The veteran crypto team NEM Group announced the successful launch of the Symbol mainnet.
According to the March 17th announcement, NEM is now a “dual-chain ecosystem”, as NEM’s existing NEM NIS1 series continues to work with Symbol.
The code did not launch well, as the main network was up and running after two days.
Although the team announced that the launch would be delayed due to the need to investigate unexpected node behavior during the pre-launch of mainnet, propaganda posts about the premature launch of Symbol have been published by a number of cryptographic media.
An issue was detected that prevented the code from being launched within 24 hours, and on March 16th, NEM announced that a “network configuration issue” caused the network to reject at launch.
It describes NEM Symbol as an interoperable, proof of stake blockchain designed to support the encoding of assets, including financial, physical and intellectual assets. Resources are assigned unique identifiers with Symbol, which allow for conditional programming of tokens at the protocol level. Symbol also supports public and private distributions.
Its XYM token is distributed to holders of its NEM token, XEM, on a one-to-one basis according to balance sheet snapshots as of March 12, with 7.3 billion of its total maximum size of 9 billion being allocated to the XEM holder.
Although the deadline for initial airdrop shots expires on January 9, XEM holders will be able to claim their tokens for six years after the Symbol mainnet launch.
Opportunistic investors looking to take advantage of the airdrop appear to have flooded the XEM markets, as the token rose 250% from $ 0.23 in early February to $ 0.8 on March 4.
Most of the gains, however, were short-lived: by March 12, XEM’s stock fell to $ 0.6 and then down to $ 0.33 over the next three days. At the time of writing, XEM was recently changed for $ 0.37.
XYM is currently trading at $ 0.4, which is nearly 8% higher than NEM, which indicates that Symbol is the 31 largest cryptocurrency by market cap, ranked higher than the FTX token and below IOTA, according to CoinGecko /
The NEM NIS1 blockchain was first launched in 2014 and was the first chain to support multi-signature network wallets. The code expands this functionality by allowing the signer of multi-signature accounts to include multi-signature accounts with unique co-authors.
“This enables users to simplify the creation of complex signature requirements, thus simplifying business processes such as payroll,” NEM said in a statement.