Symbol x NEM
Symbol Opt-in Snapshot is worth Free XYM tokens for XEM holders at a 1:1 ratio. On 15th March 2021, NEM is launching the Symbol public blockchain. By opting-in, XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of Snapshot. Whether or not you choose to Opt-in, your XEM will not be affected. (1 XEM = 1 XEM + 1 XYM after Snapshot)
About Symbol & NEM
Symbol is a next-generation, open-source decentralized blockchain platform from the same team that created NEM NIS1. Symbol connects businesses to the blockchain, helping them to reduce cost, complexity, and find new ways to create value. It has increased speed, usability, security and flexibility, making Symbol the smart, effective choice for both enterprise users and developers to allow pre-configured smart contract functionality with much higher performance and lower cost than alternatives.
XYM is the native currency of the Symbol public blockchain which will launch in Q1 2021. 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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Symbol x NEM
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Step by step guide
- Visit the Symbol Snapshot page.
- Download the new NEM wallet.
- Create your Symbol account & Backup your wallet via mnemonics or Qr Code.
- Click the Select XEM Account button to import your NEM account.
- Add VRF keys to harvest the block rewards and review your Opt-in account details.
- Click the Complete Opt-in button to proceed.
- For each 1 XEM you own at the time of Snapshot, you will be allocated 1 XYM to the Symbol account you created during the Opt-in process. You will also keep all of your XEM. XYM will enable you to participate fully in the new Symbol blockchain. Without XYM you will not be able to use the Symbol blockchain.
Step-by-Step Guide ''Symbol Opt-in Snapshot''
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. For more information, please check the NEM Snapshot page.
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