AbacasXchange Project Update

Abacas has moved forward with the ERC20 token for its token event and as the initial ledger for the exchange.

It is important for the NEM foundation to understand how much we wanted to use the NEM blockchain and XEM for our token event and as the backbone to our exchange. We submitted a proposal, reached out to the key players, tried to engage in a meaningful way. Unfortunately we received no real support.

Finally, we could not wait any longer and changed to the ERC20 token. This does not mean that we won’t use NEM-XEM in the future, but it is indicative of the challenges real projects face when they are not fully connected to the NEMbers .

I hope that the foundation realizes that these opportunities are rare and once the opportunity is gone it is hard to supplant the technology we will use.

Thank you for feedback.

Please watch out for bugs in Ethereum Smart Contracts: https://medium.com/coinmonks/alert-new-batchoverflow-bug-in-multiple-erc20-smart-contracts-cve-2018-10299-511067db6536

Can I ask what support you received from Ethereum Foundation?

yes I would be interested as well how the Eth Foundation helped/supported/funded your project?

I think I heard a mention of Abacas once. I had to do a search, since it “rang a bell” (1 search result beyond this post) and read about this project again to make sure it was the same thing.
I’ve never heard Abacas mentioned in other NEM circles. Not even Telegram.

After reading the proposal again, it appears Abacas hasn’t tried to do anything with NEM yet? Wants XEM payment before even trying to connect to NEM blockchain?
Is there any actual interest in NEM tech? Or just the financing?

I’m not trying to be harsh, but it doesn’t seem like there was much effort put in to doing anything with NEM or NEM Community.


Never heard about this project but it’s the 2nd time I’m hearing that the foundation is unresponsive. That’s just so wrong. How on earth is it possible that there are no people dedicated to handling requests like that ? How is it that the nem foundation has one of the best funding in all of crypto yet sux at next to everything except talks an meetups which translate to nothing unless people are able to adopt the tech.

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Yes. Thx for sharing … when I say support it is a combination of supporting tech, docs, channels, and devs … unfortunately the NEM team left us to our own devices with little to no navigation in the community - a couple of superficial TG chats and nothing more. We were given minimal advice that yielded inadequate results - very frustrating. As outsiders, running a real company, we were not prepared to spend a year to become insiders just to be part of the club - no time for that nonsense. We are building a product not playing around with ideas. Finding ETH materials, devs etc was a piece of cake and with proper screening it served the purpose. I want to emphasize we would have used XEM if not for the lack of support.

Thx for sharing leoinker … you hit the nail on the head when you said, “I think I heard a mention of Abacas once.” We spent a good deal of time trying to connect with the key NEM people but they had very little interest and were not very responsive - probably because we are outsiders. The proposal you read is dated. It was another time-wasting recommendation that we quite frankly did not appreciate. Are you familiar with “sold a bill of goods”. We are still interested in NEM and will still plug in to NEM if the business case is there, but it could have been the first and now it is moving down the leader board. You have to understand - unlike all these ridiculous exchange initiatives that are popping up, we actually know how to build an exchange. We are building from the inside out not the outside in. We needed a book of record i.e. NEM or equivalent. NEM was too slow so ETH is the initial incarnation - then we’ll see but the NEM first mover for Abacas is gone and now they will have to sell us - not the other way around.

Breadth, depth and scope.

One observation - I have received more timely response based on my comments above then I have with anything else NEM related … I would typically have to send repeated texts to receive a reply … often three weeks or more for a reply; three weeks for a meeting … we cannot operate at a snails pace so WE GAVE UP on trying to penetrate the NEM club. I saw more meetups and social events than actual work. I hope this stings NEM a little so that they wake up collectively that there are alternatives out there.

Seems to me that NEM foundation has many potential partners but low resources. Sad to hear what happened. You made a very little marketing in the community though, had you engaged more, you would probably be more successful. Some people from NEM foundation reply right away, some after 3 weeks - it is important to find the right person :wink:

I am also sad to hear what happened. I whole heartily agree with @mvanroon, businesses don’t have much time to form relations to “inner circle” that might or might not respond - much less to search for right needle from the haystack to communicate with. This should be something that NEM foundation addresses rather quickly or it will see similar opportunities go by…

Yes yes, core devs are busy with Catapult, others are engaged with something else. I’ve read some people around NEM offer help for something but I suspect they are dealt with silence due to great pressure from providing Catapult which provides whole new playing ground and solves plenty of things. There are probably plenty of other reasons.

