NEM Announces Its Seventh Hardfork, Harlock

Key Takeaways

  • NEM’s Harlock laborious fork was introduced in the present day.
  • NEM nodes will vote on whether or not or to not merge right into a subChain of Symbol.
  • NEM is thought for pioneering the “proof-of-importance” consensus mechanism.

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NEM has introduced its Harlock laborious fork, which it says will “resolve the way forward for #NEM.” The laborious fork will allow voting on whether or not NEM will combine into the Symbol blockchain. 

Hardfork x7

Harlock will allow nodes to vote on whether or not they help NEM changing into a devoted subChain of Symbol, an enterprise blockchain launched by the NEM undertaking in March 2021. NEM nodes will vote on whether or not or not the NEM blockchain will merge into Symbol as a “subChain,” or “a kind of transaction-specific sidechain.”

Symbol was launched earlier this yr, and the vision of its founders has grown since then: 

“…subChains will likely be a pinnacle of innovation: not simply Symbol, however the broader blockchain area. We have already got plans to collaborate with different chains on analysis and growth, and we envision a future the place different cryptocurrency tasks are introduced in as devoted subChains of Symbol, supplying new logic and transaction sorts to the complete platform.”

The Harlock replace represents NEM’s seventh laborious forktraditionally, roughly one each few hundred thousand blocks. The final laborious fork occurred at blockheight 1,250,000 and represented a payment modification to the community. Harlock is anticipated to execute at blockheight 3,464,800. 

NEM (New Economy Movement) was an early crypto undertaking, launched in Q1 of 2015. Its native cryptocurrency is XEM.  It has been prominent in Japan since 2016, seeing enterprise adoption and acceptance as cost in eating places and inns. According to NEM, it has additionally “impressed artwork reveals and community-run cafes and even donation drives.” 

The undertaking maintains that its most necessary contribution is its proof-of-importance consensus mechanism (fairly than, say, proof-of-stake or proof-of-work), which seeks to “deter the focus of wealth generally related to proof-of-stake.” It does this by rewarding on-chain actions, corresponding to transfers, along with giving rewards primarily based merely on the quantity vested. 

NEM’s XEM is responding to the information. At the time of writing, it’s up roughly 7% on the day, with buying and selling quantity up roughly 330%. 

Disclaimer: At the time of writing, the writer of this piece held BTC, ETH, and several other different cryptocurrencies.

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