At the beginning of 2020, the developers of the NEM cryptocurrency decided to rebrand a large-scale update of the Catapult code. This is due to the project's implementation timeline for two years, as well as the decision to create a separate blockchain called Symbol.
The network is already working in test mode, today the NEM Foundation has finally approved the timing of its launch as the main mainnet and the stages of migration.
NEM will move permanently to Symbol on December 17, unless the testnet reveals major vulnerabilities or issues by August 24. The new blockchain will be fully functional on September 15th. Preparations for the migration process will begin from December 3rd to 16th, the NEM fund will take a snapshot of the network, release wallets for exchanging cryptocurrencies for new altcoins one to one.
XEM coins will be replaced with the new XYM cryptocurrency during the migration. Clients of exchanges will automatically receive a conversion of their deposit for a new altcoin. Now the process of switching to Symbol is supported by the platforms: bitFlyer, Zaif, CoinCheck and GMO.
The main features of the new network will be: support for multiple sidechains, DPoS algorithm, which allows any XYM owner to earn money in pools. Blockchain will offer users innovative security tools, higher transaction speed, and developers - templates and tools for creating DeFi-corporate networks.
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Topic: NEM developers have decided on the date of transition to the Symbol network (Read 763 times)