BUT… even if technology would be superb and best in the world it can be forgotten into oblivion without real use (tech sector provides myriad of examples from this) and inferior tech got the best of it because it was engaging companies/people. I sincerely hope that this is not the case on NEM technologies. Simple analogy: Linux is/was far more advanced from technical standpoint than Windows BUT companies have chosen Windows because they are getting service and attention. (Please lets not go into Linux/Windows flamewars, lets just take this as it is, analogy)

This thread points out similar concerns than I have.

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That’s why I think first speak with community would be better idea :slight_smile: I also first hear about your proposal now and I’m quite active in Telegram channels and forum.
Thank you for your feedback. I hope you will find some use cases to NEM blockchain also.

I can understand your frustration to a degree - However;

1. There is no NEM dictator to go to for all things NEM. Yes, you can reach out to the foundation, but like most crypto communities - we play a significant role. In fact, we all vote on the community fund proposals, so it is critical to engage us if you wish for your proposal to receive support.
2. The time it took to write your replies here, you could have done a search and found additional NEM channels beyond this one. - Definitely takes less than a year to do that.
3. In this forum posting as well as the initial proposal, everything is geared toward what Abacas will offer NEM. I see little to nothing about how NEM tech will be used, or any further desire to use NEM besides it’s community fund.
4. At the end of the day, NEM is software that provides solutions to a wide array of businesses and individuals. If you can’t be bothered to learn about it, and will use whatever appears easiest, I’m not convinced I want to use whatever software you develop. You should be seeking the best solutions for your product.
5. Eth devs are a dime a dozen, just like eth bugs. It surely is easy to find them. But again, you can find nem developers as well. You found this forum, but didn’t make a post stating you were looking for nem developers.
6. How are we supposed to sell you on NEM when you don’t show much interest? There is a massive NEM community that can answer any questions you have and help guide you along the way, but you said yourself that you don’t have time for that.

In conclusion - Maybe there should be some Official NEM resource that guides newcomers to the Telegram channels, Youtube channels, Medium posts, Devslopes, and other community resources to help them get started. (I’m sure there already is, but maybe we need to hang it on the castle door and pin it to our forehead?)

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Thx for sharing leoinker … I was in every channel [EVERY CHANNEL], tried to engage in a meaningful way, got passed around like a hot potato [SG, NA, EU] … a lot of wasted time in pointless engagements … I showed more than ample interest and a commitment on paper to use NEM and devote our resources - WHAT ELSE DO U NEED? the group is focused on its own interests and is too thin to help new and tangible business use cases … no room for what we are doing, when we were ready for NEM but they showed ZERO interest to act as facilitators… hence the pivot to ETH … you do the math … I run a business not a foundation/charity so I need results.
So the ship has sailed … if it calls to port again I hope that these messages resonate. How many times have I said that I wanted to use NEM first but…

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I don’t want to get in a back and forth argument, but I do want to provide better insight for anyone that is reading this.
I’m not saying we have no room for improvement, but I still don’t understand why you need the foundation to help you connect to NEM blockchain when there is a whole community to help. We are not “spread thin”
And if we are going to use blanket terms like “Every Channel” - I don’t believe I’ve seen you in Any NEM channels.
Did you try the helpdesk? NEM Projects?

If you have any technical questions, feel free to ask. We would like to help. NEM has the best blockchain for the type of business you’re building, and it is getting even better. Your type of business should take security seriously, like we do. I’m afraid you may be making an emotional decision to use Eth despite continually discovering new bugs. And when it forks again and your code is on two chains, then what?
Best of luck! Welcome to Telegram chats sometime if you’re interested. Would be happy to carry on a conversation there.


Leoinker … the key is engagement … NEM did not engage in a timely manner … full stop. We were in helpdesk/red/marketing/tech/projects/nemberia to state but a few … we setup are own TG group for NEM … what else is a guy to do? … I begged and begged and received the crypto hot potato [try him or try him or try him … or where are you located again … “sorry that is not my region or role”] … and then I said enough and gave up … no more time to debate but thx for sharing and TY for your kind offer. Maybe if we had you to guide us in the first place, we would have been better served. We may take you up on it at some point in the future.

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Yes there should be!!!
or even better an email account than you can write in such cases, or a form on the official page

Hi … it is probably a good idea to retract or edit our project proposal. We do not wish to mislead the community. However it appears to be locked down for some reason. Does someone know why I am not able to edit or remove the proposal? Thx.

Better ask @Saul