# COMMUNITY LOG 0x1 ###### tags: `Q&A` *This is the first part in a two-part community Q&A with [Gimre](https://twitter.com/NCOSIGIMCITYNRE), [Hatchet](https://twitter.com/0x6861746366574) & [Jaguar](https://twitter.com/Jaguar0625).* ## The SuperNode Program **01: What’s happening with the SuperNode program? Why the delay? Why have the voting rewards been delayed?** During the initial tokenomics work, there were some assumptions modeled on network price and activity that have (so far) not been the behavior we have observed on the current network. In light of this, as well as the new direction of subChains, we're revisiting our token and mechanism design to see if adjustments are needed to better balance the rewards and fees vs economic security provided by the network. Voting rewards and the SuperNode program are also being revisited as part of this effort. We will provide a full report when we've finished our analysis, but don't expect any new payments or programs until we've finished it. **02: Do some users of the network get treated differently to the rest of the community? If so, why?** Yes. There is a private `NGL :: SN` channel that has about 30-40 ‘whales’. It was originally intended to be a short-lived channel to communicate project delays with large stakeholders, but has since lost its purpose. After the launch of Symbol it became unnecessary, and two of us have already left it. It goes against our core principles of transparency. We are now spending all our time in [Discord](https://www.discord.gg/xymcity). ## Technology **03: Lately, Hatchet has been mentioning a lot about cross-chaining private and public chains. What exactly are your prospects, and I'd love to hear your thoughts on the usefulness of XEM/XYM cross-chaining.** See [here](https://docs.symbolplatform.com/handbook/) for more information; we think subChains provide a cleaner way of handling permissioned networks. **04: Why does Symbol not require smart contracts to be successful?** Symbol does have a version of the concept of [smart contracts](https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html), just like Bitcoin. Specifically, what Symbol does not have is *turing-completeness* - the major functionality being loops. The benefit to this is that it avoids infinite loops during transaction verification (i.e. spam). Ethereum's solution to this was to introduce additional fees for each operation (called gas) - the more statements to be executed, the more the 'fee'. There are benefits to a non-turing complete blockchains: predictable resource usage; improved analysis; focused domain usage. That being said, we are actively researching ways to extend Symbol's programmability, but we have no defined path forward yet. Perhaps a solution might emerge [somewhere in between](https://www.gwern.net/Turing-complete). **05: How do you think Symbol's goal of Layer2 will be different compared to Ethereum 2.0?** There may be similarities in the approach (for instance, [zk-Rollups](https://docs.ethhub.io/ethereum-roadmap/layer-2-scaling/zk-rollups/) and STARK circuits), but it is too early in the research stage to identify differences in architecture and implementation. **06: Are you planning to introduce polynomial commitment to make Merkle tree-based state proofing more compact? / Kate (KZG) Commitment** [Verkle Trees](https://math.mit.edu/research/highschool/primes/materials/2018/Kuszmaul.pdf) (and subsequently, Kate Commitments) are one of the things we have been researching alongside zero-knowledge proofs, zk-STARKs, and zk-Rollups. While we have not made a concrete decision yet, it's a natural progression for trie architecture when we think about scaling the mainChain. *A good primer on Kate Commitments can be found [here](https://hackmd.io/@tompocock/Hk2A7BD6U), by Tom Walton-Pocock of [Aztec](https://aztec.network/).* **07: What are your thoughts on EVM compatibility?** It remains to be seen what the *benefit* of EVM compatability would be - after all, wouldn't you just use Ethereum for EVM-related activity? A cleaner approach might be a dedicated subChain that facilitates transactions between Ethereum and Symbol, in order to provide LP's with more pairings. It's important to understand that Ethereum concepts don't naturally translate into Symbol: the [EVM](https://ethereum.org/en/developers/docs/evm/) is a *turing complete* virtual machine. There are other virtual machines for crypto-networks, like [Rusk](https://dusk.network/news/rusk-abi-rc) or [NeoVM](https://docs.neo.org/docs/en-us/basic/technology/neovm.html). We've also discussed other possibilities, like [eBPF](https://www.infoq.com/articles/gentle-linux-ebpf-introduction/). We have no concrete plans to introduce a virtual machine in Symbol yet, but we're actively researching it. **08: Will NEM 3.0 be released?