To make matters simpler for existing NEM 2.0 accounts, the new requirements will not apply to accounts created before the official launch of the new update. This means that you will not have to migrate your existing accounts to the new blockchain and will still be able to use them as long as they are still active.
If you’re still using the original NEM 1.0 software, then the NEM Foundation will continue to support it for the foreseeable future.
The NEM Foundation is committed to bringing the community the best possible solution for the future. We are committed to helping as many community members as possible make the transition to the new technology. And this includes those who are already using the original NEM 1.0 technology. The NEM Foundation will help those who use the original technology with the transition. This includes the original developer of the technology and those who have invested in the technology to date.
If you are using any of the new features in NEM 2.such as multi-signature or the blockchain explorer, then you will not be able to use NEM 1.0 to manage your blockchain.
If you have been using NEM 1.0 for the last year without any issues, you will not lose your blockchain if you switch to using the latest version of the software. All your private keys will be safe and you can continue using the blockchain and its features. However, you will not be able to use the latest features such as multi-signature, which were first introduced in NEM 2.0.
NEM 2.0 will be fully compatible with NEM 1.0.
We anticipate that NEM 2.0 will not be grandfathered. We will not accept or support any transactions or accounts on the old blockchain that were created before the hard fork. While we cannot prevent a user from transferring their assets to the new blockchain, they would lose the ability to access their accounts once the blockchain splits.
NEM 2.0 will not support the use of any old NEM account addresses.
No. The upgrade will be mandatory for all NEM accounts. However, if you have opened an account before the launch of the platform, you will be able to use it. However, the account will not be able to access the new features and will not be able to send or receive transactions.
The NEM Foundation will continue to support any NEM 1.0 software installed on your computer, which can still be accessed using your old NEM 1.0 account addresses.
The NEM Foundation will not support legacy accounts on the NEM 2.0 blockchain. The NEM Foundation will continue to support any NEM 1.0 software installed on your computer, which can still be accessed using your old NEM 1.0 account addresses. However, once you upgrade to the new NEM 2.0 technology, you will need to use a new account for all new accounts.
However, you will not be able to use your old NEM 1.0 account addresses to access any new features in NEM 2.0.
While there may be some discussion about grandfathering existing accounts into the new system, the likelihood of this happening is very low. To understand why, we must first understand the reason for the move from the previous system. The primary reason for the switch to the new blockchain, and the reason why we have decided to migrate to a PoS system, is to increase the security of the network. With the current system, there is no guarantee that the previous blockchain will continue to exist even if the network remains operational. As such, even if you do not lose access to your accounts, they could still be vulnerable to theft or modification. This is especially true for accounts with high balances.
NEM 2.0 will have no impact on the existing NEM network.
The intention is to find a way to make the existing NEM blockchain interoperable with the new one. One idea is to make the existing blockchain a child-chain of the new one by transferring the balance of the accounts on it to the new one. This will not be a problem for the users of the system as the balances will be reflected in the new blockchain anyway. It will also not be an issue for the nodes as the new blockchain will be the main one and the old blockchain will be available as a child-chain.
Conclusion
The whitepaper states that the team has grandfathered the current holders of the delegated pools and the early contributors of the NEM Public Testnet. This means that the current owners of the delegated pools will not need to upgrade to the latest version of the NEM blockchain. The team will also offer to add an option for the current owners to upgrade to the latest version as soon as the Testnet is up. But, the current owners will not be forced to do so.
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