NEM has launched a hard fork called Harlock that will “decide the destiny of #NEM,” according to the company. The hard fork will allow users to vote on whether or not NEM should join the Symbol blockchain.
Seventh Hard Fork
It will enable nodes to decide if NEM should be a dedicated subchain of Symbol. The NEM project’s business blockchain, which launches in March 2021. The NEM blockchain will merge into Symbol as a “subChain,” or “a form of transaction-specific sidechain,” by NEM nodes.
SubChains will be a peak of innovation for the entire blockchain sector, not just for Symbol, as its designers stated earlier in the year. The future of Symbol is to have dedicated subChains for other cryptocurrency projects, adding new logic and transaction types to the overall platform.”
The Harlock upgrade is NEM’s eighth hard fork, with one occurring every few hundred thousand blocks in the past. At block height 1,250,000, the final hard fork occurred, resulting in a fee adjustment to the network. Harlock will execute at a block height of 3,464,800.
NEM (New Economy Movement) was a pioneering cryptocurrency that debuted in Q1 of 2015. XEM is its native cryptocurrency. It has been popular in Japan since 2016, with eateries and motels accepting it as payment. It inspires art shows, community-run cafés, and even charity campaigns, according to NEM.
“Preventing the concentration of wealth commonly associated with proof of stake,” the project asserts, is the project’s most significant new feature (rather than proof-of-stake or proof-of-work). It does it by rewarding on-chain operations like transfers and paying out purely on invested funds.
The XEM token on the NEM platform has reacted to the news. It is up about 7% on the day at the time of writing, with a 330 percent increase in trading volume.