Catapult Migration Frequently Asked Questions (FAQ)

Dear Community,

With the upcoming Catapult launch, we understand that there are many questions. The Catapult Migration Committee (consisting of Core Team, NEM.io Foundation, NEM Studios, and NEM Ventures) has extracted a list of questions and developed answers in an FAQ. Feel free to submit a request if you have any other questions.

Covered topics are as follows:

• Basic

• Exchanges, Speculation, Price Dump

• Governance, Decisions

• Legal, Privacy, Taxation

• Others

• Technical

• Token, Tokenomics, Nodes

https://support.nem.help/hc/en-us/sections/360007012931-Catapult-Migration-FAQ

4 Likes

Thanks for the information.
It would be nice if you could go into more detail about this point :

"
19. QUESTION: What happens with NIS 1? Who supports it after catapult release?

ANSWER: There will be a plan in place to ensure that the NIS1 chain continues to operate. Primarily, it will be open-source and available to the community to further develop the NIS1 chain.
"

Thx

The time limit on claiming is alarming. That did not produce a happy result with some original stake claimants, though it was their fault, and it could get a whole lot more toxic from people who paid large amounts of good money for their XEM.

I know it’s their responsibility to keep abreast of developments but some people simply don’t do that. You can take the certainty of a fair number of XEM owners falling outside of this time period, no matter how lengthy it is, to the bank and cash it.

Beginning the properly decentralised phase with the possibility of that blowing up is a truly terrible look and could leave a permanent stain.

Is this a decision?

The original stakeholders were given plenty of time to redeem their stake. It was even extended multiple times. Somewhere you have to finalize it, you cannot leave it open forever.
If you do not have time to check in once a year on a project you were invested in then that is your own fault. And besides that if you would have forgotten to claim your stake you could buy at market price and still be a multi-millionaire.

11. QUESTION: So will the price for XEM and the new token be pegged?

ANSWER: No. It will be determined by the market.

price first day catapult 0.00000000 sat? 0.00$ ??

You certainly can if it’s a fork. And since stakeholders had nothing on the line other than future unknown riches it’s less relevant than this set up.

If I remember rightly the stakeholder period was about 8-9 months in total.

In this case it would have to be several years. If not it’s going to be a source of eternal outrage.

Catapult is not a fork, it is a new chain with new features. And yes it will at least be multiple years, but it is not determined yet

1 Like

QUESTION: The concern is that most people, after opting-in, would want to dump their XEM for FIAT. That would drop the prices of XEM before the end of the opt-in phase. Then whales would buy those dumped XEM and opt-in into the new network. What are you doing to prevent this?

ANSWER: There is no way to opt-in XEM twice as balances will be snapshotted at certain block height.

When you buy xem durring the opt-in period, how do you know it was opted-in or it was not?

Opt-in is for accounts and not for coins. You opt-in your account and the balance of that account at the moment of the snapshot will determine what you will get after the catapult launch.
Only the balance at the moment of the snapshot counts. So moving coins before or after the snapshot will make no difference of what happens at the snapshot.

I like the reallocation of the funds though

Thanks for the extensive clarity regarding the Catapult migration.

When will the date of the snapshot be announced? I think this is a very important date seeing how NEM1 will continue to exist after Catapult migration, you can basically get two different platform tokens for the price of one as long as you buy XEM before the snapshot date.