NEM in the midst of a rebranding and it initiated a vote to change the project’s logo, symbol and ticker.
We are excited to share the new brand proposal by The Catapult Brand Steering Committee:
Symbol. Powering Possibility.
— NEM (@NEMofficial) December 19, 2019
The process will involve token holders and those who have updated the software version to 2.4.7. Only these people will be able to participate in the rebranding vote. Once the 65% and 3% POI threshold is exceeded, the new name and logo will be redefined.
This is obviously a drastic change since all previous XEM tokens will be converted 1 to 1 in tokens called Symbol, this is the new name, together with its logo that will be updated and changed across the various platforms that support this cryptocurrency.
However, the software and the whole system created so far will remain unchanged and so there will be no losses or improvements from that point of view.
The vote, which started yesterday, will continue until January 1st, 2020 and the token holders will be able to vote in favour or not of the proposal.
The new NEM logo is intended to represent a higher level of interoperability and connection between the blockchain and people. Furthermore, the goal of the rebranding is to make the logo more institutional and business-friendly, while retaining its simplicity and straightforwardness. In fact, in the paper explaining the new branding, the proposal is compared to the IBM brand.
According to the official press release published today by NEM, the communication of the crypto company wants to focus on enterprise users, especially in the fintech, healthcare, real estate, supply chain, insurance, education and government sectors.
Another reason for the rebranding is the growing development of Catapult, a blockchain engine that offers a completely new version of the NEM protocol which will support smart contracts.