Symbol Launch – NIS1 Future Strategy Recommendation
NIS1 FUTURE STRATEGY
This is a joint message for our community on behalf of the Symbol Migration Group, composed of The NEM Foundation, NEM Studios, NEM Ventures
Release Date: Monday 30 March 2020
THIS IS A DRAFT PROPOSAL.
Full Document: NIS1 – Future Strategy Proposal
The document has been created from various working documents, meetings and conversations. Its purpose it to pull them into a cohesive proposal and it has been reviewed by the Migration Committee, Core Developers, Tokenomics Working Group and a Focus Group of SuperNode Holders, all feedback as been incorporated.
As part of the various recommendations for Symbol Launch and the Tokenomics in late 2019, it was identified and communicated to the community that some changes may be recommended to ensure NIS1 remain viable and sufficiently supported ongoing.
These changes are in recognition that NIS1 is expected to continue to be a viable network and chain for years post Symbol launch, we know some projects and holders will not migrated immediately or will claim Symbol tokens but continue to use NIS1 for some time post launch. NIS1 is also used to allow post launch opt ins by anyone who did not claim their Symbol Tokens prior to launch.
This proposal suggests options and a recommendation for some discrete changes which can support this viability.
The proposed changes can be summarised at a high level as:
- SuperNodes: Extend the SuperNode programme by 6 years in its current form
- Open source NIS1 and include work to bring it up to date, plus testing
- Scope data access layer for NIS1 to present data like Symbol
- Core Funds: Burn 600m XEM from core funds over 6 years
- Nodes: assure node numbers through multiple approaches (see doc for details):
- Supernode programme
- Symbol ecosystem bonus programme
- Nem entities, Service providers and investees being required to run nodes
- Other: Mandate the below, execution/delivery vehicles to be decided, in a complementary way to how they are happening for Symbol.
- Creation of a differentiated but complimentary brand identity for NIS1
- Facilitation and support of community initiative around NIS1 to transition from entity support to an open source community approach
- Creation of and transition to a community based governance model (DAO, tokenomics, bounty payments etc)
The full proposal can be viewed here and comments added in the document or on this forum post.
- Leave the document open for some time to capture feedback
- Put the proposal to a PoI vote
- Implement the suggestions (assuming it passes 2)
Previous articles about NEM & Symbol:
Public Testnet and SYMBOL Launch