The NEM blockchain has come a long way since its launch back in 2015. As one of the earliest and most prominent blockchain platforms, it has built a solid community globally, with XEM.
Later this year, NEM is launching the highly anticipated Symbol public blockchain, and with it XYM, the native currency of the platform. Read this Hackernoon piece to find out more about Symbol’s features and network architecture.
What does this launch mean for those who want to participate in the launch of Symbol, and more specifically what is the migration process from NEM NIS1 to Symbol?
The technology stacks between NEM NIS1 and Symbol are not compatible, meaning the Symbol chain will be introduced in parallel with NIS1. In order to give XEM holders agency throughout the migration, the token allocation of the XYM tokens will be determined by an opt-in process.
By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of the Snapshot.
This article will break down everything you need to know about the opt-in process, snapshot, and how to be an early participant in XYM and Symbol.
Let’s first break down some key phases of the migration process:
1. Opt-in – Opens September 15th, 2020
Opt-in is the process everyone will use to receive their XYM tokens on the Symbol public chain when it launches. To participate in XYM, you first need to own XEM in a NEM account.
By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of the Snapshot (1 XEM= 1 XYM).
Users will need to download an updated version of the NEM desktop client wallet from the NEM website, available here: https://nemplatform.com/wallets/#desktop.
This client wallet will contain a module that will make it simple to Opt-in using your NEM account.
Opt-in will officially launch on September 15th. Just before Snapshot, opt-in will briefly close for a few weeks until the Symbol public chain is launched. Don’t fret if you miss this deadline – you will be able to opt-in for 6 years after launch, so there’s a big window to complete the process!
Visit https://nemplatform.com/symbol-migration/ to follow a step by step guide on the Symbol opt-in process.
2. Snapshot – Early December
Snapshot is the record of all XEM account balances on the NEM NIS1 blockchain at a certain date and time. For each 1 XEM you own at the time of Snapshot, you will receive 1 XYM. In other words, all XYM allocations will be based on this one-time record of XEM balances, so your XYM allocation for opt-in will be based on the amount of XEM you hold during the Snapshot.
Snapshot is coming in early December – the Snapshot date (and block) will be announced well in advance so everyone has ample time to prepare.
Questions? We’ve got you covered.
Contact [email protected] if any issues arise during the opt-in process.
(Disclaimer: The author is the Co-Founder and Director of NEM Ventures)