What is Opt-in?
Opt-in is the process every XEM account holder must follow to receive their XYM tokens on the Symbol public blockchain when it launches. To participate in XYM, you first need to own XEM and then make a conscious action to Opt-in as outlined below. This will result in you receiving XYM. If you do not participate in Opt-in you will not receive XYM. Whether or not you choose to Opt-in, your XEM will not be affected, as will the NEM NIS1 network.
What is Snapshot?
Snapshot is the state of XEM accounts (balances, configuration and namespaces) on the NEM NIS1 blockchain at a certain block height. For each 1 XEM you own at the time of Snapshot, you will be allocated 1 XYM to the Symbol account you created during the Opt-in process.
What is the difference between Opt-in and Snapshot?
Opt-in is the process everyone will use to signal that they want to receive their allocation of XYM tokens based on their XEM holdings. Our recommended way to do this is via the NEM Desktop Wallet (previously called Nano Wallet).
Snapshot is the process by which the state (balance, configuration and namespaces) of accounts that have opted in on the NEM NIS1 blockchain are exported at a specific block height. This state is then used to create the genesis/nemesis block to allocate XYM to Symbol accounts.
Is Opt-in the same for Multi-Signature accounts?
It is similar but not exactly the same. Multi-sig accounts must have Opt-in initiated from the NEM Desktop Wallet as they cannot be initiated on the NEM Mobile Wallet. All co-signers on a NEM NIS1 account must explicitly sign to be included on the Symbol wallet. If any co-signer keys are lost or are unavailable, they must be removed prior to Opt-in or the process will not work. A maximum of 8 co-signers can be opted in. If an account has more than 8 co-signers, they should be removed and re-added once Symbol launches.
Why should I Opt-in?
If you own XEM on the NEM NIS1 blockchain, you will receive an equal amount of XYM on Symbol blockchain. You will also keep all of your XEM. XYM will enable you to participate fully in the new Symbol blockchain. Without XYM you will not be able to use the Symbol blockchain.
Where do I Opt-in?
You will need to use one of the following options to Opt-in:
- Download an updated version of the NEM Desktop Wallet and use the Opt-in module. This can be downloaded below.
- Download the new Symbol Mobile Wallet to Opt-in from your Android device.
- Advanced users can use a series of on-chain transactions which can be prepared manually and issued on the NEM NIS1 blockchain programmatically. This route is for very specific use cases. If you don’t know why it might be used, it is not for you.
What happens if my XEM sits in a custodial service such as an exchange account?
You will not be able to manually Opt-in yourself. By giving custody of your XEM to a third party you have given them control of your assets and as such they will decide to Opt-in or not. If they do Opt-in, they will be allocated all of the XYM from the total amount of XEM held on their exchange. Some exchanges have already stated that they will be passing the XYM onto their account holders and we expect that many exchanges will announce this publicly before the Snapshot block height. The agreement you have with the third party will govern if they must/choose to issue you the XYM.
We will publish a list of the exchanges that state that they will be passing XYM onto their customers.
How long do I have to Opt-in?
The Opt-in process opened on 15 September 2020, approximately three months before the Snapshot and the subsequent planned launch of Symbol. Just before Snapshot, Opt-in will close until the Symbol public blockchain is launched.
What if I don’t Opt-in before Symbol launch but hold XEM at Snapshot?
You will be able to Opt-in for up to six years after Symbol launches and receive the same balance in XYM as you held in XEM at Snapshot.
Can I Opt-in anything else apart from balances?
It is possible to also Opt-in to migrate any multi-signature configuration and root namespaces. You can also Opt-in VRF keys.