NEM: Technology platform upgrades Symbol Testnet

NEM : Smart Asset blockchain.
  • NEM, also titled Smart Asset block-chain, announced that the test reset of freshly introduced chain Symbol
  • The technology platform wishes to promote it as the last vital release before the launch of main-net for production
  • The new test-net also went through performance testing, where the result showed transactions engraved up to 15 million

NEM is a platform for technology that attempts to be a coherent way to regulate assets and data conveniently and at a low cost. It credits itself as the Smart Asset blockchain.

A new test reset of Symbol announced 

The Cryptocurrency NEM declared that they would be conducting a test reset of the newly developed chain Symbol. In addition, they have scheduled a complete release of the server, as previously announced. 

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The plan is to establish this as the last big release before the launch of main-net for production. Post the testing process is cleared, the official date of the launch will be re-proposed.

The NEM’s official Twitter handle tweeted today that the V0.10.0.5 of Symbol has been launched. Hence, the public test net is now available. They also lauded the team’s effort behind the release, appreciating their commitment for the past 4-6 weeks.

Older tools like Bootstrap, CLI, SDKs, wallets, etc., imply that errors can occur due to significant changes over the previous versions.

In other news, a correlated Symbol mobile wallet will also be revealed soon.

The last significant launch before the main-net

The NEM group has now been consistently proceeding with its development. It announced on January 14 that they had resolved every problem on the test net. 

Henceforth, it is entirely ready for the process of reset and eventual release. It is then that the release was officially declared. 

The new test-net has already gone through performance testing. The result showed transactions engraved up to 15 million. The test’s result was indeed impressive. It cleared the soak tests upto 400tps, tps implying the transaction processing number per second. 

The community nodes are being planned to be moved to the new test net soon. That is how the community tests will be conducted. Moreover, other stress tests are being planned. Post that, it will be easier to determine the release date as well as the release time. Though still undecided, the launch is predicted to happen at least a month or more ahead of this launch.

The snapshot date for granting XYM is also attached to the above-mentioned release date. The pre-opt-in terminates on the same day as the snapshot. If no significant problems are found in the future, this will probably be the last primary release before the main-net.

It will be interesting for the readers to see how the testing pans out in action and what new is NEM planning to bring forward via the main-net.

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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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