Mar 19, 2021 08:33 UTC
Mar 19, 2021 at 08:34 UTC
Subsequently painful birth, NEM’s tokenization blockchain ‘Symbol’ is live
NEM has thrown its tokenization chain, Symbol, notwithstanding pre-mainnet shape issues pushing the launch back by 2 days.
Veteran crypto team NEM Group has publicized the fruitful launch of its Symbol mainnet.
Rendering to a March 17 statement, NEM now includes a ‘2 chain ecosystem,’ with NEM’s current NEM NIS1 chain ongoing to operate together with Symbol.
Symbol’s introduction was not completely smooth sailing, with the mainnet going live 2 days late.
Notwithstanding the team proclaiming the launch would be late due to the essential to investigate unforeseen node behavior among its pre-mainnet rollout, supported posts celebrating Symbol’s launch were hastily published by several crypto media outlets.
The issue stopping Symbol’s launch was recognized within 24 hours, with NEM proclaiming on March 16 that a ‘network config issue’ had caused in its pre-mainnet leaving on startup.
NEM labels Symbol as an interoperable Proof-of-Stake blockchain intended to support asset tokenization, counting financial, physical, & intellectual assets. Assets shaped on Symbol are given sole identifiers — letting conditional programming for tokens to be compulsory at a protocol level. The symbol also cares about both public & private deployments.
Symbol’s innate XYM token is being airdropped to holders of NEM’s innate token, XEM, at a one-to-one ratio rendering to balance snapshots as of March 12 — with 7.3 billion tokens from its nearly 9 billion max supply being owed to XEM holders.
While the limit for pre-snapshot opt-ins for the airdrop perished on January 9, XEM holders will be talented to entitlement their tokens for up to 6 years after Symbol’s mainnet presentation.
Unscrupulous investors looking to cash-in on the airdrop appear to have driven a violent pump & dump in the XEM marketplaces, with the token ahead 250% from $0.23 at the twitch of February to $0.8 on March 4.
Though, the maximum of the gains was short-lived, with XEM having reviewed back to $0.6 by March 12, before tanking back down to $0.33 over the subsequent 3 days. As of this writing, XEM last altered hands for $0.37.
XYM is presently trading for $0.4, an unevenly 8% premium over NEM, signifying that Symbol is the 31st-largest crypto asset by market cap, position above FTX Token & under IOTA, rendering to CoinGecko/
The NEM NIS1 blockchain was first thrown in 2014, & was the first chain to support on-chain multi-signature wallets. Symbol enlarges on this functionality by letting the signatory of multi-sig accounts also include multi-signature accounts with sole co-signers.
NEM says in an announcement ‘This permits operators to simplify the creation of complex signature necessities, which streamlines business processes like payroll,’.