On March 12th, around 00:50 (CET), the time has come. NEM, the 2015 founded and New Economy Movement called blockchain, enters a new era with its community, developers, and partners. This very day the NEM network will commence a snapshot, ultimately determining who will receive the native token of the Symbol blockchain aka Catapult. To be precise, the snapshot will take place at the height of block 3,105,500. Unlike on the old NEM blockchain, the new token will not bear the ticker XEM but the ticker XYM.
Participation in the snapshot is open to all users worldwide without restrictions. The only access requirement is an own wallet, which must hold at least 100 XEM on the event’s date. During the event, a snapshot of the network is taken, and all account balances are recorded. These are transferred at the start of Symbol on March 15th, and anyone who held XEM is qualified to receive free XYM at a ratio of 1:1. If you like to take part in the snapshot, you need to prepare your wallet accordingly. The snapshot is supported by Ledger, the NEM desktop client, and NEMs native mobile wallet (By the way, NEM is giving away 150 Symbol-branded Ledger wallets to its community).
Alternatively, users can choose to complete the snapshot on an exchange. To do so, they must deposit their XEM on an exchange that supports the snapshot. The most prominent trading exchange that allows its customers to participate is Binance, including Poloniex, Bitpanda, Huobi, Kucoin, and 23 more.
Symbol is the Ultimate Blockchain and Smart Asset Platform
Symbol is a standalone blockchain that will eventually inherit the old NEM blockchain but not completely replace it. Therefore, at the snapshot, all users will receive XYM as an airdrop, but their XEM will retain its own market value. More importantly, Symbol is expected to achieve in the future and how this new blockchain plans to compete with other projects to gain traction.
While Symbol can also be used for payment purposes, its greatest strength lies primarily in their use by businesses, which can use Symbol to serve highly diverse use cases. At the same time, many elements already function in a modular fashion and, in this sense, allow for easy implementation into existing processes. At the same time, it is just as easy for developers to customize each of the individual aspects.
Another focus is on the symbol blockchain’s interoperability, which does not become a hermetically sealed system, but retains the necessary flexibility. This means that in the future, developers will no longer have to worry about whether a particular chain will become an exclusion criterion for their application, but can rely on having the necessary interfaces available at all times.
Mosaics – tokenizing assets made easy
An important foundation stone is laid with the so-called Mosaics. This is because they allow all possible and impossible assets to be tokenized. These can be tokenized ounces of gold, for example. Of course, other uses are also included because the Mosaics are so-called smart assets.
You could also use them to create event tickets or time-limited vouchers. The key here is also the high flexibility of Symbol. In the end, it is also very easy to create a standardized version of Mosaics.
In addition to their use as tokens, Mosaics also opens up the possibility of issuing stablecoins on the Symbol blockchain. Symbol’s new infrastructure thus covers all typical areas that are of economic importance in the context of blockchain technology and is ideally equipped for the future.
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