NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[satb]

From the NEM support help: https://support.nem.help/hc/en-us/articles/360034476171-BASIC


22. QUESTION: What happens with Private Keys?

ANSWER: NIS1 private keys will work on Catapult post nemesis, the devs solved this approach a while ago to make it easier for holders to receive their Catapult tokens regardless of which mechanism is used for migrating XEM balances.


Do I understand this correctly that importing your NIS1 private key into Catapult will allow you to receive your snapshot balance from NIS1.  Then what is the point of opt-in if you can do this manually yourself.  Or is an opt-in required in order for your balance to be activated on Catapult?

[lemonandfriesonetwo]

From the NEM support help: https://support.nem.help/hc/en-us/articles/360034476171-BASIC


22. QUESTION: What happens with Private Keys?

ANSWER: NIS1 private keys will work on Catapult post nemesis, the devs solved this approach a while ago to make it easier for holders to receive their Catapult tokens regardless of which mechanism is used for migrating XEM balances.


Do I understand this correctly that importing your NIS1 private key into Catapult will allow you to receive your snapshot balance from NIS1.  Then what is the point of opt-in if you can do this manually yourself.  Or is an opt-in required in order for your balance to be activated on Catapult?

[gentlemand]

Do I understand this correctly that importing your NIS1 private key into Catapult will allow you to receive your snapshot balance from NIS1.  Then what is the point of opt-in if you can do this manually yourself.  Or is an opt-in required in order for your balance to be activated on Catapult?

I presume someone has to manually activate and send them to you. That's the only thing that can explain this requirement. Unless they maintain someone to do it for 5-10 years or more it's going to be a shitshow.

I can just about wrap my head around fucking off the stakeholders who missed the boat. There was plenty of warning and very little actual money on the line. That is not the case this time around.

I guess ultimately it's not a fork and XEM holders are being 'invited' to get new coins but this will just continue the PR problem.

[satb]

I guess we'd have to opt-in to receive the new tokens.

Either way, whatever the NIS1 balance is at the time of the snapshot, the holder will receive equivalent in Catapult tokens on the new chain when opting in.  Would be interesting to see the logistics around this.

[DenisZabar]

I guess we'd have to opt-in to receive the new tokens.

Either way, whatever the NIS1 balance is at the time of the snapshot, the holder will receive equivalent in Catapult tokens on the new chain when opting in.  Would be interesting to see the logistics around this.

So sooner or later we will need to switch to new NIS2 as i understand you? To much mess with this coin.

[pontifier]

I'm going to make a prediction.

The core team will migrate some huge chunks of their own funds without an opt in because they lost the keys.

I think that's the real reason they are doing things in such an obtuse way. They lost access to a bunch of coins, and instead of admitting they're gonna fork to get it back, like ETH, they'll lie, and break backward compatibility to cover their tracks...

If they admit they can just fork to take back coins, then it makes them look even worse for not solving the coincheck hack that way.

[satb]

I guess we'd have to opt-in to receive the new tokens.

Either way, whatever the NIS1 balance is at the time of the snapshot, the holder will receive equivalent in Catapult tokens on the new chain when opting in.  Would be interesting to see the logistics around this.

So sooner or later we will need to switch to new NIS2 as i understand you? To much mess with this coin.

My understanding is that there will be a snapshot at a certain block height, whatever your NIS1 balance is at that block height, you will be allocated the equivalent in NIS2 balance on Catapult.  When you decide to receive the NIS2 catapult balance is up to you, some people may decide to receive it in the next tax year for example and opt in then, as in some countries this is classed as a taxable event.

Some people may decide to opt-in before.  Some may decide to opt-in a few years later when trading conditions are more favourable.

Either way I don't think you need to opt-in straight away, as long as you have NIS1 balance at the time of the block height snapshot you will have an allocation / claim to receive NIS2 tokens.

I suppose sending some kind of message from a NIS1 wallet containing your balance before or after the snapshot may be part of the opt-in claim process.

