This isn’t constructive and therefore not actionable. Can you elaborate more with specifics? All NF updates highlight how Foundation is making progress towards goals outline in funding proposal.
What specific answers are you looking for?
What specific excuses are you referring to?
What specific problems are you referring to?
Thanks,
Alex
I hope that the foundation is doing everything possible to change the situation, but you are right people need answers.
For example answers for following questions:
Hi Alex,
Very awesome that you are holding an AMA session, very much looking forward to it!
I think NEM community is very pleased with the winds of change that accompany your presidency. However I also notice there is still some negative sentiment amongst the NEM community which I think is related to the fact that so far the winds of change have not led to a significant price increase of XEM.
NEM is building an awesome platform on a global scale with outstanding leadership, developers and an extensive eco-system, yet despite the positive prospects NEM has continued to drop further when it comes to CMC rankings. In 2015-2017 there was the sentiment that somehow big things were happening that would ultimately lead to a good value proposition for XEM as a currency. Yet unfortunately, due to numerous factors that you have had nothing to do with (mainly slacking of previous foundation IMO) so far there has not been a clear value proposition that makes investors want to accumulate XEM currency compared to the other crypto currencies.
Binance coin allows crypto investors to get a discount when they buy coins on the Binance exchange. This simple value proposition makes their simple project currently worth 6 times more than NEM, whereas NEM has been in development for years, is supposed to become a global industry leader when it comes to blockchain solutions, has unique tech fundamentals, a great eco-system etc. etc. Yet despite all this XEM market cap is 6 times less than Binance coin.
My question is what is NEM Foundation going to do to prop up the value proposition of XEM as a currency besides building a great NEM platform with adequate NEM eco-system? Are the following value propositions something NEM Foundation has considered?;
There is probably plenty more value propositions for XEM, have XEM value propositions been discussed during meetings or are you still planning to do so?
I think this issue is the central issue that most people within the NEM community like to see clarified and dealt with. Thank you very much for your attention and responsiveness, it’s a breath of fresh air compared to previous Foundation.
Much better feedback. Thanks for taking the time to follow up.
1.) What happened to the multiple companies testing Catapult? Answer: For the most part, if companies are building on a private chain (like Catapult) it is for a reason. They don’t want their data public (or they’d be building on a public chain.) Many companies we’ve been working alongside (not companies under Tech Bureau specifically but those working with NF) are still building and working on their platforms/products. However, it’s also correct to say that the bear winter destablized the ability for some to move forward. I think the subtext of what you’re really asking is “Is Catapult still relevant to companies and are they still interested?” The answer is YES and for most, Q3/Q4 cannot come soon enough.
2.) What´s the situation with the silver coin fund debate? Answer: It’s being discussed by Council but we have nothing to announce yet publically.
3.) What happened to more regular biweekly updates and better communication? Answer: Monthly updates are more manageable because a lot goes into creating these updates. They have to be compiled and translated by global team members. Then the content translated has to go into a review for accuracy and then everything gets posted. This gets derailed when we have to make last minute updates and then go back through localization.This can take up to a week or more. So bi-weekly updates can be a challenge.
That being said, we have a new content team that is putting into place strategies along with a content calendar (for across channels) with dedicated content contributors. Also, we now have video support (again) so there will be bi-weekly video content as well. (We had to wait on the 2nd installment of funding before officially hiring more support staff.) Note: We received the first installment of funding in late-March. It’s now the start of May. It takes time to hire support staff and ramp up.
Not only has our team been working on the strategy and execution toward better communications but also maintaining the health of the NF communication platforms. To be clear – this doesn’t mean NF owns the NEM community. We don’t. But the places we do contribute to is where we work to keep the channels clean of spam, porn, threats, etc while also doing consolidation of important updates. One way to be more effective and OWN the content is to push the content to the forum (vs using Medium.) For example, our Medium account was compromised during elections when a troll abused the system with regards to our Medium account. The result was Medium temporarily froze our official account at a critical time when we needed it the most. So this is why we moved content to forums.
A challenge every online community faces – not just NEM Foundation – is spam and trolling for the sake of undermining the reputation and hard work of those working behind the scenes or even the tech itself. There’s also politics and sabatoge by competing chains that plays a real part in online communities. You can see the channels in other blockchains where the mods aren’t as good and toxicity is rampant. Compared to other industry channels, NEM operates at a higher standard. (Shout out to Mixmaster + admins… thank you.)
