NEM’s “Catapult” Committee expressed support for the new currency grant system
The Catapult Committee is currently planning to support and join a new Blockchain called “Catapult” with a new CAT token (temporary) related to NEM (XEM).
In November 2019, the migrant group reported on the Catapult Committee’s blog about this problem. When the final opt-in method is applied, the users need to deal with receiving the currency by issuing a new token.
What is Opt-in/Opt-out?
“Opt-in” is a token granting method revealed in the first announcement of migration (chain transition) in September in The Catapult Committee. “Opt-out” is a new granting method proposed by the community afterward.
A traditional NEM (XEM) owner will voluntarily express his intention to receive a CAT token. If you do not express your intention, you will not receive a CAT token. Opt-in selection is possible before and after the Catapult launch.
This is the premise that all XEM owners will be given a CAT token from the beginning. By “opting out,” it is possible to choose not to receive CAT talk.
If you later change to “Opt-in,” you can receive CAT tokens. In other words, it means that the situation where the new currency is granted to all XEM owners without taking into account severe conditions becomes the standard.
The Catapult Committee announcement: Opt-in
In announcing the latest blog, Alex Tinsman, NEM.io Foundation President, commented on “opt-in” on SNS:
The process/entity for managing these unclaimed tokens has not yet been defined. After a specified period (6 years is the current assumption,) the proposal is to burn any unclaimed Catapult tokens remaining in the custodial account. Hope this helps explain it better for you.
— Alex Tinsman (Inside NEM) (@Inside_NEM) November 30, 2019
Regarding the new currency to be deposited in Custody, she added:
“We have not decided what management method to use at the moment, but assuming a validity period of 6 years, the new currency will be incinerated when the period expires.”
The president posted a diagram of this grant system and explained the image in detail.
The left side is the opt-in method after launch, and the right side is the opt-in method before the start. If you opt-in before launching, the new currency will automatically be added to your account when you launch.
The planned launch date for Catapult’s main net will be between February and March 2020, as previously announced.
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