NEM Foundation March 2019 news update


#1

NEM Foundation Reveals Its Project Roadmap After Receiving $8 Million in Funding

Getting Ready To “Pivot To A Very New Way Of Working”

On Friday (March 8), the NEM Foundation published a blog post in which it noted the project’s leaders decided on how the first installment of 25 million XEM (appr. $1.05 million) would be spent. Commenting on the NEM platform’s current business strategy, Alexandra Tinsman, the newly appointed NEM Foundation president, told CoinDesk:

I think this is a vote of confidence that the industry is moving forward and that we’re ready to pivot to a very new way of working.

During the historic crypto bull market, the market capitalization of the NEM platform’s XEM tokens had surged past $15 billion. It was also around this time that there were about 150 professionals on the NEM Foundation’s payroll and the organization’s operations expanded to 20 different countries across the globe.

However, due to the sharp decline in the valuations of most cryptocurrencies, including the market cap of all XEM tokens which is now below $400 million, Tinsman revealed that the NEM Foundation laid off around 100 of its staff members.

Preparing To Launch Catapult Blockchain Engine

As mentioned in last month’s funding proposal (published by the NEM Foundation), “88 staff (69%) will be made redundant” by the planned restructuring of the enterprise level, blockchain-focused development organization. According to Tinsman:

It’s in the best interest of companies to be fiscally responsible with their platform, their products and their teams. We need to be product-focused and that’s what we’ve done. This is a sign of good things to come.

Notably, NEM’s management has also announced that it will soon be releasing the “Catapult blockchain engine,” which has reportedly been developed to enhance the performance of both private and public blockchain networks. Jeff McDonald, the interim chief technical officer (CTO) at the NEM Foundation, claims that “the tech itself is doing things that no other blockchain has done before.”

Reference: https://www.cryptoglobe.com/latest/2019/03/nem-foundation-reveals-its-project-roadmap-after-receiving-8-million-in-funding/


#2

How do you think will it really bring sufficient changes to the project?


#3

It is hard to define “sufficient” for changes. It takes great resolution to make great revolution.

The NEM foundation now are really determined to lead NEM to a brighter future through a project focused structure. Resources will be used on technology innovation and development tools first. After we have a well-tested product, the NEM foundation will take it to the market to generate revenue for sustainable operation.

For product, we should expect the NEM foundation to have enough support on Catapult so that it can be ready as the roadmap states it should.

To measure whether it is sustainable, we should look at

  1. Direct revenue that is brought back to the foundation;
  2. Transactions, active accounts and the price of XEM rising due to more usage of this technology.

I am confident that the NEM foundation will be able to show good result at the later time this year.


#4

I don’t see a roadmap anywhere in that entire post. What’s with the title ?


#5

Here you can check the roadmap march 2019 https://medium.com/nem-labs/nem-labs-march-2019-roadmap-a0e31270eaee


#6

I got it, thank you for your complete explanation !


#7

The title was from the media and this is more of the project roadmap in terms of the shift from to a product-focused, revenue-driven model.

As for the Catapult roadmap from NEM Foundation, we are hoping to get one out in the next few weeks.


#8

next few weeks? It is a promise until the end of March, right?


#9

Yes the aim is end of March 2019, literally in the next week or two.