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What is symbol harvesting?

crypto

About symbols (Symbol: XYM)

I want to talk about the symbol. Symbols are traded on exchanges around the world as one of the crypto assets. At the same time, it is also a technology that can solve various problems.

It is also a blockchain derived from NEM, which is also one of the crypto assets, and since it was derived, it has continued to fall in 2022 and entered the winter period. However, since the end of December 2022, it has entered the ¥3 range, and the desire to buy has increased.

Symbol is a flexible blockchain technology. Instead of uploading all the application logic into the blockchain, you can use its tested features through API calls to transfer and store value, authorization, traceability, and identification.

https://docs.symbol.dev/getting-started/first-application.html

One of the reasons for the growth is that it's a technology that's expected to be applied to real economic activities, not just symbolic exchanges on exchanges. As of January 2023, as far as I know, there are several projects that are trying to apply symbolic blockchain technology to economic activities.

（CANADE, Zen Place Works 〜サンクス交換～, QUEST, NFTDrive、Symbol Shop Point）

I don't know much about other crypto assets that show this much technology development other than store payment. It's a technology that's getting attention now.

About Harvesting

One of the charms of symbols is that there is a mechanism called "harsting" that increases the number of symbols just by holding them. It's like a time deposit where the price fluctuates. Converted to an annual interest rate, it seems to increase by about 4%. Of course, the price fluctuates against the legal currency, so there is no guarantee of principal. It's a good idea to harvest while increasing the number of leaves with the dollar cost average method while accumulating little by little. The way to buy a lot at once is very dangerous because it eliminates the margin to buy more if the price drops sharply. Let's be careful.

Since it is currently trading for 3 to 5 yen, it may be a good time to start harvesting (as of January 24, 2023, it has entered the 6 yen range).

There are two main ways to start harvesting. One is to set up a "node" yourself. There are several ways to do this, but the difficulty is quite high. The other is to "delegate". If you can't set up a node to harvest yourself, you can delegate the harvest to an existing node. However, the node administrator will take 25% of the number of copies harvested as a delegation fee. Depending on the node administrator's operating policy, there are many nodes that return fees, so let's compare them carefully(Symbol Node List).

There are three main ways to build nodes. There are three things: renting nodes like "Allnode", renting AWS and VPS servers, and setting up servers at home. If the price of the symbol is lower, it will be difficult to cover the cost of renting a server, so it seems that the number of people who set up servers at home is increasing. The way to set up a node yourself requires a rather complicated procedure, so I'll leave it to another article.

On the other hand, delegated harvesting is very easy to start. There are also several ways to delegate. You can delegate from a desktop wallet, delegate from a symbol node list, or delegate from applications such as  Arcana.

Delegation Harvesting

Now I will explain how to delegate harvesting from here. For convenience, I will explain how to delegate to the author's node. Please choose a method that is easy to delegate. Also, you need at least 10,000 XYM to start delegated harvesting. Let's send about 10,100XYM to the wallet, including the transfer fee.

In addition, the score of importance must be greater than 0. Depending on the balance of the symbol, the importance is updated every 12 hours. It takes about half a day to delegate for the first time.

Delegate from the desktop wallet

Assume the Desktop Wallet is already installed.

Select " Harvesting " from the left tab of the desktop wallet and copy and paste "https://symbol-harvesting.farm:3001" into the red area of the image.


After entering the node URL, set the fee to "average" and press the "Link all keys" button. You will be asked for the password once, so please confirm it, press the "Request Harvesting" button and confirm the password twice.

When the "ACTIVE" status appears at the top of the wallet screen, the delegation harvest is complete.

Delegate from Symbol Node List

Now I will explain how to delegate from the Symbol Node List. Click here to see the next screen.

There will be a screen to delegate to the node, so if you click on it, you will hear the private key of the wallet. From the Account tab of your desktop wallet, view and copy the private key, paste it into the screen above, and perform the delegation.
Warning: If the private key is known to others, all of Symbol's assets may be taken away. Let's not let others know unnecessarily.

Delegate from Arcana

I will explain how to delegate from within the Arcana application. Arcana is assumed to be installed. Click on the Harvest tab, find the next screen, and press the Delegate button.


If you can't find it, press the "+" button, select Direct Delegation and copy and paste "https://symbol-harvesting.farm:3001".

When the delegation is over, all you have to do is wait for the harvest. There is also a service that gives harvest notifications on LINE, so please make use of it.


A summary

In 2023, the symbol is a bit of a hot topic. Not only is the technology being used in various places, but its value as a crypto asset on the exchange is rapidly increasing. Even if you didn't know the symbol before, I would like you to take this opportunity to learn about the symbol. And if possible, I would appreciate it if you could delegate it to the author's node.

*This article is not intended to be an investment solicitation. Please make any investment at your own discretion.

ノードのスペック；
https://symbol-harvesting.farm:3001/node/info
Contabo
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The income obtained from the symbol farm will be the rice fee of my cat her name is Kulumi 5-years-old Russian Blue︎︎.

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