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NEM to release seventh hard fork dubbed Harlock

NEM Price Analysis
NEM Price Analysis

NEM has announced the release of the Harlock hard fork. In the announcement, NEM states that this hardfork will “decide the future of NEM.” Through this hard fork, blockchain users will gain voting rights, which will help them determine whether NEM will be a part of the Symbol blockchain.

Seventh NEM hard fork

This is the seventh hard fork for the NEM blockchain. Through it, network nodes will have a chance to vote on critical decisions that support the NEM blockchain. This includes becoming a dedicated subChain of Symbol.

The Symbol blockchain was launched in March 2021, and it is part of the NEM project. The nodes will vote on whether NEM will merge into the Symbol blockchain as a “subChain” or a “type of transaction-specific sidechain.”

Despite the Symbol blockchain launching earlier this year, its founders have shown a strong vision, which has allowed the project to grow significantly in such a short while.

Speaking on this hard fork, the founders of Symbol noted that “subChains will be a pinnacle of innovation: not just Symbol, but the broader blockchain space. We already have plans to collaborate with other chains on research and development, and we envision a future where other cryptocurrency projects are brought in as dedicated subChains of Symbol, supplying new logic and transaction types to the entire platform.”

As mentioned earlier, Harlock will be the seventh hard form for the NEM blockchain. The platform carries out forks after several hundred thousand blocks. The sixth hard fork happened at a 1,250,000 block height, and it offered modifications to the network’s fees. The Harlock hard fork will be executed at a block height of 3,464,800.

The NEM project

New Economy Movement project was among the early crypto initiatives as it was launched during the first quarter of 2015. The project has made major gains in terms of adoption in Japan, where the XEM token has been accepted as a means of payment in hotels and restaurants.

The NEM project further notes that it has become an important part of art exhibits through its initiative and the XEM token and has even been part of donation drives.

Unlike most blockchains that use proof-of-work or proof-of-stake consensus, the project adopts proof-of-importance. This consensus allows for wealth to be equally distributed across the network.

The XEM token has made major gains following this news. Data from CoinGecko shows that it has gained by around 7.7% in the past 24 hours to reach $0.219.

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