NEM (XEM) Community Commences Voting Process for SYMBOL Ticker

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NEM (XEM), a leading peer-to-peer cryptocurrency and distributed ledger technology (DLT) project that has been in existence since 2015, has announced that members of its community can now choose their preferred ticker for the SYMBOL enterprise-grade blockchain solution powered by Catapult. The voting process is scheduled to run from January 13, 2020, at 1:00 PM PST to 17, 2020 at 5:00 PM PST, according to a blog post on January 14, 2019.

Blockchain Voting for SYMBOL

On January 10, 2020, reports emerged that NEM has launched a public testnet and new product dubbed SYMBOL, which functions under the Catapult umbrella.

Now, the NEM team has urged members of its community to choose the best ticker for the SYMBOL platform via a blockchain-based voting exercise.

NEM said:

After passing the Catapult Brand Recommendation Proposal, the Catapult Brand Steering Committee has reached an agreement to give the community an opportunity to vote for their preferred Brand Ticker for Symbol Blockchain.

Notably, the team has made it clear that a number of ticker options for Symbol have already been received and collated from the NEM Foundation, NEM Studios, NEM Ventures, NEM supernode operators, ecosystem partners and core team members.

Some of the already proposed tickers for the Symbol blockchain platform include Symbol, Symbl, sYmbol, SYB, SYC, SYN, SBL, SBN, SFN, XYM, SYMX, XSYM and XBL. 

He NEM team notes that it has painstakingly carried out a brand and trademark search for several months and has discovered that NEM, XEM, CAT, and SYM ticker can not be used to represent the Symbol blockchain brand, as such can only choose one of the tickers listed in the previous paragraph.

The Voting Process

The voting process is live now and it’s slated to end on January 17, 2020, at exactly 5:00 PM PST.

The team has hinted that each member of the NEM community can only vote once for a single ticker in the list and the ticker with the highest number of POI score will become the official Symbol ticker after the entire process.

To participate, users are required to download the latest version of the NEM Wallet, login into their wallet, go to the navigation bar, select “Service,” choose the Voting option near the end of the feature list, click on the “See Polls” link under the Voting Service.

Next, users must navigate to the “Official” tab, select the poll titled “SYMBOL Ticker” and choose their preferred ticker. 

The result of the voting exercise will be announced by the Catapult Brand Steering Committee in the NEM Forums, after the voting process.

At press time, the price of NEX (XEM) is up by 2.03 percent at $0.033906, with a market cap of $305.16 million, as seen on CoinMarketCap.

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