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11.01.2020

The developers of the xem token and the new Economy Movement (NEM) platform have confirmed that the new version called Catapult has passed the final stage of development and is ready for launch. In addition, they reported that they plan to implement a complete rebranding of the system. Launched in 2015, at the beginning of 2019, this project was under threat of closure due to the difficult financial situation of the company, but later the state stabilized, and the developers were able to continue working on the updаte of Catapult, the first information about which appeared in 2016. Although the value of the coin then fell, it continued to be popular in cryptocurrency exchanges. The main role in the continued operation of the NEM Foundation was played by the community, which allocated about $8 million within a month after the company’s President reported the threat of bankruptcy and asked for funding.

In the official Twitter account, the developers shared only small details about the rebranding. The system will be called Symbol and will get a new logo, and holders of the native cryptocurrency XEM will be issued new tokens of the same value. The rebranding is planned to be implemented by the end of January 2020, but the final name of the coin that will rеplace XEM is still unknown. At the moment, the native token of the NEM system can be purchased on cryptocurrency exchange sites at a favorable rate.

Since the main users of the NEM blockchain are Japanese companies and charitable foundations, the company is doing everything possible to speed up the network and improve security. This is a key aspect of the new Catapult updаte, which will have a different tokenomics and support model. In addition, the source code of the project will be available to the entire Internet community. Catapult functionality will also focus on faster, safer and more convenient mining, and node owners will receive an additional reward for each block mined. The community also decided to reduce the supply of tokens and set the inflation rate, which will be similar to the BTC indicator. Limiting the number of available coins can affect changes in the exchange rate, so users can purchase XEM on cryptocurrency exchanges at its current cost.