– Chief Technical Officer of NEM Foundation Nate D’Amico
As unveiled during the successful NEM community vote, SYMBOL embodies a new brand and direction for NEM’s enterprise-focused blockchain solution, which reached feature complete status at the end of 2019. In addition to the public release of SYMBOL as a brand, the NEM Foundation invites developers and enthusiasts to join the SYMBOL public chain testnet.
“Our goal is to transform the way enterprises do business. We sought to build a secure and flexible solution that reduces costs and business friction, increases trust, and expands the flow of ideas to accelerate innovation. The SYMBOL blockchain does all this for a multitude of industries.”
– NEM Foundation President Alexandra Tinsman
XEM/SYMBOL Tokens
Following the launch of the SYMBOL token, the XEM token will remain as a functioning currency on the NIS1 platform. SYMBOL will coexist alongside the original NIS1 chain — a token allocation opt-in process is currently underway. Current XEM token holders may elect to opt-in on a 1:1 basis for their SYMBOL tokens before or after the snapshot of XEM balances is taken. After the snapshot has occurred the opt-in period will be several years.
