The developer team of altcoin project NEM (XEM) claims that after six years the BETA phase has been completed and the project will now be open source. In the evening of November 5, NEM announced the Harlock hard fork, which it said will “decide the future of NEM”. The hard fork will result in a vote on whether to integrate NEM into the Symbol Blockchain. Details cryptocoin.com‘in.
NEM (XEM) participants will vote for subChains
Harlock will allow nodes to vote on whether they support NEM to be a private Symbol subChain, an enterprise blockchain launched by the NEM project in March 2021. NEM nodes are also voting on whether the Blockchain will merge with Symbol as a “subChain” or “a type of transaction-specific side-chain.” Symbol was launched earlier this year, and its founders’ vision has since expanded:
…subChains will be the pinnacle of innovation: not just Symbol but also the broader Blockchain space. We already have plans to collaborate with other Blockchains on research and development and envision a future where other cryptocurrency projects are brought in as custom Symbol subChains, providing new logic and transaction types to the entire platform.
NEM use cases
NEM (New Economy Movement) is an early altcoin project launched in the first quarter of 2015. The native cryptocurrency XEM has been prominent in Japan since 2016 and sees itself as corporate acceptance and payment management in restaurants and hotels. It also has “inspiring art exhibits, community-run cafes, and even fundraisers,” according to NEM. The project argues that its most important contribution is the proof-of-importance consensus (PoI) mechanism, which aims to “deter the concentration of wealth generally associated with evidence” (rather than, say, PoS or PoW).
Altcoin XEM price reacts positively to the news
NEM’s XEM immediately reacted to the news. At the time of writing, trading volume has increased by approximately 330%, while gaining approximately 7% per day. XEM is currently trading at $0.2165, trading 89.69% below its ATH of $2.09, reached 4 years ago.
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