the long run, it's yet to be seen. So far, everything about Symbol looks exactly the same as its parent project (NEM). There's nothing innovative other than a new UI and rebranding. Investors will ultimately decide which coin to support in the long run.

Nonetheless, time will tell us if Symbol will be able to live up to its name as being the blockchain network for business. The competition is fierce, as other big players on the market are getting all of the attention in the mainstream world. If Symbol wants to compete with existing blockchain networks, it's going to need to provide innovation at every level. Otherwise, it'll fade into oblivion. Just my thoughts

[tabas]

Not so interesting anymore that projects are doing this. IMHO, the former was better if they were just too careful with the development. I've heard them before lacking of funds or there's sort of ruckus within the team.
I've seen NEM was one of those projects with a lot of vision until this had happened. It's like going back to the start again with this XYM.

[Abiky]

Not so interesting anymore that projects are doing this. IMHO, the former was better if they were just too careful with the development. I've heard them before lacking of funds or there's sort of ruckus within the team.
I've seen NEM was one of those projects with a lot of vision until this had happened. It's like going back to the start again with this XYM.

This is no different than the NXT chain split. The project's developers decided to create a new chain dubbed "Ardor" instead of improving the existing chain (NXT) altogether. The same thing is happening with NEM right now. Whenever both blockchains will survive in the long run, it's yet to be seen. Most developers take the route of launching a new coin with the intention of "doubling" their holdings. I guess that the NEM team now has more money holding both XEM and XYM cryptocurrencies. What people want are actual results instead of hype. We're going to have to see whenever the new Symbol project will turn out a success or a failed experiment in the long run.

As long as both projects focus on decentralization, nothing else matters. I'm placing my "bets" on the new Symbol chain, as it aims to take the business world by storm. The old NEM chain will serve as experimental grounds for Symbol in the long run. There have been talks about making NEM a fully open source project, so this should make both ecosystems stronger. My guess is that XYM will surpass XEM in price as it gains further traction in the mainstream world. Ultimately, what matters is mainstream adoption. And if the Symbol blockchain achieves this, it'll be on the road towards non-stop success. Just my thoughts

[btcsmlcmnr]

It doesn't make sense to create a new blockchain from scratch when you can improve the original project itself. This looks more like a marketing scheme to lure investors into the new project for a quick money grab. The NEM team will have nothing to lose as they double their income with the newly-fond blockchain network. Holders of NEM are also holders of XYM, allowing whales to dump coins on the market for profit. Whenever the new project will succeed or fail in the long run, it's yet to be seen. So far, everything about Symbol looks exactly the same as its parent project (NEM). There's nothing innovative other than a new UI and rebranding. Investors will ultimately decide which coin to support in the long run.

I think they will have more support for the new project, Symbol. A new project is more attractive to investors. Some projects make rebrand after a few years or change their algorithms with different bull markets. I don't consider them as successful projects. But in crypto, you don't need a successful project to get profit for your investments.

Don't invest in scam projects and bull market can bring some profits to you.

Nonetheless, time will tell us if Symbol will be able to live up to its name as being the blockchain network for business. The competition is fierce, as other big players on the market are getting all of the attention in the mainstream world. If Symbol wants to compete with existing blockchain networks, it's going to need to provide innovation at every level. Otherwise, it'll fade into oblivion. Just my thoughts

The NEM team are trying to say Symbol will be a competitor with Ethereum and ERC-20 as projects can be built on Symbol platform and its network. It is too optimistic and I don't believe that Symbol can take too much projects and can grow big communities as Ethereum has.

[tyz]

One should perhaps mention what Symbol is. Symbol is basically NEM 2.0. Years of work have gone into the new core engine of NEM, called Catapult. The development was delayed for a long time and postponed many times, and it was planned to incorporate these developments into the NEM project (XEM). At some point it was realized that this technology was no longer compatible with the original NEM code, and in addition to that, they decided to develop the core engine in C++, while NEM is written in Java. So they decided to make a new project out of it, called Symbol (XYM). In principle Symbol can do everything NEM Chain can do, plus some essential new things more.

[DaMut]

One should perhaps mention what Symbol is. Symbol is basically NEM 2.0. Years of work have gone into the new core engine of NEM, called Catapult. The development was delayed for a long time and postponed many times, and it was planned to incorporate these developments into the NEM project (XEM). At some point it was realized that this technology was no longer compatible with the original NEM code, and in addition to that, they decided to develop the core engine in C++, while NEM is written in Java. So they decided to make a new project out of it, called Symbol (XYM). In principle Symbol can do everything NEM Chain can do, plus some essential new things more.

True, it is overshadowed Nem in many aspect and from the looks of it, it looks like they are trying to replace Nem slowly with Xym.
from the price, discussion in the group and development. it is almost like the project is dedicated for Xym instead of Nem.
I will not be surprised to see it goes higher than Nem anytime soon.
if you are still holding Nem, you need to consider this possibility. I highly believe it is going to be this way.