** No. **09: Will you create a DEX for swapping XEM/XYM?** Swapping XEM to XYM would be a liquidity provider's job. Yes, there is a plan to bring this functionality to Symbol with the introduction of NIS1 as a subChain (along with a corresponding marketplace). Short-term solutions might see the usage of other liquidity networks, like [Thorchain](https://thorchain.org/) or [Sushiswap](https://sushi.com/). **10: Why are other chains not connection with cross-chains to Symbol and NEM?** Rarely is it the responsibility of protocol developers to implement cross-chain functionality with other cryptonetworks. If you'd like to explore cross-chain swaps, the documentation [here](https://docs.symbolplatform.com/guides/secretlock/atomic-cross-chain-swap-between-NEM-public-and-private-chain.html) is a good place to start. A swap could be feasible with SHA256d for Ethereum, Bitcoin, and its related forks. **11: The apostille feature is a very important feature. When will you implement the apostille feature in the symbol wallet?** Any feature requests should be added [here](https://github.com/symbol/symbol-desktop-wallet/issues). While we're fans of Apostille, it doesn't seem to be *that* important as nobody has yet to file a issue. **12: Why don’t you open up to more tech discussions?** Head over to [Discord](https://discord.gg/xymcity) - all of our work and day-to-day chat is publicly visible; if you're a developer or researcher, you can get involved in our Projects or Research channel. **13: Is it possible to add hierarchical deterministic functions in future wallets?** Certainly. Please add a feature request [here](https://github.com/symbol/symbol-desktop-wallet/issues). **14: Do you guys already have a standard way to create and manage NFT on Symbol, do you plan to do it, how soon, or in short for now for the devs who work with Symbol we must create our own implementations of NFT on Symbol under our logic?** We have observed that the community has mostly adopted a standard of creating mosaics with a supply of 1 and an IPFS hash in the metadata. Beyond this, there are further plans to extend mosaic functionality to support unique metadata per individual unit of a given supply, but no defined timeline. **15: What do you think of private chain (mijin)? I want to ask core-dev.** Our paths with TechBureau have diverged, and as we haven't ever acted as users of a privately-deployed chain we cannot answer that question. **16: Is it possible to launch a token on the Symbol blockchain?** Yes, Symbol tokens (as in case of NIS1) are called mosaics. This naming might change in future. **17: Can we get a more structured approach to the node releases? Bootstrap version that follows server version where bootstrap update is released right after server update. With clear distinction between mainnet/testnet releases. Its too confusing at the moment, especially if its announced as an update to server and bootstrap is at 1.0.6, hard to figure out if I'm running the correct version.** No. The bootstrap tool iterates faster than Catapult, and follows [semantic versioning](https://semver.org) schema. Catapult follows versioning more common for standalone software, with a clear distinction between mainnet and testnet releases. Server versioning for testnet/mainnet has been defined with release: | Description | Versions | | ----------------------------- | -------- | | example mainnet build numbers |, 1.2.x.x, 1.4.x.x, 2.2.x.x, 3.4.x.x | | example testnet build numbers |, 1.3.x.x, 1.5.x.x, 2.3.x.x, 3.5.x.x | *Note that testnet does not always have a seperate build. In the case of no new features to test, it will run the same bulild as mainnet.* **18: When will you build a tool that makes the usage of the tokens more applicable to the average person?** That *tool* is commonly known as a wallet. You can submit feature requests [here](https://github.com/symbol/symbol-desktop-wallet/issues), or you can get involved in the development of the wallet by joining the discussion on [Discord](https://discord.gg/xymcity). **19: I would like to know if we will be able to see nft from the Xym app.