The NEM Foundation announced the testnet launch of its open-source blockchain platform SYMBOL on January 10, 2020. The mainnet launch of the platform is expected somewhere in the first half of this year.
So SYMBOL is approaching and here we will explain what it is? How it will distributed to existing XEM, the native token of NEM Blockchain, holders and what will happen to old NEM blockchain and its Token.
What is SYMBOL
According to the NEM Foundation, SYMBOL is a next generation, open source decentralized blockchain platform from NEM that connects businesses to blockchain, helping them to reduce cost, complexity, and find new ways to create value.
SYMBOL is a new blockchain platform developed by NEM under the code name ‘Catapult’ which was then, after conducting voting on Branding Proposal, given the name SYMBOL form NEM and the token got the ticker symbol XYM.
In short, SYMBOL is a new blockchain network with new token form the NEM Foundation.
How NEM Holders Will Get New Symbol Token
According to the procedures provided by the NEM Foundation, in order to receive new tokens, existing NEM holder can manually opt-in form their accounts.
What is Opt-in and Snapshot
A snapshot is a picture that will be taken before the launch of SYMBOL form NEM recording everyone’s XEM balance across the NEM blockchain.
The snapshot will then be used to populate the new SYMBOL tokens in the new SYMBOL blockchain.
Now the XEM balance of each user across NEM blockchain is recorded, it is the time for XEM holders to choose whether to receive the new token or not.
This is called opt-in. The migration to SYMBOL will be a complete manual process.
XEM holder can opt-in by logging into their XEM wallet, also called Nano wallet, and manually opt-in via the Services panel.
If a NEM holder does not opt-in, he will not receive any SYMBOL token XYM. While the snapshot is happening before the mainnet launch of SYMBOL, NEM holder can even opt-in after launch.
No matter when a holder opts-in, he will only receive the corresponding XYM tokens that were recorded at the time of the snapshot. Users can access new tokens by using their private keys for new account on the new network.
One SYMBOL token for every 1 XEM token at the time of snapshot will be created on the on the new SYMBOL platform blockchain. Remember new token will be created on new blockchain.
There will be air drop or 1-to-1 swap of tokens. For each XEM held at the snapshot date, the holder will have the right to participate in SYMBOL and redeem one SYMBOL token.
What Will Happen to Existing XEM Token and NEM Blockchain
SYMBOL from NEM is new blockchain network owned by NEM Holding. Following the launch of the SYMBOL token, the XEM token will remain as a functioning currency on the NIS1 platform, a new chain created for original NEM blockchain. They will still be tradeable on exchanges as normal. So, there are 2 blockchains network by the NEM Foundation.
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