1. QUESTION: What is the impact on the community's trust from NEM updates and for the future projects and their owners?
ANSWER: The fact that the upgrade will be starting a new network does not influence the trust, nor governance, of mosaics or namespaces management. Additionally, all projects and holders are invited to participate in SYMBOL at the time that suits them, but are not obligated to do so, and no action is being taken to shut down the NIS1 network, both of which should build trust.
2. QUESTION: Is this decision really "final" about no coin burn?
ANSWER: The migration committee gave a recommendation for the migration process. The final decision shall also be influenced by community consensus and therefore the recommendations were made public.
3. QUESTION: Is any of this reversible or not?
ANSWER: Everything announced is currently only a recommendation from the migration committee. In case the question means whether the upgrade is technically reversible: Yes, the migration will not affect NIS network other than adding opt-in request transactions. Funds distributions on NIS remains intact, mosaics distributions, namespaces and multi-signature account configurations as well.
4. QUESTION: How was "consensus" reached for migration in this decentralized project?
ANSWER: In the initial phase, the migration committee consisted of members representing Foundation, Studios, Ventures, and selected representatives of each entity were going to be involved. During the process, pain points and controversial discussions were solved with votes, some of which reached unanimity, some others which needed lots of debate and discussions before reaching consensus by the migration committee.
5. QUESTION: What is the decision-making process for the SYMBOL Migration?
ANSWER: The migration committee will make recommendations and it will be decided based on majority consensus.
6. QUESTION: Who is representing the community interests on migration committee?
ANSWER: NEM Foundation representatives are elected by the community and a subset of these is present in the committee. NEM Ventures team was also put in place by the community and has representatives on the committee.
7. QUESTION: When can we expect further decisions to be made?
ANSWER: There will be announcements on the NEM Forum on a regular basis.
8. QUESTION: When can we expect the next update? When will communications on tickers, names, and things that have not been explained come next?
ANSWER: Recommendations will be provided by the migration committee leading towards the launch of the new network and new token.
9. QUESTION: Why are you not doing a swap and burn?
ANSWER: Burning effectively means not supporting its continuity. Also, with more and more people burning their tokens, the NIS network gets vulnerable to attacks, including 51% attack - making data stored on NIS vulnerable. Moreover, data stored on NIS network is cryptographically not compatible with data stored on SYMBOL networks, therefore data stored on NIS would certainly be lost.
10. QUESTION: How is it that the Migration Committee is empowered to make these decisions unilaterally?
ANSWER: It is made up of representatives from the various entities that the community have voted to place trust in and/or the core team have placed in positions to help effect positive impacts on the ecosystem. It’s not just a group of random individuals.
11. QUESTION: Who will make the snapshot?
ANSWER: The Devs.