** You can submit that as a feature request [here](https://github.com/symbol/symbol-desktop-wallet/issues). **20 I was into NXT first before I was into NEM due to their innovative nature of the tech—both are a pioneer in their own way. What’s the effort put by the NEM teams (dev, ngl, etc) to make sure NEM doesn’t end up like NXT (abandoned and forgotten)?** We are not planning on *abandoning* Symbol or NIS1, but it is everyone's responsibility to contribute to the chain and drive it to a collective success. There is a clear social contract between the developers of a protocol and its community - and we would not be going through the effort of *another* reorganization if we did not intend to uphold that social contract. ## Tokenomics and Price **21: Can we discuss further improvements to the tokenomics and staking model? For example, DOT is way more profitable for the regular staker (not master node) than XYM. Assuming a 60k investment, DOT generates 12% APY, while Symbol’s is difficult to even calculate as it is not consistent. I assume this is part of tokenomics, so why would someone choose to stake XYM instead of DOT?** You cannot compare the tokenomics of two coins that have different objectives. Our tokenomics is a framework for encouraging certain behavior in the network (for example, participation in the minting of new blocks or running nodes). As the network grows, the profitability of participating in the network also grows. It's designed to curate a feedback loop, not something you 'adjust' on a whim because another coin is more profitable (in fact, you often want to readjust to make sure you are not overpaying for [economic security](https://drive.google.com/file/d/1pwt-EdnjhDLc_Mi2ydHus0_Cm14rs1Aq/view). That being said, we are currently reviewing our tokenomics design now that we've had time to launch the chain and begin to work together as a team. To your point about difficult for calculation, the following table presents a rough estimate for a 100K XYM account that has started harvesting shortly after the launch of Symbol: | Months Harvesting | Native Harvesting (0.95 Factor) *Optimistic* | Delegated Harvesting (0.7 Factor) *Optimistic* | Native Harvesting (0.95 Factor) *Pessimistic* | Delegated Harvesting (0.7 Factor) *Pessimistic* | | --- | --- | --- | --- | --- | | 1 | 1094 | 806 | 182 | 134 | | 2 | 2553 | 1881 | 547 | 403 | | 3 | 3775 | 2782 | 721 | 531 | | 4 | 4997 | 3682 | 1070 | 789 | | 6 | 7563 | 5573 | 1587 | 1169 | | 12| 14507| 10689| 3208 | 2363 | * *0.95 Factor = Harvesting - (95% of Fees | 5% Network Fee)* * *0.7 Factor = Delegated Harvesting (70% of Fees | 25% Harvester | 5% Network Fee)* --- For the native harvestor, the APY for the first year is between 3.2% (pessimistic) to 14.5% (optimistic); for the delegated harvester, the APY is between 2.3% (pessimistic) and 10% (optimistic). In our current network conditions, we're observing optimistic results. **22: You recommended using Symbol public blockchain, but there is a Japanese engineer who has come up with a way to store data on-chain. If this is widely used, what is your support system in case the public blockchain load increases and the system stops? If you can say it won't go down, please explain why.** It's always been possible to store data 'on-chain' (*after all, that's what the metadata field in mosaics is for*). It's a question of whether or not it is economically viable, and practical from a utility standpoint. That being said, we're looking forward to what the Japanese community creates with Symbol. If any issues *are* encountered, we'd work with the community to quickly triage and issue a patch for nodes (please join our [Discord](https://www.discord.gg/xymcity) and follow our [Twitter account](https://www.twitter.com/NEMOfficial) for any updates). **23: Gimre once said, "I'm not interested in price." What do the other core devs think about this? I think price is one of the most important factors in supporting the ecosystem, including NGL salaries and donations to engineers.** Price is a function of utility of the network. As we wrote [here](https://docs.symbolplatform.com/handbook/), it's the responsibility of the various groups in the ecosystem to work together to grow the network (not one specific party). It's our job to add new functionality to the chain - and it's the job of users to find new and creative ways to utilize this functionality through on-chain applications. If you think price is one of the most important factors to the success of the network, come get involved and help increase the utility (or, promote visibility of Symbol). **24: Do you have any plans to raise the price? You can do that through token supply and demand, which you control. The team can find a third party to make market value management. Teams can also control supply, creating deflation or inflation. Why don't you hire a third party to evaluate this for you and help you? Are regulatory/compliance issues the obstacle?