NEM Update: Migration to Symbol starting
The NEM Group has begun the opt-in process to Symbol, its next-generation enterprise-grade blockchain solution. XEM holders should prepare for a blockchain snapshot to receive a 1-for-1 allocation of the new XYM token on Symbol.
The NEM Group has begun the opt-in process to Symbol, the next-generation enterprise-grade blockchain solution that replaces the original NEM blockchain. The first step of the migration from NEM NIS1, NEM’s original blockchain platform, to the new Symbol public chain will be introduced in parallel with NIS1. To ensure existing NIS1 users can continue to run their applications as usual, the two chains will operate side-by-side.
David Shaw, CEO of NEM Group, says the opt-in process is a critical part of the migration process and an essential step on the roadmap to the launch of Symbol. “Our team has built a robust platform, taking the learnings from building NEM NIS1 in addition to advancements in the industry and feature set ideas to develop Symbol.” Shaw says Symbol was built from the ground up to be secure, scalable, and decentralized, with enterprise applications at its core. “NIS1 users who choose to opt-in now will be among the first to experience all of Symbol’s capabilities following the mainnet launch,” he says.
The XEM / XYM snapshot
An important component of the migration to the new Symbol chain is that all holders of XEM, NEM NIS1’s native crypto asset, are eligible to receive XYM tokens on Symbol when it launches later this year. XEM holders who choose to opt-in will obtain an XYM balance equal to their XEM balance at the time of the snapshot, a timestamp when user balances in XEM on the NEM blockchain will be recorded. This snapshot, a record of all XEM account balances on the NEM NIS1 blockchain, will be taken in early December 2020.
XYM will be allocated based on each user’s on-chain XEM balance. The NEM team recommends that users move XEM off exchanges and into the official NEM Wallet. The NEM Wallet has been updated to include a Symbol Opt-in module, which will make it simple to opt-in via your NEM account. XEM account holders are able to opt-in to claim their XYM tokens at Snapshot. NEM has published a detailed guide to using the wallet during the opt-in process to receive the new XYM tokens.
For each 1 XEM held by users at the time of Snapshot, they will receive 1 XYM (1 XEM = 1 XYM). All XYM allocations will be based on this one-time record of XEM balances, so XYM allocations for opt-in will be based on the amount of XEM users hold during the Snapshot.
What is NEM’s Symbol?
Symbol is a next-generation blockchain solution designed for enterprise use. Symbol (codename Catapult) represents a full rewrite of the NEM protocol and has been in development since 2018. Symbol is designed to help businesses cut costs, reduce complexities, and streamline innovation. Symbol is expected to provide significant upgrades in flexibility, security, speed, and ease of use over the original NEM blockchain.
Iain Wilson, Chief Financial Officer of NEM Group, says Symbol represents the start of NEM’s next chapter, describing it as a purpose-built solution to help companies experience the business benefits of blockchain. “We want our community to be part of this process, by opting-in, participating in the snapshot and helping to continue to tell the NEM story as we continue to drive innovation, build the NEM ecosystem and develop Symbol into the go-to blockchain solution for enterprise.”
Opt-in is now open via the desktop wallet, with mobile versions (Google Play and iOS) launching soon.