Symbol Launch Single Source of Information
This is a summary forum post where people can stop by and understand the current information available about Symbol and see short sharp updates on the progress on the plan and launch of Symbol against the plan.
We want it to be easy to read so comments are disabled to avoid discussion in the middle of the information; it is a news feed. We encourage any and all discussion to be generated by creating a new forum thread and link to this one. We will address the questions as soon as we can on those posts. This is not to restrict discussion, purely to keep this as a clean news feed for community members and external partners both potential and existing.
This top post will be edited as more information needs to be added, and a short reply added to the post highlighting minor updates regularly, where a major update occurs (like a release) a new post will be made and it will be linked from here. This will build over time into an information repository in one place.
Summary of Current State
Will be by Token Opt In, token holders of XEM will make a conscious indication they want to be included, and receive the same number of XYM as they hold in XEM at the snapshot block, they will continue to hold XEM. The optin process will continue to be possible for up to 6 years post launch, managed by a Special Purpose Vehicle (SPV), further information will be provided in due course on the mechanics. More information on the migration approach is available:
- Migration Committee Community Update #3 - Revised Recommendation
- Migration Committee Community Update #3.2 - Post Launch Opt In
The new chain will start with ~7.2bn tokens max supply and will inflate over time using Symbol Block Rewards to the current 9bn max supply of NIS1. This will be hard coded into the network and day 1 and not require any intervention, it will match the inflation rate of BTC but be performed in quarterly instead of 4 year adjustments. Supernode program will continue but diminish over time, finishing in 6 years, there will be 2 ecosystem bonuses available for people to register before launch (Ecosystem and Early node) further detail will be provided in due course. More information on Tokenomics is available .
- Detailed Tokenomics Proposal
- Calculations and Projections
- Migration Committee - Catapult Tokenomics Proposal
The new chain will be called Symbol, this will become a second product set of NEM, so the NEM brand will continue as well. This product brand is having a new website created for it and this will be launched shortly, we will update here when it is ready. Further detail on the brand information is available :
- Branding Proposal
- Branding Assets Symbol Update #11
These will be simplified and available on the new Symbol website shortly
NIS1 will continue to exist and be used by projects who are not migrating, it will also be used for the post Symbol launch optin mentioned above. A proposal is out for community discussion at present and will be voted on in due course.
Symbol Launch Roadmap
Symbol Launch Plan
A detailed launch plan has been created, as per the announcement post HERE 12 this will be updated regularly and managed in public as much as possible. This thread will be used to communicate changes and task completion in as much detail as is practical/possible. This is likely to be in two or four weekly intervals
(May 15, 2020 update)
The coding work is complete for Trezor integration up to version 0.9.4, it would need updating with minor changes to the current version. This is currently on hold, we have been informed by Trezor that they will not accept our Pull Request for an asset until it is top 30 on coinmarketcap.
This means that Symbol (XYM) will probably not be listed on Trezor at launch. This is owing to a policy of Trezor themselves. Once Symbol is listed and reaches the Top 30 we will re-contact Trezor about adding XYM. We have no options here but encourage Trezor customers to feel free to indicate your desire for it to be supported - policies will ultimately be dictated by market demand from their customers.
Ledger code is complete, with only minor revisions required when the RC is completed. We are in contact with Ledger and they are aware of our launch date. As they are a third party it is in their remit to decide when/if XYM is integrated into Ledger, discussions are also ongoing for NIS1 support on Ledger.
Other hardware wallets
We are in conversation with alternatives for launch but nothing has been committed to date.
The NGL structure is listed here 3, with Gibraltar the chosen jurisdiction owing to its favourable DLT regulations for entities, existing relationships in the country and multiple global organisations being run from the jurisdiction.
NEM Group will transition various staff, assets, IP, and agreements from all NEM entities including the NEM Foundation (and subsidiaries) into a simpler legal structure to allow for more efficient operations and a product focussed business structure to assist with focus on specific areas.
NEM Foundation still has several subsidiaries, contracts across regions are not standardised, and there are different legal processes to navigate as a result. NGL is assisting with this.
The process has started with incorporating the new NGL structure and speaking with current NF personnel about their experience, roles, and objectives. In parallel, we are moving contracts over to NGL and working with legal teams to close the entities as they are emptied. Any extra financial assets after shut down will not be moved from NEM Foundation to NEM Group, this is specifically to keep source of funds simple at NGL for money laundering regulations. They will be transferred back to the current NEM Foundation trust and it is expected they will be repatriated to Core Fund. This requires some legal consideration first though.
The entities that are active with employees on April 1st are:
- NEM Foundation
- NEM Malaysia
- NEM Thailand
The entities that exist and have no employees or funds:
- NEM Japan
- NEM EU
NEM Japan is currently dormant from a legal perspective. Mikun, Kevin Newman, and Etsuko Kanetaka are employees of the NEM Foundation directly. The company is going through a slow process of being closed legally. To clarify, the old company NEM Japan which is owned by the NEM Foundation and is not being used, is being closed to allow the NEM Foundation to be shut down. This is overdue. NGL will continue to have NEM Japan representatives in Japan.