** As there are multiple questions here, we’ll break them up for convenience. > Do you have any plans to raise the price? See above - price is a function of utility of the network. > You can do that through token supply and demand, which you control. The market controls supply and demand, not us. > Teams can also control supply, creating deflation or inflation. Changes to deflation or inflation are not things you do 'on a whim' in response to market forces. Our inflation is quite small, and will become negligble at block 31410299. As we've stated, we're undergoing a review of our tokenomics. > The team can find a third party to make market value management. (...) Why don't you hire a third party to evaluate this for you and help you? That is not the responsibility of the protocol team, nor is it a ethical thing for the ecosystem. Your market is a direct response to network health and functionality, and interfering with that defeats the purpose of ['exit and voice](https://en.wikipedia.org/wiki/Exit,_Voice,_and_Loyalty)' mechanisms in cryptonetworks. If you are talking about market making activities (which helps reduce the spread between transactions), you can engage in these activities yourself as a user by utilizing programs like [Hummingbot](https://docs.hummingbot.io/miner/liquidity-mining/current-rewards&terms/). ## Education **25: It would be great to provide some basic guides and simple programming exercises to get started with Symbol. There is lots of documentation available but not much for novices. Maybe someone in the team would be able to work on this?** We encourage you to make a specific feature request [here](https://github.com/symbol/symbol-docs/issues). We also encourage the community to participate in creating guides - there's already some fantastic resources [here](https://symbolblog.com/) and the technical documentation has some [guides](https://docs.symbolplatform.com/guides/index.html) to get you started. **26: I would like to ask you if you plan to create some kind of tutorial that will allow us to see how to deposit in the Xym wallet, I say this because I have searched several places for information about it and I have not found it.** [This guide](https://docs.symbolplatform.com/guides/transfer/sending-a-transfer-transaction.html) explains how to do this through with the CLI, the SDK, and the wallet. ## Transparency **27: Where is the AMA that was promised?** It's here. You're reading it. **28: What is the status for Binance listing XYM?** Generally, project teams have no control over the time it takes to list a coin on an exchange. We are sure Binance will list XYM when they are ready to. **29: Why do the core developers not show their face? Some say that this is bad for trust.** _Please ask Satoshi what he thinks._ Moreover, anonymity is a common trait amongst project leads - [Nicolas van Saberhagen of CryptoNote](https://en.wikipedia.org/wiki/CryptoNote); [Chef Nomi](https://coinmarketcap.com/alexandria/people/chef-nomi) and [0xMaki](https://twitter.com/0xMaki) of Sushi; [Tom Elvis Jedusor of MimbleWimble](https://scalingbitcoin.org/papers/mimblewimble.txt). Today, there are now venture capital firms made up [exclusively of anonymous partners](https://www.egirlcapital.com/); and [venture capital firms that back anonymous founders](https://cypherpunkholdings.com/investment-thesis/). There are lectures on the power of [the psuedonymous economy](https://www.youtube.com/watch?v=urtXRg9Nl3k), and some even believe [anonymity brings your actions more credibility](https://twitter.com/MikeAbundo/status/1342258232610312192?s=20). In summary - you measure legitimacy by output, *not* by identity. We think this has no negative effect on the project. ## Governance **30: We need a governance token to vote on issues.