Symbol launch – Snapshot and launch date announced
After 5 years of intense development the NEM community can finally breathe in relief with the highly anticipated and final snapshot + Symbol launch date being announced and scheduled for arrival in March.
Snapshot and end of pre-launch Opt-in is set at Block 3,105,500 on the 12th of March 2021.
The public mainnet of Symbol will have its genesis block roll out on the 15th of March 2021.
If you want to participate in the snapshot and be part of the Symbol genesis block, don’t forget to Opt-in your XEM before Block 3,105,500 on the 12th of March.
The Opt-in can be done easily from the newest NEM Nanowallet but is supported as well by a number of trading platforms, including the two major exchanges Zaif and Binance. For more information please look at the graphic and visit the specific Symbol web page.
Quick look at the timeline of Symbol’s final approach to release
Symbol is a subsequent project from NEM, benefiting from its experience, solid build up and fork free runtime of close to six years with NEM’s (NIS1) genesis launched on 31st March in 2015.
The development of Symbol began in early 2016, back then under the code name “Catapult” and in cooperation with Tech Bureau’s development of “Mijin” for enterprise.
NEM & Symbol are API driven platforms enabling easy plug & play and allowing programmers to work in the language they feel most comfortable with.
As such Symbol is packed with solid high-tech and will bring a whole range of state of the art technologies to the blockchain scene. It is about to massively enhance capabilities for business, public and communal projects to utilize blockchain technology for their specific use case.
Most prominent features by now are categorized in the following – already achieved – milestones.
Catapult Development Milestone Overview(A-F):
Aggregated transactions (Multi-level multisignature) allow for:
- Decentralized swaps
- Automatic Transaction Fee Payment
- Multi-Asset Escrowed Transactions
Multi-Level Multisignature Accounts:
- Fraud detection
- Account recovery
- Manufacturing and Supply Chains
- Account properties
- Merkle state transition proofs
- Cache state backing
- Cross-chain swaps beyond NEM (ETH, Bitcoin)
- Fee improvement
- Separating Mosaics from Namespaces
- Enhanced harvester Capabilities
- Alternative to Eigentrust ++ for node Reputation
- Harvesting Beneficiary
- Mosaic inflation
- Updated Modify Multisig Transaction
- Cross-Network Replay Protection
Part 1 – Proof-of-Stake+ (PoS+)
Part 2 – Mosaic Restrictions and Metadata
Part 3 – Dynamic Rental Fees & Persistent Delegated Harvesting Unlocking
- Desktop Wallet Project
- Mobile Wallet Project
- basic DoS protection
- Block Explorer
- new version of the Command Line Interface for Catapult
- TypeScript SDK v0.14.0
- contributions to the migration committee (Part 1 & Part 2, Open Letter To Supernode Owners)
Some of the use cases but not limited to include:
- International Remittance
- Bank Accounts
- Securities Trading
- IOT Micropayments
- ICOs and Utility Tokens
- Loyalty Rewards Points
- Inspection Records
- Copyright Management
- Sharing Economy
- Trading Cards
- Customer Relationship Management
- Compliance and KYC Records
- Logistics Tracking
- Telecom Accounts
- Medical Records
- Automatic Accounting
- User Identity Verification
- Time Logs
- Scientific Data Records
- Encrypted Messaging and Storage
- Social Media