NEM Foundation Update - January 2019 (Part II)


#21

Can we see the document where the money was spent in 2017, 2018? The fund is going to ask for funding. What were the funds spent in previous years? Point by point, in which organizations there were transactions. Can you confirm transactions with a document?
After all, the premises were rented for numerous meetings. can I see the amount for which the rent is made?
How much money did it take to create a NEM hub in Malaysia?


#22

First and foremost, Kudos on owning this. Not an easy position to be in; greatly appreciate that you’re tackling this head-on and keeping us in the loop.

Is there any chance that someone can do a full accounting of the funds set aside in the original developer contract? Which of these were used to fund the Foundation and what is the status of those that were not used for the foundation (i.e. how much remains)? As we look ahead, I think it would be really useful for us to better understand the state of NEM’s central funds as a whole, beyond the Foundation’s funds.

  • Marketing Fund (Launch/V1 Reward)
  • Operational Costs Fund I
  • Pre-V1 Fund
  • Post-V1 Fund
  • NIS Node Rewards
  • Silver Coins for Distribution to Stakeholders
  • Community Fund
  • Mobile Application and NCC Development
  • NEM Sustainable Ecosystem Loop Fund (NEMSELF)
  • Unconventional Marketing
  • Operational Costs Fund II

#23

We are looking into it right now and will come to a conclusion, there are discussions done with the longstanding community members to ensure we are doing things the best way possible.

Thanks @missflora, appreciate it!

There will be an element of this that will be addressed, we need to focus on the key priority for now, which is ensuring that we NEM Foundation can continue to exist to support NEM and the launch of Catapult.

Agree, and we will be putting a lot of effort and intention into making sure that Catapult will be the difference!

What would be interesting to see is the real-world applications to the blockchain industry.


#24

Thanks @jason.lee - let me know if I can help! If I could get a raw dump of costs, funding pools, etc. I can help consolidate into something for the community… Loads of experience with enterprise scale data analysis & reconciliation, fluent with excel, and some financials experience.

Not proposing doing the foundation’s financials, but something at a higher level (i.e. original community fund $XEM, funded proposals and XEM amt, remaining XEM | Marketing fund, pre-foundation activities, amount allocated to the foundation | original developer funds, amount distributed in phase I, remaining amt)… Basically an overview of the public funds at day 1, what’s been used and for what (generally), and what’s left.


#25

Hi team!
Thanks for the update. Wish you good luck.


#26

Wow. That is telling!


#27

Thanks all, the proposal is up:

Full links:

  1. Forum Post: https://forum.nem.io/t/nem-foundation
  2. Funding Proposal: http://bit.ly/NEMFoundationFundingPro
  3. Video of Funding Proposal: http://bit.ly/NFVideoFundingProposal2019
  4. FAQ of Funding Proposal: http://bit.ly/FAQforFundingProposal2019