Symbol Launch Single Source of Information
This is a summary forum post where people can stop by and understand the current information available about Symbol and see short sharp updates on the progress on the plan and launch of Symbol against the plan.
We want it to be easy to read so comments are disabled to avoid discussion in the middle of the information; it is a news feed. We encourage any and all discussion to be generated by creating a new forum thread and link to this one. We will address the questions as soon as we can on those posts. This is not to restrict discussion, purely to keep this as a clean news feed for community members and external partners both potential and existing.
This top post will be edited as more information needs to be added, and a short reply added to the post highlighting minor updates regularly, where a major update occurs (like a release) a new post will be made and it will be linked from here. This will build over time into an information repository in one place.
The first major revision of this post was made on the 16th August 2020.
Summary of Current State
NEM NIS1 to Symbol Public Chain Approach and Token Allocation
Allocation of Symbol (XYM) tokens will require an Opt In action by XEM holders. Token holders of XEM will make a conscious indication they want to be included, and receive the same number of XYM as they hold in XEM at the snapshot block, they will continue to hold XEM. The Opt In process will continue to be possible for up to 6 years post launch, managed by a Special Purpose Vehicle (SPV), further information will be provided in due course on the mechanics. It will be possible to Opt In via:
- NEM NIS1 Nano Wallet - a module will be added
- A Symbol Mobile Application (iOS or Android)
- Programmatically (documentation will be provided)
The Opt In will be made by sending a 0 XEM transaction from the account being opted in, to a known account on NEM NIS1. All pre-launch Opt In requests will be extracted and imported to Symbol via the Nemesis block.
Post Symbol launch, holders will continue to hold XEM, and be given XYM in addition.
More information on the migration approach is available:
- Migration Committee Community Update #3 - Revised Recommendation
- Migration Committee Community Update #3.2 - Post Launch Opt In
The new chain will start with ~7.2bn tokens max supply and will inflate over time using Symbol Block Rewards to the current 9bn max supply of NIS1. This will be hard coded into the network and day 1 and not require any intervention, it will match the inflation rate of BTC but be performed in quarterly instead of 4 year adjustments. Supernode program will continue but diminish over time, finishing in 6 years, there will be 2 ecosystem bonuses available for people to register before launch (Ecosystem and Early node) further detail will be provided in due course. More information on Tokenomics is available .
- Detailed Tokenomics Proposal:
- Calculations and Projections:
- Migration Committee - Catapult Tokenomics Proposal
It is important to note that the numbers in these models are based on a launch date earlier in 2020, these models will be updated prior to launch to reflect the changes. The concept and philosophy of the Tokenomics will be unaltered, just updated for new dates.
Symbol Brand, NEM Community and NGL Marketing
The new public chain will be called Symbol, this will become a second product set of the NEM project, so the NEM brand will continue as well.
The NEM Group marketing team have refreshed the main project website and launched two new sites, these are Phase 1 releases, we expect a further revision shortly to build from these:
- Nem.io - a refreshed website to explain the NEM ecosystem and to share access to the NEM ecosystem, including community. It also sets out some feature differences between NIS1 and Symbol.
- Symbolplatform.com - a new website with all the latest updates, information, resources and support for the Symbol chain
- Nemplatform.com - a refreshed website for all information on/about NEM NIS1
The NEM Community Hub was launched, this is a space for the community to reward each other for contributions toward the project success, awareness, features and anything else, some notable announcements:
Each week NGL will also provide a special task that community members can focus on to add value and earn additional rewards, these are things like build a testnet node, write an article, edit the Wikipedia/Reddit/etc page.
NIS1 will continue to exist and be used by projects who are not migrating, it will also be used for the post Symbol launch optin mentioned above.
An initial proposal was made for community discussion however it did not garner much engagement. This may have been due to the SuperNode fund being due to run out in approx Aug 2020, before the Core Team topped it up for another year.
- Symbol Launch - NIS1 Future Strategy Recommendation
- Full Proposal
- Core Team announcement to extend NEM NIS1 SuperNode rewards
It is still important to continue to focus energy on this discussion, maintaining chain security via staking, node count etc. NGL will endeavour to look at this again in the coming months prior to launch.
Symbol Launch Roadmap
High Level Roadmap can be found on the website https://symbolplatform.com/
Symbol Launch Plan
A detailed launch plan has been created, as per the announcement post HERE this will be updated regularly and managed in public as much as possible. This thread will be used to communicate changes and task completion in as much detail as is practical/possible. This is likely to be in two or four weekly intervals
The coding work is complete for Trezor integration up to version 0.9.4, it would need updating with minor changes to the current version. This is currently on hold, we have been informed by Trezor that they will not accept our Pull Request for an asset until it is top 30 on coinmarketcap.
This means that Symbol (XYM) will probably not be listed on Trezor at launch. This is owing to a policy of Trezor themselves. Once Symbol is listed and reaches the Top 30 we will re-contact Trezor about adding XYM. We have no options here but encourage Trezor customers to feel free to indicate your desire for it to be supported - policies will ultimately be dictated by market demand from their customers.
Ledger code is complete, with only minor revisions required when the RC is completed. We are in contact with Ledger and they are aware of our launch date. As they are a third party it is in their remit to decide when/if XYM is integrated into Ledger,
Discussions are also ongoing for NEM NIS1 (XEM) support on Ledger.
KeepKey by ShapeShift
We have begun work to allow XYM to be held on KeepKey. It is unclear at this point on timing but we are hopeful that it will be ready for launch.
The NGL structure is listed here, with Gibraltar the chosen jurisdiction owing to its favourable DLT regulations for entities, existing relationships in the country and multiple global organisations being run from the jurisdiction.
NGL has transitioned some staff, assets, IP, and agreements from all NEM entities including the NEM Foundation (and subsidiaries) into a simpler legal structure to allow for more efficient operations and a product focussed business structure to assist with focus on specific areas.
Several key director level appointments have been made, including 3 core team members taking up formal Director roles on the governance board at NGL:
- @Jaguar0625 and @Gimer have joined NGL as non-executive directors in addition to their ongoing core-developer duties, providing deep technical direction and strategic input for the governance tier.
- Jeff McDonald (@jabo38) has joined NGL as a non-executive director and global brand ambassador, bringing a wealth of knowledge and historical context to the governance board in addition to his ongoing public facing engagements
- Antony Welfare as Chief Commercial Officer of NEM Software, helping us refine our offer and alignment to enterprise customers/projects
We are pleased to formalise these appointments and continue to create a unified team for delivery and ongoing strategy of Symbol and NEM.
It is expected that this transformation will continue as NEM Group puts itself in a strong position to support Symbol enterprise adoption before, during and after launch.
Other Useful Links:
- Symbol Technical White Paper: https://nemtech.github.io/catapult-whitepaper/main.pdf
- Wallets UX capabilities: https://github.com/nemtech/community/blob/master/clients-status.md#wallets
- Github: https://nemtech.github.io
- Slack: Join here
- Discord: https://discordapp.com/invite/8Kt3WH
- Original Post:Original Post