Sunday, January 16, 2022

After painful birth, NEM’s tokenization blockchain ‘Symbol’ is live

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Veteran crypto crew NEM Group has introduced the profitable launch of its Image mainnet.

In keeping with a March 17 announcement, NEM now contains a “two chain ecosystem,” with NEM’s present NEM NIS1 chain persevering with to function alongside Image.

Image’s launch wasn’t totally easy crusing, with the mainnet going dwell two days late.

Regardless of the crew announcing the launch could be delayed as a result of want to analyze surprising node habits amid its pre-mainnet rollout, sponsored posts celebrating Image’s launch have been prematurely printed by a variety of crypto media shops.

The problem stopping Image’s launch was recognized inside 24 hours, with NEM announcing on March 16 {that a} “community config problem” had resulted in its pre-mainnet forking on startup.

NEM describes Image as an interoperable Proof-of-Stake blockchain designed to help asset tokenization, together with monetary, bodily, and mental property. Property created on Image are given distinctive identifiers — permitting conditional programming for tokens to be enforced at a protocol degree. Image additionally helps each private and non-private deployments.

Image’s native XYM token is being airdropped to holders of NEM’s native token, XEM, at a one-to-one ratio in accordance with steadiness snapshots as of March 12 — with 7.3 billion tokens from its virtually 9 billion max provide being allotted to XEM holders.

Whereas the deadline for pre-snapshot opt-ins for the airdrop expired on Jan. 9, XEM holders will be capable of declare their tokens for as much as six years after Image’s mainnet launch.

Opportunistic buyers trying to cash-in on the airdrop seem to have pushed a violent pump and dump within the XEM markets, with the token gaining 250% from $0.23 at first of February to $0.8 on March 4.

Nevertheless, a lot of the beneficial properties have been short-lived, with XEM having retraced again to $0.6 by March 12, earlier than tanking again all the way down to $0.33 over the subsequent three days. As of this writing, XEM final modified fingers for $0.37.

NEM/USD, 90-day chart: CoinGecko

XYM is at present buying and selling for $0.4, a roughly 8% premium over NEM, suggesting that Image is the Thirty first-largest crypto asset by market cap, rating above FTX Token and beneath IOTA, in accordance with CoinGecko/

The NEM NIS1 blockchain first launched in 2014, and was the primary chain to help on-chain multi-signature wallets. Image expands on this performance by permitting the signatory of multi-sig accounts to additionally comprise multi-signature accounts with distinctive co-signers.

“This enables customers to simplify the creation of complicated signature necessities, which streamlines enterprise processes akin to payroll,” NEM stated in an announcement.