NEM – SYMBOL Snapshot is completed
Today, NEM is writing history with the Symbol snapshot occurring on Block 3.105.500 or 12th of March 2021 at 04:26:34 UTC.
Everyone who has had XEM in their wallet at this precious block is now entitled to own the same amount of XYM, the native token for Symbol, on the new Symbol blockchain. The Symbol mainnet will start with it’s Genesis block on the 15th of March 2021.
At best, ownership has already been claimed by completing the (pre-snapshot) Opt-in. Nonetheless, it will be possible to claim Symbol’s Token XYM up to 6 years after the launch of the Symbol mainnet – as long there were XEM tokens in the wallet at snapshot block height.
For this purpose, NEM Group will set up a vehicle to ensure proper distribution for late claimers. Details on how this will work exactly have yet to be announced.
According to data from the Symbol Countdown Website, a total of 4.338.691.516 or 48,2076% out of a total 8.999.999.999 XEM have participated in the Opt-in procedure. All of these will be included in the Genesis block of Symbol. The amount of the opted-in XEM tokens is distributed over 31.122 separate NEM addresses.
As of now, a little bit more than half or 4.661.308.483, out of all the XEM not having opted-in, remains to be claimed with the launch of the Symbol chain.
As a result of the immense public interest, several websites and block explorers experienced slowdowns and short periods of time outs due to the massive traffic.
The NEM community has been awaiting this moment for several years. Now, the launch of the Symbol chain is only a few mere days away – the faith and hopes are high that the transition will go smoothly.
As of now, data from CMC shows a drop in the XEM price of about -25% compared to the last 24 hours, with the satoshi price dropping from 1050 satoshis to, as of date, 770 satoshis. So far, the drop resulting from the Symbol snapshot has been much smaller in impact than anticipated by most people of the NEM community.
Furthermore, it shows that the NEM community has everything but given up on the matured NEM blockchain with its versatile features. Nonetheless, for short term a further drop is in the range of expectations.
More information about the future of NEM is anticipated to be made public soon.
The NEM Group announced that it is recommended to wait for 360 blocks until after the snapshot block height to have the Opt-in 100% confirmed.
NEM is a time tested blockchain that began as an idea on Bitcointalk. In 7 years, NEM has grown to become a top market cap cryptocurrency without ever experiencing protocol-level security issues, downtime, or lost assets.
In 2020, NEM Group was created to expand adoption and re-energize the community. The results are now bearing fruit.
NEM is nearing release of its new blockchain, Symbol.
Symbol is expected to become a market leader in utility, interoperability, speed, and innovation.
Never respond to a direct message from someone claiming to be an admin. Real admins will never send you a direct message first.
• Check your account is opted in: http://opt-in.nemtool.com/
• Symbol opt-in status: https://twitter.com/SymbolOptinBot/status/1346845107862065157?s=09
Exchanges that have announced Opt-In support or XYM Listing ☑️
Testnet Node Instructions
• NEM Forum: https://forum.nem.io/
• Introduction to Symbol: https://hackernoon.com/nem-introduces-symbol-and-a-new-multi-layer-network-for-enhanced-trustlessness-bhce3299
• Symbol on GitHub: https://github.com/nemtech
• NEM NIS1 Roadmap: https://medium.com/nemofficial/the-future-of-nis1-2c170c38379e
Telegram Channel list
Official NEM channel: @nemred
Latest news: @newsonnem
Price and off-topic discussions: @nemberia
NEM Show: https://www.youtube.com/channel/UCkcbZePkFpr9UFQzhYX9Tfg
NEM Japan community: @nemjapan
NEM Russia community: https://t.me/NemRussiaOfficial
NEM Spain & Latin America community: @NEMespanol
NEM DACH (German speaking): @nemgerman
NEM China community: @nemtw
NEM Italy community: @nemitalia
NEM Brazil and Portugal community (Portuguese): @NemPortugues
NEM Turkey: @nemtr
NEM Korea: @nem_Korea