cryptoAcademy

Jul 12, 2020

3 min read

NEM SYMBOL : The WordPress of Blockchain.

When WordPress came people can now build websites with ease, WordPress is even complex than just drap and drop , what NEM is introducing with symbol is very unique in many fronts,like wordpress it will dominate the blockchain,assets and tokens development industry.

Let’s talk about the network architecture of symbol

1.The first layer has to do with the network of nodes which is responsible for lodging transactions and keeping them immutable in the blockchain ledger.

2. The second layer is responsible for the collection of Dual nodes and API nodes , it’s is a combination with peer nodes,gates, Dua notes and their functionality.

3. The third layer is the rest gateway(API layer) that actually provide the interface that developers can write different programs with, this ensures that there is increase functionality in stability,usability and scalability.

4. The fourth layer as to do with the SDKs , they are developed with interoperability and usability in mind, you can use typescript, JavaScript and so on to start building.

One of the things that makes Symbol very unique is the availability of plugins and extensions,this is not like other conventional approach,you do not have all the time and resource to build everything you need,someone else has a plugin or extension that will shorten your development time and ease your life.

Some of the innovations include the consensus it uses, it is uses the Proof of Stake,it uses harvesting,Delegated harvesting enables users to delegate account importance against staking and not account balance. It induces in node ownership and incentivization, it uses multi layer signature account, so you could that specify restrictions on what a person or group of people can do. It supports aggregate transactions you could group multiple accounts together and send a transaction all at once,Aliases you can specify a person’s wallet or account address to be something that is easily memorized as against the norm of alphanumeric characters, so now you can simply Paul.John as against 0x6hfjbkd kind of reference,it supports meta data in transactions,you can tweak your data or asset in such a way that it’s compliant with the laws of the land you are in,so you can opt in and out.

For Account management:You can have a single account,multi signatory account and can restrictions on account. You can issue an asset on the platform, like mosaic to start your business and put restrictions on the asset that can be registered like how many of it is going to exist and also use namespaces like domain namespaces(DNS) and add metadata to those asset like additional information that item belong to this page and so on.

Network management: We refer to network management is a method of harvesting, creating new blocks,we have delegated harvesting that allows users to receive rewards without actually doing the staking. Thereby put a brand new proxy account .

Inflation : You can set an inflation or extend a transaction with modifying the call.

Website|Twitter|Github