Migration Committee Community Update #10

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This is a joint message for our community on behalf of the Symbol Migration Group, comprised of The NEM Foundation, NEM Studios, NEM Ventures, and Tech Bureau Holdings.

Translations:

Japanese: Here
Spanish: Here
Mandarin: Here
Italian: Here
Russian: Here

Project Overview

Launch Date Targeting Q1 2020

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What has been done to date:

  • 02-07-2019 Migration Committee set up
  • 15- 09-2019 Initial proposal posted
  • 02-10-2019 Tokenomics drafted
  • Oct 2019 FC Release F1
  • Nov 2019 Decision has been made by the migration team to support Opt-In.
  • 18-11-2019 FC Internal Release F2
  • 30-11-2019 Tokenomics recommendations made and shared to core
  • 03- 12- 2019 SDK Gateway F2 compatible RC Release
  • 04-12-2019 Tokenomics recommendations shared with SuperNode holders for
  • 06-12-2019 Tokenomics proposal shared on the Forum for comment
  • 10-12-2019 F3 Compatible test network launched, including tokenomics proposal settings
  • 12-12-2019 Latest compatible wallets released
  • Current release is (0.8.9)
  • 16-12-2019 Migration and Tokenomics Proposal POI voting commence
  • 19-12-2019 Brand proposal will be released to the public for vote
  • 21-12-2019 Migration and Tokenomics Proposal POI voting closes
  • DEC 2019 Pen testing & review started
  • 02-01-2020 Branding Proposal voting closes

Future Milestones:

  • 13-01-2020 New Symbol ticker vote commence
  • 30-01-2020 Branding guidelines/ toolset delivered
  • Feb - Mar 2020 LAUNCH
  • Mar 2020 Post launch re-evaluate and reconfirm future plans still stand

Based on the milestone timelines above, Symbol is still aiming for Q1 2020 launch. We will keep everyone posted as things progress.

Process For Symbol Launch

A common question from the community is in regards to what the process is for decision making to move the Symbol launch forward. This is the (high-level) recommendation from Foundation, Studios and Ventures to the core devs.

  • Migration Committee forms an initial proposal for technical options, tokenomics and brand and shares with the community for feedback. Technical Options complete, Tokenomics and Brand ongoing, expected to be completed in January.
  • Feedback is absorbed and balanced between what is wanted and what is possible, across various stakeholder groups (Core Devs, Super Node Holders, Wider Community, NEM Entities, External Parties) and creates three proposals
  • Two summary proposals encompassing all three elements are drafted and put to the community for a decision. One will encompass tokenomics and migration while the other will revolve around branding. If it is rejected then it will be reworked but this may impact Q1 2020 launch and that must be balanced to avoid as a priority.
    • At the present, both proposals have been accepted by the community

Opt-In Proposal

The migration team is proposing that every account has to opt-in to receive Symbol tokens. This includes multi-sig and non-multi-sig accounts. Accounts won’t receive Symbol tokens or multi-sig configurations unless they opt-in. Accounts can opt-in either before or after public chain launch. For those who wait until after launch, their Symbol tokens will be held in a nominated account until they are claimed when the owner opts-in. The process/entity for managing these unclaimed tokens will be defined and communicated prior to launch. After a specified period (6 years is the current assumption due to statute of limitations) the proposal is to burn unclaimed tokens…

Technology and Development

Previous Update/ Standing Update

  • Desktop Wallet: The latest version of the Desktop Wallet (v0.8.9) has been released which auto-connect to the latest version of the test network. An early beta phase has been initiated for this project of which you can view the source code on Github: Here

  • Mobile Wallet: There is currently no public release for the Mobile Wallet yet but the package has been worked on and will be released in the form of an apk download for Android devices, and eventually made available via the Google Play Store and Apple Store App. (iOS)

  • Block Explorer: The latest releases of the Block Explorer are available as a demo here and will be updated as new commitments are made to the repository on Github: Here

  • Hardware Wallets:

    • Trezor: The hardware wallet integration for Trezor in the Desktop Wallet has started and has made good progress. The team at Labrys is currently working on the firmware integration of Symbol for Trezor devices
    • Ledger: A service provider of the NEM Foundation is also working on the integration of Symbol for Ledger hardware devices, this project is still in its early phase and has not been published yet.
  • REST & SDK: The NEM Studios developers have completed the latest server compatibility changes. New SDK releases were made and the various clients have updated them.

  • Review/Test: The next phases of testing are beginning including new performance testing and penetration testing by a third party, as we begin the open bug bounty program on the security review platform HackerOne. These efforts will continue through release time. Depending on the results of said testing, lead times may extend to ensure quality management.

  • TestNet: A new version of testnet is running and configurations based on the tokenomics proposal have been applied. All current and ongoing builds of the various clients will point to the network by default.

What’s New?

Testnet is now live! For more information on our press release and how to get involved, please go here.

Exchange Outreach

Exchange outreach for Symbol continues and has evolved into the Symbol Exchange Steering Committee led by Anton Bosenko, NEM Foundation Council Member. The Symbol Exchange Steering Committee also includes Alexandra Tinsman, Cryptobeliever, Jeff McDonald, Ъ!!!11, Greg Saive, Pedro Gutierez, and Flora Fang.

Previous Update/ Standing Update

  • Finalisation of the pitch deck which will include information about:
    • NEM
    • New project
    • Team
    • New tokenomic model
    • High-level Marketing and PR plan
    • Approach to liquidity
    • NIS1 (XEM) support plan
    • Timelines
    • Integration technical information
  • Conducting the meeting with one of the Japanese exchanges
  • Getting feedback from the TIER 1 exchanges that lists XEM

What’s New?

  • Extended version of the pitch-deck is in the works
  • The meeting was held with the Japanese Exchange and the process of listing preparation has begun
  • Communication channels with 10 exchanges have been established, negotiations are underway
    • Due to the nature of said negotiations, not all information can be released

Brand Strategy and Go-To-Market

Brand Strategy

Branding updates can be found in the NEM Forums here.

What’s New?

On the 13th January 2020 (PST), a vote will be held for the ticker of our new brand (Symbol). For more information (closer to the date) on how to participate, please go here.

Since the successful community vote on the new Symbol brand over the holidays, work has been undertaken to increase awareness of the new shift in brand. More information of our press release can be found here.

Tokenomics

Previous/ Standing Update

Various members of the community, migration committee, and supernode holders group have expressed ideas/preferences. This information and various modelling has now been completed and compiled into a concrete proposal which has been reviewed by the Migration Committee, Core Team, SuperNode Group & the Community. It has been well received across the board and is now part of the PoI vote.

As of December 21, 2019, at 3:00 PM PST, the Migration and Tokenomics POI voting poll has concluded! The results are as follows:

Yes (approve)
votes: 365
weighted score: 3.52268%
percentage: 95.00

No (reject)
votes: 11
weighted score: 0.18558%
percentage: 5.00

All prerequisites for a passing vote has been satisfied (‘YES’ votes with the minimum of 3% POI and 65% majority).

Given the approval from the community, the Migration Committee will now consider the motion to have passed, and actions will now commence following said proposal.

Thanks for your continued support,
Migration Committee

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