nem-commences-first-phase-of-migration-to-its-next-gen-symbol-blockchain

NEM commences first phase of migration to its next-gen Symbol blockchain

Connecting enterprise, blockchain builders, and patrons, users can now decide in Symbol to experience lower transaction charges, flexibility, on the spot finality and enhanced security at mainnet launch

NEM Team currently announced that it has begun the decide-in process to Symbol, its next-abilities endeavor-grade blockchain resolution. Opt-in represents the first step of the migration process from NEM NIS1, NEM’s usual blockchain offering, to the Symbol public chain, a weird endeavor-grade chain which is able to be launched in parallel with NIS1. To accommodate original NIS1 users, the two chains will continue to bustle facet-by-facet.

Commenting on the announcement, David Shaw, CEO of NEM Team, stated, “The decide-in process is a indispensable portion of our migration process and an indispensable next step in our roadmap leading up to the launch of Symbol. Our crew has been heads-down constructing a magnificent platform, and has taken the learnings from constructing NEM NIS1 to boot to advancements within the enterprise and feature house suggestions to safe Symbol. Symbol used to be built from the ground up to be true, scalable, and decentralized, with endeavor functions on the core of all we accomplish. NIS1 users who rob to decide-in now will likely be among the main to experience all of Symbol’s capabilities following mainnet launch.”

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As portion of the migration process, all holders of XEM, NEM NIS1’s native forex, will likely be eligible to uncover XYM tokens on Symbol when it launches later this year. In enlighten to present XEM holders company all the diagram in which in the course of the migration, the token allocation of the XYM tokens will likely be particular in the course of the decide-in process and Snapshot, a document of all XEM yarn balances on the NEM NIS1 blockchain which is able to be taken in early December 2020.

Opt-in is the main indispensable step within the migration process and, as of September 15th, all XEM yarn holders are in a achieve to Opt-in to claim their XYM tokens at Snapshot.

By opting-in, XEM holders will accomplish an XYM stability equal to that of their XEM stability on the time of the Snapshot. For every 1 XEM held by users on the time of Snapshot, they are able to uncover 1 XYM (1 XEM= 1 XYM). All XYM allocations will likely be in step with this one-time document of XEM balances, so XYM allocations for decide-in will likely be in step with the amount of XEM users fetch all the diagram in which through Snapshot.

Iain Wilson, Chief Monetary Officer of NEM Team, stated, “Migrating from NIS1 to Symbol is a milestone tournament within the history of NEM. Symbol represents the open of our next chapter, as a reason-built resolution to abet companies experience the pretty diverse enterprise advantages of blockchain. And we prefer our neighborhood to be portion of this process, by opting-in, taking part in Snapshot and helping to continue to enlighten the NEM memoir as we continue to drive innovation, invent the NEM ecosystem and safe Symbol into the mosey-to blockchain resolution for endeavor.”

Symbol is the next-abilities endeavor-grade blockchain resolution from NEM, reason-built to abet agencies carve charges, lower complexities, and streamline innovation. With main upgrades in flexibility, security, inch, and ease of recount, the Symbol platform is the most efficient-in-class blockchain endeavor resolution.

Opt-in is now open in the course of the desktop pockets, with mobile versions (Google Play and iOS) launching soon.

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