NEM Postpones the Symbol Launch of their cryptocurrency XEM

  • XEM symbol launch is delayed to February 2021
  • NEM will confirm an exact date for symbol launch in the upcoming days
  • Pol vote to be utilized for getting a snapshot date

NEM (New Economy Movement) Group has postponed the symbol launch of their native cryptocurrency XEM to February 2021 because the crypto developers detected unusual problems on the Testnet. The symbol launch was previously scheduled for January 14, 2020.

Overview of the Problem

The concerns encountered by the crypto are under an ongoing investigation by Core Developers and Test teams for quite a long time. The developers consider the problems to be massive. If in case they are left unresolved, they will create unacceptable dangers to the Mainnet. Thus, the launch date is yet to be announced.

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The NEM group considers resetting Testnet to ensure whether the exact codebase is deployed to Mainnet and Testnet. It is stated that everything depends on further investigations, and there would be no additional impact on the launch. 

Opt-In and Snapshot

Another subject that needs to be highlighted is ‘The Opt-In closing and Snapshot.’ It has become a significant question for the group, whether Opt-In closing and Snapshot should wait wherever they are or proceed with the launch. The group has decided to let the public choose and has put the decision to a Pol Vote. 

Overview of XEM

The New Economy Movement, NEM makes use of blockchain and cryptography to execute answers for people and companies. XEM is a decentralized and open-supply cryptocurrency of NEM that works on a Proof of Importance algorithm (PoI).. PoI allows people to run data on the NIS1 network and promote transactions via a process called “delegated harvesting.” 

NEM price recorded today was $0.198079, with a 24-hour trading volume of $153,176,665. It has surged down 8.96% in the past 24 hours. The crypto has a  circulating supply of 8,999,999,999 XEM coins. 

Although the NEM Group has mentioned the release of the XEM symbol in February, there is no firm evidence that the problems encountered may be resolved till the launch date. Thus, we can expect a further delay. 

Do you think the NEM will make a successful symbol launch till February? 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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