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.
Summary of Current State
Will be by Token Opt In, 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 optin 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. More information on the migration approach is available:
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 .
The new chain will be called Symbol, this will become a second product set of NEM, so the NEM brand will continue as well. This product brand is having a new website created for it and this will be launched shortly, we will update here when it is ready. Further detail on the brand information is available :
Branding Assets Symbol Update #11
These will be simplified and available on the new Symbol website shortly
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. A proposal is out for community discussion at present and will be voted on in due course.
Symbol Launch Roadmap
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 NIS1 support on Ledger.
Other hardware wallets
We are in conversation with alternatives for launch but nothing has been committed to date.
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.
NEM Group will transition various 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.
NEM Foundation still has several subsidiaries, contracts across regions are not standardised, and there are different legal processes to navigate as a result. NGL is assisting with this.
The process has started with incorporating the new NGL structure and speaking with current NF personnel about their experience, roles, and objectives. In parallel, we are moving contracts over to NGL and working with legal teams to close the entities as they are emptied. Any extra financial assets after shut down will not be moved from NEM Foundation to NEM Group, this is specifically to keep source of funds simple at NGL for money laundering regulations. They will be transferred back to the current NEM Foundation trust and it is expected they will be repatriated to Core Fund. This requires some legal consideration first though.
The entities that are active with employees on April 1st are:
- NEM Foundation
- NEM Malaysia
- NEM Thailand
The entities that exist and have no employees or funds:
- NEM Japan
- NEM EU
NEM Japan is currently dormant from a legal perspective. Mikun, Kevin Newman, and Etsuko Kanetaka are employees of the NEM Foundation directly. The company is going through a slow process of being closed legally. To clarify, the old company NEM Japan which is owned by the NEM Foundation and is not being used, is being closed to allow the NEM Foundation to be shut down. This is overdue. NGL will continue to have NEM Japan representatives in Japan.
The process to close NEM Foundation and owned subsidiaries will take several months depending on the interpretation of legal review and specific country legalities and is complicated further by the NEM Foundation holding crypto assets.
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