NEM Ecosystem Funding

Announcements
#1

We recently announced the formation of a single common governance framework for the NEM entities called the NEM Group (NGL). We would like to be as open as we can be around the use of funds and therefore would like to share that the NEM Group Trust has received a transfer of 394.151m XEM from Core Funds into this wallet. This amount comprises consolidated funding for ALL of the NEM entities and has been approved by Core. The wallet is overseen by signatories who are separate from the operational elements of the ecosystem and include legal trustees, a long time community member as an enforcer and members of the core team.

In the first year funds will be prioritised to:

  • Formalising and organising the software development, consulting and treasury management capabilities to be both more efficient and operationally effective.

  • Supporting and enabling the launch of Symbol as per the Public Launch Plan. This will include deepening relationships with exchanges and payment networks to ensure broad access and integration of our token.

  • Supporting a new community engagement plan designed to give both existing and new members opportunities to get more involved in both Symbol’s launch and it’s future development.

The funds remain in the Trust until a business plan and budget have been approved by the NEM Group board. All subsidiaries funding requirements are subject to scrutiny and approval by the NEM Group. All subsidiaries accounts are monitored and managed by the NGL finance team.

Whilst Crypto markets are inherently volatile we will seek to actively reduce the risk for NEM as well as give Symbol the best possible chance for wider adoption.

Iain Wilson

CFO NEM Group

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#2

Now it does look like things are going to be on the right track, good work.

the rewards program will return?

#3

Community Proposal will be released shortly

5 Likes
#4

Here is Mandarin(中文版): http://www.itechly.com/articles/2364.html

2 Likes
#5

I’m glad to see that NEM is on track, but I still want to ask a few questions:

How to allocate funds in these three parts？
How to prove whether it is completed as planned？or What is the standard of completion?

Thanks

1 Like
#6

Финансирование Экосистемы NEM — Организация NEM Group (NGL)

n_group
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  • :ru: Russian

WebSite: https://nemnews.io/nem-ecosystem-funding/

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#7

Funds are prioritised towards the launch of Symbol. There is a Public Launch Plan and Success is measured by completing those tasks and launch itself.

Organising the software development, consulting and treasury management will allow us to effectively support Symbol post launch. Success would be wider enterprise adoption of Symbol and ultimately revenue targets. Budgets here are more flexible because we are still at an early stage of blockchain development.

The new engagement plan will allow the community to be more directly involved. There are many possibilities that may emerge. Success could be measured in a number of ways e.g a bigger and more engaged community, an increase in Symbol nodes, new developers contributing to the project, more people participating in Symbol academy

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#8

just to be sure i understand u right

NG didnt get any additional funding
all funds are just leftover of former by a POI community approved funding

now what i miss is where did POI approve a redirection of funds?

but thats a minor issue if organisations parts disolve in a bigger organisation its i think ok if their funds end there too

still important part is that i want to be clarified that there isnt any additional funds released out of “core” funds without a POI

POI voting is the only thing that keep up a difference between a corporate style governance and a movement

keep in mind NEM started as a movement and we should avoid to lose that spirit

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