XYM is the native currency of the Symbol public blockchain which will launch in December 2020. 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.
Get the Symbol wallet
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 holders will obtain an XYM balance equal to that of their XEM balance at the time of the Snapshot. To be eligible for XYM all allocations must be manually claimed by each account holder through a process called Opt-in.
Certain other data, such as root namespaces and multisignature account configurations will also be migrated and must be manually claimed.
Migration Q & 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?
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.