[satb]

Token Allocation:

Under this model, holders are free to opt in pre-launch or post-launch, it does not require surrendering of the XEM tokens and are given Catapult tokens. Holders opt-in pre Catapult launch by sending a transaction from Nano Wallet (or programmatically) which indicates their desire to take part, but does not require them to burn their tokens. The Catapult Nemesis block then distributes Catapult tokens to those accounts that have opted in. Any tokens that are not claimed by the Nemesis block will be placed under a legal entity with transparent by-laws/trust deeds and leadership team, to be claimed post go live up to an as yet to be defined deadline - it should be years long, so is likely to be significant in nature and it is probable; a new entity will be created for this purpose and legal analysis is underway to guide this, we will provide further information when it is known. It is imperative that this entity has clear, transparent and legally enforceable rules which bind its management to work for the ongoing health of the NEM ecosystem for the future. This will take some time but is worth getting right.

https://forum.nem.io - Catapult Launch Announcement 1

[satb]

Nem Foundation Technology Department Update October 2019

Summary

• Core devs released a new version of Catapult, codenamed Fushicho. The update comes with basic DoS protection to ban nodes and close connections of nodes with bad behaviour and several bugfixes and standardization changes.


• NEM Foundation Testnet for Catapult is now running Fushicho protocol version. We are currently inspecting the Fushicho feature set and will update our network accordingly.


• The NEM Developer Center is constantly being updated to integrate latest Catapult features. Find out what has been worked on by our Technical Writers.


• A new version of the Command Line Interface for Catapult is now available (nem2-cliv0.13.2) with some features add ons to work with address and mosaic restrictions.


• The Block/Network Explorer (Super Explorer Framework) project has seen many contributions over the course of September.


• The Desktop Wallet project has also seen many contributions and the team is currently working on Fushicho compatibility to match our Testnet as soon as it is upgraded.


• The Mobile Wallet project is moving along with new features.


• The technology department of the NEM Foundation has helped with contributions to the migration committee in order to provide an optin migration action plan.


More detailed information and direct links to github - https://forum.nem.io/t/nem-foundation-technology-department-update-october-2019/23686

[KimNg]

Catapult + NIS1 Tokenomics Public Proposal
https://forum.nem.io/t/catapult-nis1-tokenomics-public-proposal/23660

I would NOT reduce the maximum supply of XEM2 by a decimal place.
Decreasing the supply will just open up another whole new can of worms in this migration.

A 10x reduction is a marketing tactic that while it ~might~ be beneficial in the short-term, it
adds unnecessary risk.

We need to minimize the unintended consequences, not the supply.

Keep the XEM:XEM2 ratio 1:1

Go NEM! 

[lemonandfriesonetwo]

Catapult + NIS1 Tokenomics Public Proposal
https://forum.nem.io/t/catapult-nis1-tokenomics-public-proposal/23660

I would NOT reduce the maximum supply of XEM2 by a decimal place.
Decreasing the supply will just open up another whole new can of worms in this migration.

A 10x reduction is a marketing tactic that while it ~might~ be beneficial in the short-term, it
adds unnecessary risk.

We need to minimize the unintended consequences, not the supply.

Keep the XEM:XEM2 ratio 1:1

Go NEM! 

[fragout]

Been catching up on the Catapult launch and as things stand (unless Ive been reading an out of date proposal) is that NEM will split into two networks and two coins on an undisclosed as yet snapshot day.
So I would assume anyone lucky enough or in the know will opt in to the catapult coin and after the snapshot dump their Nem asap to the unsuspecting buy orders on various exchanges. The price will collapse and the New Nem catapult coin will go on sale for an unknown price, but most likely many fractions lower than the current Nem price.


Anyone who doesn't opt in after a certain date loses out and control of every lost/unclaimed/silvercoin fund/ dev fund etc goes to who exactly ?

Am I reading this totally wrong?

[satb]

Anyone who doesn't opt in after a certain date loses out and control of every lost/unclaimed/silvercoin fund/ dev fund etc goes to who exactly ?

Am I reading this totally wrong?

My understanding from what I've read on the NEM forum (forum.nem.io) is that unclaimed funds go into a "legal entity" until the opt-in process is over (the opt-in period will be for a number of years).

Your claim to catapult are safe after snapshot whether you opt-in or not, the main thing is your XEM1 at snapshot time are allocated a 1:1 ratio of XEM2.  After the snapshot you can do what you like with the XEM1 as your allocation to XEM2 has been recorded at the snapshot time.

You can opt-in at the time of your choice when you're ready to receive your catapult (XEM2) allocation.  Some people may decide to receive them at a later date due to tax reasons in their jurisdiction.

