NEM commences first phase of migration to its next-gen Symbol blockchain

NEM Group today announced that it has begun the opt-in process to Symbol, its next-generation enterprise-grade blockchain solution. Opt-in represents the first step of the migration process from NEM NIS1, NEM’s original blockchain offering, to the Symbol public chain, a new enterprise-grade chain which will be introduced in parallel with NIS1.

As part of the migration process, all holders of XEM, NEM NIS1’s native currency, will be eligible to receive XYM tokens on Symbol when it launches later this year. In order to give XEM holders agency throughout the migration, the token allocation of the XYM tokens will be determined through the opt-in process and Snapshot, a record of all XEM account balances on the NEM NIS1 blockchain which will be taken in early December 2020.

Timeline of Nem