1. QUESTION: What is the difference between the Snapshot and the Opt-in? Are they the same? Do they occur at the same time?
ANSWER: Snapshot is the term for when we take a "picture" and record everyone's XEM balance across the NEM blockchain. This is then used to populate the new SYMBOL tokens in the new SYMBOL blockchain. One SYMBOL token for every 1 XEM token at the time of snapshot will be put on the new SYMBOL platform blockchain.
Opt-in is a completely different and separate event. In order to get your new SYMBOL tokens on the new SYMBOL platform, you will need to opt-in your account(s). If you do not opt-in before the SYMBOL launch, you can opt-in after the SYMBOL launch. If you do not Opt-in then you will not receive the corresponding SYMBOL tokens on the new SYMBOL network, No matter WHEN you opt-in, you will ONLY receive the corresponding XEM tokens that were recorded at the TIME OF THE SNAPSHOT.
2. QUESTION: So NIS1 is the old NEM chain, and you are creating a new Coin for SYMBOL?
ANSWER: Yes. SYMBOL is an entirely separate network with a new token. The existing NIS1 network will continue to operate.
3. QUESTION: Will there be a 1-to-1 swap of tokens as that renders XEM basically obsolete?
ANSWER: No. SYMBOL is an entirely separate network with a new coin, but it will not render the original NEM Blockchain (NIS1) obsolete. For each XEM held at the snapshot date, the holder will have the right to participate in SYMBOL and redeem one SYMBOL token. XEM will not be obsolete, and it will continue as long as the NIS1 network is in operation.
4. QUESTION: If I have XEM in my Nano Wallet, do I have to send them somewhere?
ANSWER: No. The XEM is still recorded on the NEM blockchain so when the snapshot occurs the corresponding SYMBOL coins will be created on the new SYMBOL blockchain. Your Nano wallet does not actually hold the XEM, it holds the private and public keys that you use to access the balance and allow you to transfer the XEM that is on the NEM blockchain. We will send instructions out soon on how to claim the new SYMBOL tokens.
5. QUESTION: How do I join? Will it be done automatically?
ANSWER: No, you will need to log in to your NEM Wallet (Nano Wallet) and manually opt-in via the Services panel. As we get closer to the opt-in we will send out further instructions on how to do this.
6. QUESTION: When is the fork, or whatever we end up calling it, planned for?
ANSWER: Technically, it is not a “fork.” A fork would be whenever we have one version of the software, and you copy and change parts of it and then re-release it. E.g., ProximaX is a fork.
SYMBOL is COMPLETELY NEW CODE. So technically it is not a fork, which is connected to the previous codebase. It is really the launch of a new software platform.
7. QUESTION: If we do not call it a “Fork,” what should we call it?
ANSWER: It’s a “New Network” - Think of taking a text file and re-save it as a .doc and opening it in a new Word processing software.
8. QUESTION: With the launch of the new network, would we receive the same amount of XEM and new tokens?
ANSWER: Yes, it will be one for one.
9. QUESTION: So it’s like an airdrop for all XEM holders?
ANSWER: Airdrop technically means you already have an account on a network, and tokens are added to it. This is “like” an airdrop in that the new tokens will appear in a new account according to the snapshot process. It is more like a “mirror” of your XEM tokens into the new network with new tokens.
10. QUESTION: Do I receive both XEM and the new tokens?
ANSWER: You will keep the XEM you already have on the original NEM NIS1 chain and will be able to have access to the new coins on the SYMBOL chain.
11. QUESTION: How do we access the new token?
ANSWER: Using your private key for your new account on the new network.
12. QUESTION: How will I access the new network? And the private keys?
ANSWER: You take the private key you registered in the opt-in process and you import that private key into the new wallet, and your tokens will automatically appear in the new wallet.
13. QUESTION: What will be the total supply of new tokens in the new network?
ANSWER: 9 billion.
14. QUESTION: Do you need to save your private key address for the NIS1 network at the snapshot point? Can you please explain this more clearly?
ANSWER: Yes, you would always need to save your private key regardless. You take your private key you registered in the opt-in process, and you import that private key into the new wallet, and your tokens will automatically appear in the new wallet. (See Q 24 for more on Snapshot.)
15. QUESTION: Who would be making the decision on the snapshot?
ANSWER: Migration team.
16. QUESTION: How many snapshots can or will be made?
ANSWER: Only one.
17. QUESTION: For someone to opt-in do they have to specify a given account?
ANSWER: Yes, an account has to manually opt-in.
18. QUESTION: How many opt-ins will there be and when will they occur? Will all the opt-ins occur before the actual launch - so pre-fork? Meaning that when block height X hits, all opt-ins will be recorded, and no more opt-ins will be accepted after this snapshot? So all XEM, not opted-in pre-fork, will never represent the new token post-fork? So the post-fork opt-in only refers to the date/block when you will actually receive your coins? I was under the impression that opt-in could occur at any time - pre or post-fork because post-fork the committee designated for that would evaluate my request and dish out tokens.
ANSWER: No, there will be one pre-launch opt-in and one post-launch opt-in. A person can choose to do either pre- or post-launch.
19. QUESTION: Once you opt-in to the SYMBOL network, do you also automatically opt-out of NIS1? I.e. the XEM tokens become unavailable?
ANSWER: No, you would continue to hold the XEM and they would continue to be available.
20. QUESTION: Why not have one coin or just move the coins from NIS1 to SYMBOL?
ANSWER: Creating one coin and allowing the ability to opt-in post SYMBOL launch is technically unfeasible, tokens live on one chain or another chain, they can’t move between them under the current technology on NIS1 (or SYMBOL). The ability to cross-chain swap is conceptually similar but is not tokens moving between chains. It is effectively opting in to receiving a token on the second chain and locking up on the first (like Eth1.0 one way bridge). NIS1 doesn’t support cross-chain swaps, so its not an option technically without changes to NIS1. Going one coin route is also possible if it is technically feasible to upgrade nodes from NIS1 to SYMBOL, which at a technical level, it is not. The only other option would be a very long opt-in period pre-launch to ensure everyone had a reasonable time to opt-in, and even then, there are likely to be a few who don’t and come back later. Under a Token Swap there is also an argument legally requiring that a holder receive the cash value of their tokens if they choose not to opt-in, there is a precedent for this in non-crypto legal systems.
21. QUESTION: What happens with Private Keys?
ANSWER: NIS1 private keys will work on SYMBOL post nemesis, the devs solved this approach a while ago to make it easier for holders to receive their SYMBOL tokens regardless of which mechanism is used for migrating XEM balances.
22. QUESTION: Is the snapshot height close to the launch of SYMBOL?
ANSWER: The timing of the snapshot has not been released as of yet.
23. QUESTION: What is the "snapshot"?
ANSWER: Snapshot is the term for when we take a "picture" and record everyone's XEM balance across the blockchain. This is then used to populate the new SYMBOL tokens in the new SYMBOL blockchain. 1 SYMBOL token for every 1 XEM token will be put on the new SYMBOL platform blockchain.
24. QUESTION: What is the snapshot or block "height"?
ANSWER: As transactions occur on the NEM blockchain it creates new blocks. The total number of blocks used to record all transactions since the first transaction is called the "height" - think of them as an ever-increasing stack of blocks that gets higher and higher. So ... at some point, we will take a snapshot of the blockchain. At that time there will be a total # of blocks in the NEM blockchain. That is the height.