** While we agree that [governance tokens help bootstrap liquidity](https://insights.deribit.com/market-research/why-i-have-changed-my-mind-on-tokens/) and is an important signalling mechanism for users to find their voice, you already have a token for governance - it's called XYM. If you are reading this, chances are you hold it. We're now looking at ways give XYM a purpose in governance - one of these is through the introduction of a quadratic-funding platform that will enable the community to fund public goods that they feel are most beneficial to the network. It's also important to understand what governance *means* in regards to Symbol (each cryptonetwork has its own rules). While we have no firm and fast rules and this is something we will build with the community, there are some things that should not be left to *wisdom of the crowds* - a great example is highly technical decisions, like what BLS curve to use. We agree that *transparency* hasn't been the best in the project's history, and we are taking strides to alleviate this. For example, we will be publishing [transparency reports similar to ETC](https://etccooperative.org/ETC-Coop-Board-Package-January-February-2021.pdf) that detail expenditure. Another stride we have taken is opening up all of our internal communication in Discord, as well as making our company handbook publicly accessible and open source. **31: How does the concept of hierarchy fit with the concept of decentralization?** We needed a more traditional command-and-control hiearchy to get us across the last mile to launch. But, a traditional hiearchy does not fit in with the concept of decentralization, which is why we're looking to evolve our organization into something that is more consistent with the [Flatland model](https://www.researchgate.net/publication/282395703_Valve's_Way). **32: How much funding is available for Symbol & NIS1 development and over what period of time?** All of this information can be found in the blockchain. In 2020, all of the 'core funds' (i.e. the initial premine) were moved into a Trust. In total, the Trust contains roughly 1.6B XYM and 2.8B XEM (approximately ~630M USD as of today's prices). There are 1.2B less XYM than XEM because these were converted into block rewards for Symbol. **33: What kind of group is NEM's core team with a relatively large fund? Some Japanese view that it is one of the risks that the team has a fund that is too large.** In comparison to something like EOS or the Ethereum Foundation, the pool of funds is relatively small. All funds are currently held in Trusts protected via multisig accounts; their role and mission is to use these funds '*to support and develop the NEM ecosystem, its associated blockchains, native currencies and technologies'*. Currently, this means the development of Symbol and NIS1. ## Marketing/Branding/Partnerships **34: I want to know about future marketing plans.** [As we detailed here](https://docs.symbolplatform.com/handbook/), it is the responsibility of the community and its Ambassadors to bring visibility to the project and grow the ecosystem. As the community builds noteworthy projects, the media will naturally bring visibility to them and reach out to talk about the project. In addition to this, some of our team members are very active on both social media and appear on podcasts, talkshows, and even television. **35: Why isn't NEM or Symbol talked about outside of Japan?** 私たちには手掛かりがありません。 **36: Why were these branding issues not solved months ago? What was the process that led to not creating Symbol social media accounts like proposed?** We are not able to speak for NEM Group and its predecessors - however, the community is currently voicing their opinion through Twitter and Discord. We encourage you to get involved in those discussions. We agree there is some confusion over 'NEM', internally and externally, in both our community and with exchanges and partners. We are listening to the discussion and thinking about the best way forward. **37: Why don't we follow Cardano's lead and tweet out tech updates? Example: https://twitter.com/cardano_updates** That Twitter bot publishes mostly meaningless GitHub statistics. We would prefer you look at our GitHub directly. **38: Can we produce a weekly round up of all tech updates in English? Our NEM HUB mods can translate into their native languages (top 8 most spoken languages covered, plus Japanese and several others). NEMHUB can provide instant chat room (Messenger), can also join the live broadcast, regularly broadcast NEM programs online. What do you think?** Our community has already begun to translate popular tweets, blogs, and posts through both [their Twitter accounts](https://docs.google.com/document/d/1rNUdM4z0pI_BldoWoT8jkTjP9PFXBdPRyapHbLcXWEQ/edit?usp=drivesdk) and [community-run blogs](https://symbolblog.com/). As all of our work is in Discord and GitHub, the community is able to work together to do collective tech updates. **39: There are still a lot of people who think that XEM is the main and XYM is just a bonus, why don't we change the NEM logo to the Symbol logo?