XYM is the native currency of the Symbol public blockchain. It is used to pay for transactions in order to incentivize the network of public nodes that process and record transactions, giving XYM fundamental value as the currency of a functioning economy.
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Download our client to manage XYM, issue transactions, and create custom accounts, mosaics, and namespaces. Symbol Desktop Wallet is available for Mac, Windows, and as a web application.
Migration from NEM NIS1 to Symbol
Selected data on the NEM public chain will migrate to Symbol at public chain release.
When the Symbol public chain begins, all XYM will be allocated based on each user’s XEM account balances on the NEM blockchain. XEM to XYM allocations will be 1-for-1, meaning that 1 XEM on NEM gets you 1 XYM on Symbol. However all allocations must be manually claimed by each account holder.
Certain other data, such as root namespaces and multisignature account configurations will also be migrated and must be manually claimed.
What are the steps of migration?
1. Put XEM in your NEM account
XYM will be allocated based on each user’s on-chain XEM balance. We recommend that prior to migration, users move their XEM off exchanges and into their on-chain accounts. Some exchanges may provide migration for their clients, but the only way to be sure is to have your XEM in your own account.
2. NEM Snapshot
Several weeks before launch, the team will take a snapshot at a certain block of the NEM chain to use as the basis for allocation. Allocations will be finalized at that block, and transactions that happen after the snapshot block won’t affect the Symbol chain. The team has not yet announced the date when the snapshot will occur, but they will announce the date well in advance so all users have ample time to prepare. All data in the snapshot and all data migrated to Symbol will be fully auditable and transparent.
3. Download the Migration Tool
The team plans to release a migration tool to make the claiming process easy. Check back here for a link to the migration tool.
4. Window for early claiming
All users will have to manually claim their XYM and other data on Symbol. One available option is to claim after the snapshot, but before the Symbol public chain release. All balances claimed before the Symbol public chain release will already be included in the first block of Symbol.
5. Window for later claiming
Users also have the option to claim XYM after the Symbol public chain release. When the Symbol public chain is released, unclaimed XYM will be held in a custodial account until it’s claimed with the migration tool (see above) or until the cut-off (see next.)
6. Unclaimed XYM cut-off after 6 years
6 years after the snapshot, users will no longer be able to claim XYM allocations from the snapshot. All XYM remaining in the custodial account will be removed and subject to community governance. Accounts with lost NEM passwords and other unrecoverable XEM will also fall in this category. After this cut-off, namespace and multisig configuration allocations in the snapshot will be discarded.
Migration Q and A
What Data Will Be Migrated?
The migration tool will allow you to claim XYM, root namespaces, and multisignature account configurations. Some other data, such as mosaics, can be manually replicated on Symbol with extra steps (see below.)
What Data Will Not Be Migrated?
For technical reasons, all other NEM public chain data will not be migrated to Symbol. This includes transaction history, messaging, notarizations, voting, and so forth. However, this data will continue on the NEM chain and anyone can use the snapshot as a reference if they wish to manually replicate NEM data on Symbol.
What Will Happen To Existing Custom Tokens and Assets (Mosaics)?
Mosaics will not be migrated directly. To replicate a NEM mosaic on Symbol, the first step is to claim the root namespace using the migration tool. Then the mosaic will be able to be replicated by choosing the same configurations and distributing it based on the snapshot data. We plan to release a more detailed guide prior to Symbol launch.
What Will Happen to XEM Balances and the NEM Chain?
All the data and balances on NEM will not be affected by the snapshot or migration process. Claiming XYM will not impact your XEM balance. The NEM blockchain will continue to operate as normal. The NEM team and community will continue to support the NEM chain and ecosystem. The team also plans to continue the NEM supernode rewards program.
What Are The Timeframes and Key Dates?
The date of the snapshot and other key dates have not yet been finalized. The team is planning to announce key dates several weeks ahead of time to make sure everyone in the community is prepared. We will announce them on all our social media platforms. Check back here for updates as they are announced.
- Snapshot Date: TBD
- Begin Claiming XYM Date: TBD
- Symbol Public Chain Release Date: TBD
- 6 Year Cut-Off to Claim XYM Date: TBD
Symbol Nodes and Tokenomics
Anyone can run a node on the Symbol public chain. Running your own node lets you create blocks and verify on-chain data yourself. It also lets you earn XYM harvesting rewards, including a share of rewards from other harvesters who delegate their harvesting to your node.