President NEM proposed “opt-out method” for the new currency

president-NEM-Opt-out

Alex Tinsman, President of the NEM Foundation, commented on SNS about “opt-in” and “opt-out” related to the grant of the new currency “CAT (tentative)” by the new NEM blockchain Catapult. The director said she proposed the “opt-out method” to be more appropriate in terms of users’ currency ownership.

“Opt-in” is a token granting method revealed in the first announcement of migration (chain transition) in September in Catapult. “Opt-out” is a newly proposed granting method.

In the first place, what is “opt-in” and “opt-out”? In Nem’s “Migration Committee Community Official Forum”, it is explained as follows.

① Opt- in

Prior NAM (XEM) owners will voluntarily express their intention to receive CAT tokens before and after Catapult launch. If you do not vote for opt-in, you will not receive a CAT token.

② Opt-out

This is the premise that all XEM owners will be given a CAT token from the beginning. By voluntarily selecting “opt-out”, it is possible to make a statement that does not receive CAT talk. If you later change to “Opt-in”, you can receive CAT tokens. In other words, it means that the situation where a new currency is granted to all XEM owners without taking into account difficult conditions becomes the standard.

According to the announcement of the Migration Committee, the two options for opt-in and opt-out are Nem’s two blockchain and token allocation approaches, and ultimately debate one approach. It is said that it is desirable.

The Chairman prefer “Opt-out”

Alex Tinsman : President of NEM Foundation
(Source : Alex’s Twitter)

The “opt-in method” first proposed by the Migration Committee requires users to voluntarily perform their functions on the exchange at the discretion of the exchange. This is a new option proposed by the discussion.

President Tinsman expressed his views on the opt-in and opt-out diagrams that he created

I do see the advantages of an opt-in approach, and I’m still open to discussions. But for me the deal breaker is that opt-in exposes CAT accounts to third-party risk and possibly eventual loss of unclaimed coins for some.

CAT is positioned to receive all the developer/community/business support of NEM and more. In the long term, it’s not just the tech, but this support of talented people and organizations that will give value to a decentralized technology.

With the opt-out method, the community said it could be an opportunity to ensure that the philosophy of “no one has the right to put out their own coins” can be realized.

You May Like to Read Below Articles as well :

  1. Italian People use Bitcoin after Visa & Master Card during Online Shopping
  2. Happy 11th Birthday, Bitcoin !
  3. Top 5 Country Using Blockchain

Reference : Coinpost

Credit Picture to : enterpriseitnews

Related posts