Home Blockchain NEM Postpones Opt-in for Symbol (XYM) Token to 15th September

NEM Postpones Opt-in for Symbol (XYM) Token to 15th September

  • The launch of Opt-in for Symbol which was scheduled for 7th September by NEM has been rescheduled to 15th September.
  • NEM in their official announcement at their forum said that additional 8 days were taken to improve the UI/UX and testing of the platform before it can go live.
  • This Opt-in will allow the existing XEM holders to snapshot their existing tokens into new XYM tokens for the Symbol blockchain.

The launch of Opt-in for Symbol which was scheduled for 7th September by NEM has been rescheduled to 15th September. NEM in their official announcement at their forum said that additional 8 days were taken to improve the UI/UX and testing of the platform before it can go live. This Opt-in feature of NEM will allow their users to use their new currency XYM. 

What is the Opt-In Method?

This Opt-in will allow the existing XEM holders to snapshot their existing tokens into new XYM tokens for the Symbol blockchain. Snapshot is simply a picture that is taken before the launch of Symbol and after the launch, its users will be allocated the XYM. Currently, the value of 1 XYM is set equal to 1 XEM token. The Symbol is scheduled to launch in December while the opt-in website and terms and conditions related to it will go live on 15th September 2020. 

NEM has clarified that the number of tokens a user will hold into their account while snapshot will be transferred and not the amount that will be during the actual time of Opt-in. Though users can claim for XYM tokens up to 6 years. 

Users through their desktop wallet of NEM and android application NEM mobile wallet can opt-in for single accounts as well as the Multi-Signature Accounts for namespaces and harvesting keys. Although for Multi-Signature accounts one has to use the desktop wallet. New blockchain Symbol (XYM) will come into existence but the old NEM blockchain will still be operable. 

Confusion in Users Regarding Opt-In

Majority of the token holders are still confused about the process and waiting for Exchanges of Japan to start their services in this area. Also, a wait for the policy and rules for Symbol (XYM) is eagerly watched by everyone from investors to exchanges to users. As per NEM Technology policies will also go live on 15th September along with the Opt-in. They also assured their users through a tweet that one doesn’t need to immediately implement it. A Japan-based Exchanged Fobi Japan Co. Ltd stated that they have started handling XEM (XYM) tokens on their platform.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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