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- Symbol successfully implements hard fork upgrade named Cyprus.
- According to Symbol, the upgrade would help them to move from focusing on the enterprise to make it more decentralized through various features & changes.
- NEM group blockchain is also expected to implement its Harlock update on November 18 & 19.
In March, the blockchain chain giant New Economic Movement (NEM) launched its new decentralized & open-source blockchain, Symbol. It was created to facilitate & help businesses to develop new models on blockchains to reduce cost & complexity of various sorts. The blockchain also has its own currency named XYM, which is currently trading at $0.1886 at the time of writing.
Recently, the company had promised to introduce various upgrades to make the chain more decentralized and focus more on becoming community-driven from an enterprise-focused blockchain. Moving forth, Symbol announced its Cyprus hard fork update that would facilitate the same.
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On Thursday, Symbol implemented their Cyprus hard fork update that brought various changes, and firstly the recent update would allow the nodes to signal the support for new projects in a more explicit way. The blockchain further encouraged the operators to review the philosophy & upgrade the node to the latest version v1.0.3.0. The update will be executed at the block height of 3,464,800.
The project deems to make its most important contribution. It uses a proof of importance mechanism that determines the concentrations of wealth, which is associated with the proof of stake method. Such mechanisms come in unique ways while most use proof of work mechanisms.
In addition to the update, to become more decentralized, the hard fork update will also burn all the pre-existing tokens as funds reserved under development & post opt in funds of Symbol & will mine new tokens. The funds will be placed in a multi-signature account managed by Valkyrie.
Cyprus update was implemented on November 11 where it also included the launch of its new domains., testnet explorer & faucet.
The hard fork upgrade is a part of its new economic zone sighted by Symbol & envisioned by the parent company NEM. In addition to the hard fork update, Symbol also plans to introduce a Harlock update that is expected to be implemented by November 19, bringing various other updates to make the chain more decentralized & oriented towards the community.
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.