** See our response to Question #36. **40: I think we should actively market the differences between NEM (NIS1) and Symbol and their future prospects.** As detailed in [the handbook](https://docs.symbolplatform.com/handbook/), NIS1 will be a subChain of Symbol. **41: I would like to know more future marketing prospects.** We unfortunately do not have a working crystal ball. **42: In Japan, crypto-assets are still viewed as an investment, but if we launch TV commercials and online advertisements that appeal to the blockchain, which is the strength of symbol, and instill the image of blockchain = Symbol in Japan from now on, we can definitely beat Ethereum. We are looking forward to your bold marketing strategy.** While not a question, we appreciate the enthusiasm and suggestion. **43: Talk more about DeFi.** We will. You can follow our Twitter accounts [[1]](https://twitter.com/Jaguar0625)[[2]](https://twitter.com/0x6861746366574)[[3]](https://twitter.com/NCOSIGIMCITYNRE) or join [Discord](https://discord.gg/xymcity) for more thoughts, opinions and research on the topic of DeFi. **44: Do you interact with other blockchain communities? Do they take an interest in NEM?** Yes. Out of the three of us, [Hatchet](https://twitter.com/0x6861746366574) has the most exposure; generally, the interest of other blockchain projects in NEM is low. We think this will increase over time as we begin to participate in the research and development of technologies that are used throughout cryptocurrency (like zk-SNARKs and zk-Rollups) as well as begin to talk more about Symbol's mechanism design and architecture. **45: What do you think is good about Japan's approach to NEM? Also, what do you think should be done to make it spread beyond Japan?** We love the Japanese community's enthusiasm and experimentation. We'd like to see more of this across the globe. Beyond that, we think more thought leadership, well-written articles, innovative research and products that utilize Symbol can bring better visibility to the project. **46: It's been more than three months since Symbol was launched. However, it has not been listed on as many exchanges as I had hoped. Why is that?** We are not sure. Exchanges have an internal process that allows them to prioritize coins based upon market demand. While Binance does provide some [listing guidelines](https://www.binance.com/en/blog/421499824684902218/Binance-Listing-Tips-from-CZ) to help the process, there are no guarantees your coin will be listed. We think that Binance will list XYM when they are ready to. **47: I would like to know if NEM is thinking about getting into the world of NFTs within lq Blockchain?and that they can be implemented as a requirement for Stakin Specials for Unstake and Stake of $XYM.** No. **48: Since the number of use cases for Nem or the symbol has not increased, it is not talked about at all in the news. Don't you think there may be a problem with the plan in place for releasing this news?** No. We are strongly against 'news for the sake of news'. This has been a historical, recurring problem and has done more harm than help to NEM. It's up to *all* of us to drive adoption for Symbol - not just the protocol team. If you would like to see more activity in the news or media, get involved! Talk about Symbol at your local meetup; talk about the consensus algorithm at conferences; build innovative usecases on the chain and be one of the early pioneers. If you think the lack of news is a problem, we encourage you to be a part of the solution. **49: I want you to make Symbol popular more quickly!** We do too! But, good things take time. How do you want to make this happen? **50: Is there any impediment to hire someone influential (a youtuber for example) who speaks languages other than English to amplify the company's communication?** No. We do not pay for influencers, celebrities or media to give false credibility to Symbol. This is *not* in line with our ethics. We want to grow our community organically and attract global attention because of our utility and innovation. **51: How do you intend to improve and amplify NEM company's communication with countries with emerging technology?** Both Bitcoin and Ethereum have proven that the mantra of "if you build it, they will come" is true. The best way to improve and amplify Symbol's capabilities to to build with the chain. **52: What is a NEM company?** We are not sure, but that *sounds* like a company that utilizes NIS1 or Symbol.