Category: NEM (XEM)

Symbol Launch Reporting & Single Source of Information

Symbol Launch Single Source of Information

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Symbol Launch Reporting & Single Source of Information

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Introduction

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

Migration Approach

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:

Tokenomics

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 .

Symbol Brand

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 :

NIS1 Future

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 Reporting & Single Source of Information

Symbol Launch Plan

A detailed launch plan has been created, as per the announcement post HERE 12 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

Other Useful Links:

High Level Update

  • Mainnet public launch date is unchanged
  • 0.9.4.1 Release was a day late on 25th April 2020, communicated onto the forum on 27th April (Monday)  NEM Symbol 0.9.4.1 Release Announcement
  • CLI v 0.19.2 published 2 days early on Monday NEM Symbol Client Apps Release Announcement for Symbol Testnet 0.9.4.1
  • Line 22 – External design review – this line is the work being carried out assessing the fix for finality between the penetration testing company and the core developers. It has been extended out by 10 days. Currently this has no impact on the overall timeline as other core code can be written in this time. This will begin to have an impact in 10 days time if it is not resolved. The core developers and Nate D’Amico (@kaiyzen) are working directly with the pen testing company to ensure the correct solution is agreed upon
  • Changes made to some lines are not material or on critical path, but detailed below

Specific Plan Changes

  • Line 18 – Text changed to FC release
    Reason and impact – This is the dev handover of release, not completed release. Impact is non critical.
  • Line 19 – New line added to reflect RC release of 10 days
    Reason and impact – Added because time needed for a cycle and any related bug fixes if bugs are found. Impact is non critical if remains at 10 days
  • Line 22 – Additional 10 days added to the line
    Reason and Impact – owing to extra detail in the solution being worked on. Currently this has no impact on the overall timeline as other core code can be written in this time. This will begin to have an impact in 10 days time if it is not resolved. The core developers and Nate D’Amico are working directly with the pen testing company to ensure the correct solution is agreed upon
  • Line 23 – Lag of -10 days have been added
    Reason and Impact – owing to coding being able to continue currently in parallel with finality design work
  • Line 40 – CLI Client marked as complete
    Reason and Impact – CLI Client work completed early (2 days)
  • Line 49 & 57 – Two additional days added
    Reason and Impact – work is not yet completed, no impact to critical path. You can watch real time progress on these here: https://github.com/nemtech/community/blob/master/clients-status.md#wallets
  • Line 72 – No changes on plan or to timing
    Reason and Impact – Ledger first version of the code is complete, it going through unit testing and fix cycle. A review will be required by ledger and then discussion on how/if they are prepared to publish and when
  • Line 77 – No changes, trezor code is completed
    Reason and Impact – although some rewriting would be required with the changes being made between now and launch, this coding would not be significant. Trezor will not consider listing Symbol until it is a Top 30 coin.Trezor will not be available at launch.
  • Line 79 – Deleted as was there in error “Symbol Top 30 Coin” and duplicated on line 263
    Reason and Impact – No impact, admin error
  • Line 107 – “ Opt-in NIS1 Data Collection Dev” Completed 2 days early, date altered
    Reason and Impact – Coding completed early
  • Line 218 – Alteration to text in line from “at least 5” to “at “3 existing + 2 new”
    Reason and Impact – Text altered to reflect more accurate position

About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.

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This article was originally published on: The NEM Blog on