[fragout]

Anyone who doesn't opt in after a certain date loses out and control of every lost/unclaimed/silvercoin fund/ dev fund etc goes to who exactly ?

Am I reading this totally wrong?

My understanding from what I've read on the NEM forum (forum.nem.io) is that unclaimed funds go into a "legal entity" until the opt-in process is over (the opt-in period will be for a number of years).

Phew . my worries were unfounded. Once its going to a legal entity, im sure everything will be fine. Ill set up a legal entity if ye like and and take good care of them. promise.
Anyone know  when snapshot day is?(ballpark)

[lemonandfriesonetwo]

My understanding from what I've read on the NEM forum (forum.nem.io) is that unclaimed funds go into a "legal entity" until the opt-in process is over (the opt-in period will be for a number of years).

Your claim to catapult are safe after snapshot whether you opt-in or not, the main thing is your XEM1 at snapshot time are allocated a 1:1 ratio of XEM2.  After the snapshot you can do what you like with the XEM1 as your allocation to XEM2 has been recorded at the snapshot time.

You can opt-in at the time of your choice when you're ready to receive your catapult (XEM2) allocation.  Some people may decide to receive them at a later date due to tax reasons in their jurisdiction.

[thehihoguy]

Hi guys,

im not continously following this project but i just saw that there is a swap? or fork?
Is there a source where i can followup in laymens terms? the announcement on the website is quite confusing.
Thanks in advance for tips!

[gramufibus]

Hi guys,

im not continously following this project but i just saw that there is a swap? or fork?
Is there a source where i can followup in laymens terms? the announcement on the website is quite confusing.
Thanks in advance for tips!

It is being debated how it will exactly work and not a final plan yet.  The FAQ on their forum is probably the clearest.  Basically when Catapult is released, they take a snapshot of all nem1 wallets, and those wallets can opt in to redeem that amount of Catapult.  You can either pre-opt in to get them right at the initial release, or redeem them at a later time.
Did You check out the Catapult Migration FAQ at the forum site? support.nem.help/hc/en-us/sections/360007012931-Catapult-Migration-FAQ
It's not totally clear but hopefully helps a little.

[thehihoguy]

Hi guys,

im not continously following this project but i just saw that there is a swap? or fork?
Is there a source where i can followup in laymens terms? the announcement on the website is quite confusing.
Thanks in advance for tips!

It is being debated how it will exactly work and not a final plan yet.  The FAQ on their forum is probably the clearest.  Basically when Catapult is released, they take a snapshot of all nem1 wallets, and those wallets can opt in to redeem that amount of Catapult.  You can either pre-opt in to get them right at the initial release, or redeem them at a later time.
Did You check out the Catapult Migration FAQ at the forum site? support.nem.help/hc/en-us/sections/360007012931-Catapult-Migration-FAQ
It's not totally clear but hopefully helps a little.

Thanks a lot is much clearer now, currently reading through the FAQ.
For an outside i must say it sounds a lil shady with the new network but i will read further into the idea. last question, whats the best way to follow up on the news of the devs? bitcointalk seems slow. do they have telegram or discord?

"13. QUESTION: What will be the total supply of new tokens in the new network?

ANSWER: 9 billion."

but then its optin...rest goes to whoever controls it

[lemonandfriesonetwo]

Why even have a discussion about it?
In the end the foundation will do whatever benefits them most.
This has been proven many times in the past, they do what they want.
Your opinion means nothing to them.

[jkoil]

Hi guys,

im not continously following this project but i just saw that there is a swap? or fork?
Is there a source where i can followup in laymens terms? the announcement on the website is quite confusing.
Thanks in advance for tips!

It is being debated how it will exactly work and not a final plan yet.  The FAQ on their forum is probably the clearest. 
...

This discussion shows once again, what is missing from the clarity of defining processes and procedures - in NEM and also in other cryptos.
Are the all blinded by the "distributed processes"   and they like that the information is thrown to many different places.
No, that distribution is the wrong solution here - the information must be "centralized".

In this Topic's (NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs) first post should be a clear link to the main information of the Catapult and all these NEM related issues.
Now there is only the mention that "Its expected release is in 2019".

Also Catapult info must be in one page or even in one post, which is updated while the discussion goes on. Ofc not all the details cannot be updated to that, but such things, which are already decided or which are important issues and may affect to the decisions. (The feedback about NEM "redeeming" should have taught something)