[btcsmlcmnr]

One should perhaps mention what Symbol is. Symbol is basically NEM 2.0. Years of work have gone into the new core engine of NEM, called Catapult. The development was delayed for a long time and postponed many times, and it was planned to incorporate these developments into the NEM project (XEM). At some point it was realized that this technology was no longer compatible with the original NEM code, and in addition to that, they decided to develop the core engine in C++, while NEM is written in Java. So they decided to make a new project out of it, called Symbol (XYM). In principle Symbol can do everything NEM Chain can do, plus some essential new things more.

Symbol creates easy tool for NFT tokens. Is it a new feature from Symbol that NEM does not have?
NFT in 30 seconds and the appearances of NFT on Symbol main net will be provided soon

Public address loudspeaker For all #NFT lovers Down pointing backhand index

Creating #NFT for $0,84 USD in 30 seconds.

Built on #Symbol #Blockchain,
@nember_art
 allows you to create an NFT in a single click without any tech knowledge in a single block of 30s and with commissions of less than $1.

Try Right pointing backhand indexhttps://nember.art

[Abiky]

One should perhaps mention what Symbol is. Symbol is basically NEM 2.0. Years of work have gone into the new core engine of NEM, called Catapult. The development was delayed for a long time and postponed many times, and it was planned to incorporate these developments into the NEM project (XEM). At some point it was realized that this technology was no longer compatible with the original NEM code, and in addition to that, they decided to develop the core engine in C++, while NEM is written in Java. So they decided to make a new project out of it, called Symbol (XYM). In principle Symbol can do everything NEM Chain can do, plus some essential new things more.

Well, I don't see much difference between both projects in terms of user experience and built-in features. Maybe I'm missing something? Porting the NEM project from Java to C++ is a good idea. But, the team is going to have to do a lot more than that to impress people. Based on my experience using the Symbol wallet, everything is exactly the same as NEM. Things could change as the project develops over time. It would've made much sense to continue building upon the NEM project instead of creating a new project from scratch. I guess the team did this in order to help attract new investors worldwide.

Nonetheless, I'd expect NEM to become a fully open source project with the launch of Symbol. If many NEM lovers' dream comes true, the NEM project could become experimental grounds for the future development of Symbol. I think NEM will be able to stand the test of time once it the "NIS" becomes open source. We could see many NEM-based forks after this becomes a reality in the future. What matters is usability above all else. And if Symbol is able to provide real use cases for the mainstream world, it'll gain traction faster than you could've ever imagined. Who knows what the future holds for this NEM-based spinoff? Just my opinion

[semobo]

I see people do not have any clue about about NEM (NIS1) and Symbol(Catapult)
They are guessing developers build it just to make more money
or why they do not fix NEM and built a new platform?

Why is ETH bulding ETH 2.0 then? Why they just do not fix it?!
Maybe because ETH is not (will not be compatible with 2.0)
Well couldn't the same apply to other platforms than ETH?

I think developers have enough money already if they want they could retire
but they still build. I guess they like their job! They like what they do
or this could be applied only to Vitalik and company?

Why he(Vitalik) does not retire? He has more than 300000 ETH on his wallet
https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b

He could just dump it all and retire couldn't he?
Maybe he likes his job very much, like the NEM/Symbol developers do.

Don't get me wrong, I do not have anything against Ethereum or Vitalik but
I do not see the same questions being asked when it comes to Ethereum.

Regarding the question posted in the OP:

Currently NEM(NIS1) is closed source and i think that
also this was partially a cause why it did not get more traction in the dev community.
Plan is to open source in future but there are no estimated dates yet.

Symbol is/was build like open source platfom applying the
knowledge and experience that was gained in the development of NEM (NIS1).
The reason why new platform was build it that new features that were started to being build on
catapult were not compatible with the existing blockchain therefore a decision
to make a new blockchain was taken.

Regarding the quesiton if is a copy cat?
You can check here what are differencies between the 2 platforms are:
https://nem.io/platforms/

For those seeking more info everything is already available on the internet.
For example on NEM forum https://forum.nem.io/
or official pages: https://nem.io, https://nemplatform.com/, https://symbolplatform.com/

Regarding the future I think Symbol has potential but the
dev community will decide. Neither Etherum was popular in first 2 years after
it was created even if it was an open source project
but once the developers jumped in the ecosystem have grown
and all kind of apps were build around it.

I hope symbol will get traction in similar way.

NEM (NIS1) once open sourced could exist on it own.
It will again depend on the dev community
if it will get traction and get improved.

Great explanation, I lost the interest on NEM a way long ago because it was like a dying coin with no developments when other projects are trying to fix their project and atleast now the team started to think differently and introducing something like XYM which is nothing but the updated version of XEM. But they send XYM directly to every XEM holders?