NEM Announced Symbol Opt-in Launch Date: Report

NEM announced the Symbol Opt-in launch date which is set for September 15^th, 2020 so let’s find out more about it in our NEM news.

NEM announced the launch date but additional 8 days have been allotted for testing in order to improve the UI/UX and there are no new reported challenges as the testing seems to be going on. For all those that don’t understand the opt-in, it is a method by which the current XEM holders will be able to claim their XYM tokens with Snapshot which will then take place before the new chain launch of symbol, which is also scheduled for December.

To place to claim on XYM users should understand and also accept the terms and conditions which are available on the website which is also a part of the process for Opt-in. The Opt-in web pages and conditions will be going live on September 15^th 2020. At the point of the snapshot, for those that will not opt-in the XEM balance, they will be allocated with an equivalent amount of XYM to the user’s wallet. The users will be able to opt-in to their XYM tokens for about 6 years after the launch date with more information about how this could get shared in the near future.

Starting September 15^th, the users will be able to opt-in using the NEM desktop wallet and the NEM mobile wallet for Android versions only. The single account can consist of namespaces and keys and also the Multi Signature accounts that can also consist of namespaces and harvesting keys. They also explained that the Multi Signature account opt-in could be initiated in the NEM desktop wallet. Crypto expert Sydney Ifergan explained:

 “It is Snapshot and NEM Opt-in time.  They state Binance have not yet announced support. They also say that the only way to absolutely receive XYM is to hold XEM in a wallet that is user controlled.”

The best option right now is to store the funds in the NEM desktop wallet. In the Reimagine 2020 v2.0 series, the business development at LATAM Laura Angel, provided a general overview regarding the use cases about the two blockchains and the NIS1. The video is worth to watch if you want to understand NEM. The iOS is expected to also become available later but now users can log into their NEM wallets.