The process to close NEM Foundation and owned subsidiaries will take several months depending on the interpretation of legal review and specific country legalities and is complicated further by the NEM Foundation holding crypto assets.
Other Useful Links:
- Symbol Technical White Paper: https://nemtech.github.io/catapult-whitepaper/main.pdf
- Wallets UX capabilities: https://github.com/nemtech/community/blob/master/clients-status.md#wallets
- Github: https://nemtech.github.io
- Slack: Join here
- Discord: https://discordapp.com/invite/8Kt3WH
High Level Update
- Mainnet public launch date is unchanged
- 0.9.4.1 Release was a day late on 25th April 2020, communicated onto the forum on 27th April (Monday) NEM Symbol 0.9.4.1 Release Announcement
- CLI v 0.19.2 published 2 days early on Monday NEM Symbol Client Apps Release Announcement for Symbol Testnet 0.9.4.1
- Line 22 - External design review - this line is the work being carried out assessing the fix for finality between the penetration testing company and the core developers. It has been extended out by 10 days. Currently this has no impact on the overall timeline as other core code can be written in this time. This will begin to have an impact in 10 days time if it is not resolved. The core developers and Nate D’Amico (@kaiyzen) are working directly with the pen testing company to ensure the correct solution is agreed upon
- Changes made to some lines are not material or on critical path, but detailed below
Specific Plan Changes
- Line 18 - Text changed to FC release
Reason and impact - This is the dev handover of release, not completed release. Impact is non critical.
- Line 19 - New line added to reflect RC release of 10 days
Reason and impact - Added because time needed for a cycle and any related bug fixes if bugs are found. Impact is non critical if remains at 10 days
- Line 22 - Additional 10 days added to the line
Reason and Impact - owing to extra detail in the solution being worked on. Currently this has no impact on the overall timeline as other core code can be written in this time. This will begin to have an impact in 10 days time if it is not resolved. The core developers and Nate D’Amico are working directly with the pen testing company to ensure the correct solution is agreed upon
- Line 23 - Lag of -10 days have been added
Reason and Impact - owing to coding being able to continue currently in parallel with finality design work
- Line 40 - CLI Client marked as complete
Reason and Impact - CLI Client work completed early (2 days)
- Line 49 & 57 - Two additional days added
Reason and Impact - work is not yet completed, no impact to critical path. You can watch real time progress on these here: https://github.com/nemtech/community/blob/master/clients-status.md#wallets
- Line 72 - No changes on plan or to timing
Reason and Impact - Ledger first version of the code is complete, it going through unit testing and fix cycle. A review will be required by ledger and then discussion on how/if they are prepared to publish and when
- Line 77 - No changes, trezor code is completed
Reason and Impact - although some rewriting would be required with the changes being made between now and launch, this coding would not be significant. Trezor will not consider listing Symbol until it is a Top 30 coin.Trezor will not be available at launch.
- Line 79 - Deleted as was there in error “Symbol Top 30 Coin” and duplicated on line 263
Reason and Impact - No impact, admin error
- Line 107 - “ Opt-in NIS1 Data Collection Dev” Completed 2 days early, date altered
Reason and Impact - Coding completed early
- Line 218 - Alteration to text in line from “at least 5” to “at “3 existing + 2 new”
Reason and Impact - Text altered to reflect more accurate position
MAY 8, 2020
High Level Update
- Mainnet public launch date is unchanged
- Discussion continues between the core developers and penetration testing company on the best solution for finality. As parts are agreed, coding continues to be done toward v1 release
- v9.5.1. is due to be delivered by the core developers to @kaiyzen tomorrow (8th May) and is on time. This is not the RC release for 9.5.1, but it considered FC release. The team then update all other code elements, and RC release and Testnet update will occur over the next 10 days
- Work commenced on the governance solution for the post snapshot optin Token Management Process (line 185)
- Discussions with potential exchange audit companies are underway. To list a token the larger exchanges require a fully conducted review as part of their approval process
- Nominal changes to the plan, all other lines on track
Specific Plan Changes
- Line 22 - Increase in time to approval
There are a number of reviews and cycles that are being run through. As steps of consensus and finality voting are settled on
- Line 23 - Lag increased as coding continues
Additional lag to reflect the above line change
MAY 15, 2020 UPDATE
High Level Update
- Main net public launch date is unchanged
- Discussion continues between the core developers and core protocol review company on the best solution for finality. This has now become an amber risk to impact of the launch time line - if there is no resolution within the next 10 days its likely to have an impact on launch time lines
- v9.5.1 is due for release next week and is on schedule
- Line 197 - Contract code review company: This is likely to be a few days late as we are in the negotiation and scoping stage with the company.
Specific Plan Changes
Line 197 - Added 10 days to contracting code review company
This has no impact on the launch date
About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
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