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Medium article WiesfleckerL xym symbol snapshot
Participate in the launch of Symbol

Participate in the launch of Symbol

1 XEM = 1 XEM + 1 XYM after Snapshot

In December this year, NEM is launching the Symbol public blockchain. Here is everything you need to know about migrating your account from NEM NIS1 to Symbol, including Opt-in, Snapshot, and your opportunity to participate in XYM. By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of Snapshot.

The 3 essential things you need to know
to claim your XYM

Opt-in is the process every XEM account holder must follow to receive their XYM tokens on the Symbol public blockchain when it launches. To participate in XYM, you first need to own XEM and then make a conscious action to Opt-in as outlined below. This will result in you receiving XYM. If you do not participate in Opt-in, you will not receive XYM. Whether or not you choose to Opt-in, your XEM will not be affected, as will the NEM NIS1 network.

NEM wallets have been updated to include a Symbol Opt-in module, which will make it simple to Opt-in via your NEM account. You will need to download a new NEM wallet from the list below. To Opt-in via a mobile device, you will need to download a Symbol mobile app, currently Android only.

Snapshot is the state of XEM accounts (balances, configuration, and namespaces) on the NEM NIS1 blockchain at a certain block height. For each 1 XEM you own at the time of Snapshot, you will be allocated 1 XYM to the Symbol account you created during the Opt-in process.

NEM HUB: Social Mining and XEM Staking shall revive the former Top10 project

By Lukas Wiesflecker on The Capital

medium.com

The big questions answered

Opt-in is the process every XEM account holder must follow to receive their XYM tokens on the Symbol public blockchain when it launches. To participate in XYM, you first need to own XEM and then make a conscious action to Opt-in as outlined below. This will result in you receiving XYM. If you do not participate in Opt-in, you will not receive XYM. Whether or not you choose to Opt-in, your XEM will not be affected, as will the NEM NIS1 network.

Snapshot is the state of XEM accounts (balances, configuration, and namespaces) on the NEM NIS1 blockchain at a certain block height. For each 1 XEM you own at the time of Snapshot, you will be allocated 1 XYM to the Symbol account you created during the Opt-in process.

Opt-in is the process everyone will use to signal that they want to receive their allocation of XYM tokens based on their XEM holdings. Our recommended way to do this is via the NEM Desktop Wallet (previously called Nano Wallet).

Snapshot is the process by which the state (balance, configuration, and namespaces) of accounts that have opted in on the NEM NIS1 blockchain are exported at a specific block height. This state is then used to create the genesis/nemesis block to allocate XYM to Symbol accounts.

It is similar but not the same. Multi-sig accounts must have Opt-in initiated from the NEM Desktop Wallet as they cannot be initiated on the NEM Mobile Wallet. All co-signers on a NEM NIS1 account must explicitly sign to be included on the Symbol wallet. If any co-signer keys are lost or are unavailable, they must be removed before Opt-in, or the process will not work. A maximum of 8 co-signers can be opted in. If an account has more than 8 co-signers, they should be removed and re-added once Symbol launches.

If you own XEM on the NEM NIS1 blockchain, you will receive an equal amount of XYM on the Symbol blockchain. You will also keep all of your XEM. XYM will enable you to participate fully in the new Symbol blockchain. Without XYM, you will not be able to use the Symbol blockchain.

You will need to use one of the following options to Opt-in:

  1. Download an updated version of the NEM Desktop Wallet and use the Opt-in module. This can be downloaded below.
  2. Download the new Symbol Mobile Wallet to Opt-in from your Android device.
  3. Advanced users can use a series of on-chain transactions prepared manually and issued on the NEM NIS1 blockchain programmatically. This route is for particular use cases. If you don’t know why it might be used, it is not for you.

You will not be able to manually Opt-in yourself. By giving custody of your XEM to a third party, you have given them control of your assets, and as such, they will decide to Opt-in or not. If they do Opt-in, they will be allocated all of the XYM from the total amount of XEM held on their exchange. Some exchanges have already stated that they will be passing the XYM onto their account holders, and we expect that many exchanges will announce this publicly before the Snapshot block height. The agreement you have with the third party will govern if they must/choose to issue you the XYM.

What is NEM (XEM)?

NEM XEM is a distributed crypto platform. It represents a self-contained ecosystem

medium.com

The Opt-in process opened on 15 September 2020, approximately three months before the Snapshot and Symbol's subsequent planned launch. Just before Snapshot, Opt-in will close until the Symbol public blockchain is launched.

You will be able to Opt-in for up to six years after Symbol launches and receive the same balance in XYM as you held in XEM at Snapshot.

It is possible to also Opt-in to migrate any multi-signature configuration and root namespaces.

Namespaces represent a unique identity for each of your accounts and assets on the blockchain. As a web domain, you can choose a name you want to be associated with an account or asset. Then you can use that name as an address, providing a convenient, human-readable way for people to see that you are who you say you are. You can also link the name to a token or other asset you have created. If you already have namespaces on NEM NIS1, you’ll probably want to opt-in with them to prevent someone else from claiming your namespaces on Symbol later.

VRF keys (Verifiable Random Function) are a needed part of the harvesting process. They ensure that it’s impossible to predict which account will harvest the next block. They are used as part of an approach to avoid deterministic harvesting (where it is possible to predict and attack the node due to harvest next) by making node selection verifiably random.

You need to create VRF keys if you intend to harvest the first block after Symbol is launched. You can add harvesting to your Symbol account anytime after launch by linking your account to a VRF key.

The minimum balance that must be held in a NEM NIS1 blockchain account at Snapshot is 100 XEM. Anything less than this will be excluded from Opt-in.

At Symbol launch, these XYM tokens will be transferred to a Special Purpose Vehicle (SPV) and held on trust (see declaration below) so that the rightful owners can claim them post-launch. Any unclaimed tokens after 6 years will be burned as per the community vote, reducing Symbol total supply.

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WHATEVER YOU DO, DO IT WITH LOVE AND PASSION!

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Author: lukaswiesflecker
Published on: 09/11/2020 01:06 (edited on: 12/11/2020 08:54)
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