I’m going deeper on this topic because I want to share that communications is more than just monthly or bi-weekly updates. Communication involves data collection, analyzing the data, establishing goals, creating an action plan and then tracking progress to ensure accountability. This is what we’re doing now. Community management = strategy, growth, content, moderation, events, relationships/influencers, business integration, and user experience. TL; DR Communications is being revamped and new format will launch this month.
4.) Are there any NDA´s to really restrict you to reveal if NEM has any important partnership with big companies such like Ripple, IOTA and Vechain has? Answer: Yes.
5.) Is there any hope that NEM will get partnership like aforementioned and what´s the reason that´s keeping NF to not getting these deals, IF the tech is really the best? Answer: Just because we don’t disclose all of our partnerships doesn’t mean they don’t exist. It means we’re doing our jobs by protecting the privacy and nature of these partnerships.
6.) Could we see a list of all NF employees and their average salaries, or is it too much of transparency? Answer: No because releasing private information is against the law. Take a look at GDPR.
Great feedback and questions.
Your question: What is NEM Foundation going to do to clarify the value proposition of XEM to the broader marketplace?
My answer: I agree that compared to many top coins, NEM does not have clear messaging around a simple value proposition. That’s absolutely something we intend to fix. If you look at the Foundation’s budget proposal documents you’ll see we allocated substantial funding to this area, and we got buy-in from the Core Team. I can’t give details yet, but we are taking it seriously - so seriously that we will have a dedicated team of experienced professionals running it. This team will be fully focused on marketplace strategy and go-to-market execution. We’ll release more information soon.
We are also mindful that timing matters. In the near future, communications will be mainly focused on tech development, but strategic planning will be happening behind the scenes. Major communications efforts will slowly ramp up as we approach Catapult release. At that point, we plan to go full blast on marketing. For those focused on the price, I will also mention that it’s better to have publicity during a market upswing, when there’s more excitement, media attention, and participants.
You bring up some promising ideas.
These ideas have potential, but we need to see how they would fit into the larger market strategy as it’s developed. I think the team should evaluate all these ideas and more, and get a good understanding of how long they would take, cost/benefit, and so forth. Keep in mind that whether or not the Foundation executes any of these ideas, anyone can make a proposal to the PMC team. I would love to see some new teams step up and take a shot at these.
Thanks for the great questions and ideas.
Thank you very much for the reply.
Up untill now I, and probably many others within the NEM community, have had the idea that the strategy basically was to build a good platform and then somehow XEM would attain value through some passive ways. It’s nice to have a confirmation that there will be a clear and active strategy when it comes to having a value proposition for XEM currency. I hope you as President will also be involved in the process, for example by creating a list of guidelines that have to be implemented either way.
For example, I think a NEM exchange for XEM currency, mosaics and STO’s is basically a must if NEM wants to be taken seriously as a mainstream player in the blockchain industry. There are so many platform projects out there now, but they all somehow are passively following the mainstream players and developments, NEM is supposed to be a frontrunner, which implies it requires very special and ambitious attempts in order to attain such a position. I hope NEM will be out there giving the signal “we are a force to be reckoned with, an eco-system in and of itself, a leader in the space”.
The other example regarding giving enterprises/governments that use private chains a discount if they pay with XEM; these entities basically constitute a very significant aspect of the NEM eco-system, I hope they will be providing at least some of the lifeblood when it comes to the value proposition regarding XEM currency. Past years NEM community has heard great progress from private projects but never really got a clear answer how it affects them as investors and participants in the network, I hope there will be some correlations.
Finally regarding supporting Japanese retail initiatives using XEM currency. The blockchain space is highly competitive, many new projects have entered the scene, however NEM still has a unique advantage in Japan. Tech and congruent community development for a large part has taken place in Japan. This technological and economic powerhouse is a very hard market for competitors to enter due to language, culture and regulatory barriers. NEM already has boots on the ground there so to speak and is at least till some extent ingrained in Japanese blockchain community.
So basically what I am trying to say is, it’s very nice to hear that XEM value proposition is being dealt with professionally, however I hope there will also be some out-of-the box oversight to ensure that this issue will not be dealt with from a strictly professional business perspective.
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