NEM Foundation Update - vote for funding proposal 2019

#1

Dear Community,

This forum post marks the start of the voting period for NEM Foundation’s Funding Proposal which begins on 15 February 6:00PM CST. In the last 10 days, we have shared a number of updates, you can find a summary below:

Proposal Documents

Forum post - here

Proposal deck - here

FAQ - here

Video message - here

Translations

Japanese translation here

Japanese proposal deck here

Thai translation here

Ukrainian translation here

Chinese translation here and here

Russian translation here

Spanish translation here

Italian translation here

Update

5-day update - here

Response to questions from Core Devs - here

Catapult Mobile Wallet Walkthrough - here

Past announcements

Message to the community - here

Response to questions and anticipated questions - here

===================

We would like to confirm the terms of the vote:

  1. The vote will be considered valid if there is a min of 3% POI voting of ‘YES’ votes only.
  2. There must be a 65% majority of ‘YES’ votes for the vote to be considered successful.
  3. The vote will begin for 5 days starting on 15 February 6:00PM CST and ending at 20 February 6:00PM CST. You cannot vote until 15 February 6:00PM CST.
  4. All community members can vote via the NEM Wallet.
  5. You can vote through the NEM Wallet. A the main landing page of the NEM Wallet, go to the upper left navigation bar where it says “SERVICES”. Click on this and then scroll below to the service called “VOTING”. You will see a link called “SEE POLLS”. Our poll will be in the "Official" tab.

  1. A voting guide can be found here. There is also a video guide on how to vote as contributed by community members @Stinghe_Dorian here and @LauraBKK here (obtained with permission). We are thankful for all contributions from the community.
  2. The funds drawn will likely be from the NEM sustainable ecosystem fund and marketing fund. Total list of funds here.

NEM Foundation manual voting process

To vote yes, send a 0 XEM transaction to the account:

YES:
NA4KOJYANPV5HLXRF3ITWDJC5V3LXJ6PJYDA3JMF

To vote no, send a 0 XEM transaction to the account:

NO:
NAKN2QZSFQBDJ45TTBH432ZLDDQHD5VV37GYQ5IN

Recap on Summary:

If the funding request is approved, NEM Foundation will restructure to have newly created product-focused teams. The heads of these teams are Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer. The ExCo and Council will provide the governance layer and we become accountable to the community.

Each of these team leads will be responsible for reporting metrics and delivering a Return of Investment (ROI) directly to the community and council to maintain transparency and accountability. All funds spent will flow through the head of finance and adhere to consistent accounting standards.

NEM Foundation should continue to exist as product-focused, revenue-driven, and community-oriented organization because:

  1. NEM Foundation has been overseeing a form of organized marketing and business development which will be a key need to the launch of Catapult - there are plans to promote Catapult through a comprehensive digital marketing strategy and following up on key strategic relationships which have been established.
  1. The new leadership team has in place since 1 January 2019 only and we are committed to working with transparency and accountability. Alex Tinsman, the elected President had the highest votes for both POI and registered members votes.
  1. We are adding an aggressive set of goals for tech product features, developer tools, and programmers that will help make the NEM platform the best in the industry. We are also adding plans to be sustainable by being revenue-driven through the appointment of a Chief Revenue Officer.
  1. We are proposing a budget with a burn rate reduced by about 60% from its previous level. This will allow the Foundation to deliver ambitious results with responsible use of reserves.
  1. A lot of thought and reflection was put forth reviewing the 2018 Foundation’s failures and successes as well as understanding the general landscape of how other similar successful organizations are structured - having this funding request approved would mean that we can utilize to ensure we allocate resources appropriately.

Three things we expect to see in 2019 if funding is approved:

1.) Expect to see more enterprise adoption utilizing Catapult with a revenue-driven culture.

2.) Expect to see more public and private chain transactions when Catapult launches.

3.) Expect to see stronger leadership, solid governance and more service to the community, partners and the world as we hope for a brighter future.

We want to be clear that NEM Foundation operates as a separate entity and is one of many ecosystem contributors to the NEM open-source project. Therefore the NEM Foundation is not NEM. The NEM open source project remains strong and thriving.

Throughout the process of the 10-day discussion, we have received invaluable feedback and will strive to serve the community through this journey. We have also seen a proposal for NEM Labs and NEM Foundation is in full support with their proposal as we encourage as many contributors to the NEM ecosystem. NEM Labs will be having a POI vote too and we will look forward to engaging with the community to vote for both proposals and make the best decision for the future of NEM Foundation.

Also, do read news updates from the industry:

  1. New NEM.io Foundation President Alex Tinsman: The Right Way to Run a Foundation

  2. NEM.io Foundation reboots operating structure to focus on product development

  3. NEM (XEM) Future to Be Decided by NEM Foundation, NEM Labs

7 Likes
NEM.team community proposal POI vote
#2

I believe every community member has the right to their opinion on who to vote and how to vote and we have to respect this. What I can say is that we have put our best foot forward and we want to leave it to the hands of the community to decide. The timing is more critical than ever. The community’s vote will also determine whether we have more support for the development of Catapult.

By voting YES for both NEM Labs and NEM Foundation, expect to see the first priority as channelling resources to support to Catapult’s launch. There could be literally be an army of devs and funding that will go to projects and partners to develop Catapult. We will be doing a disservice to the community, the world and ourselves if we screw up the entire year of funding to non-priority matters. It will not happen on my watch as part of the Executive Committee. Nor on Alex, our President, the council, or the NEM Labs leadership. Do take note of this.

15 February 6:00PM CST is when the voting will be open for both NEM Foundation and NEM Labs, both parties agreed to support each other and stand united, and we hope the community does so as well. Thanks!

6 Likes
#3

Update on timezones:

3 Likes
#4

This is to confirm that both votes will happen at the same time to make voting easy vor NEMbers! NEM Labs and NEM Foundation are supportive of each other and are looking forward to pushing Catapult through a unified approach!

4 Likes
#5

Hey new NEM Foundation,
Let’s rock this voting and (if I understood right) get devs’ approval for 2019 funding and then - achieve great together!
LuxTag supports you - and myself too.

2 Likes
#6

Thanks @r3n3, appreciate the continuous support!

#7

VOTING INSTRUCTIONS FOR THE NEM FOUNDATION AND NEM LABS PROPOSALS

You can use the voting module in the NEM wallet v2.4.2 at https://nem.io/downloads/ or you can vote manually by following the instructions below.
———————————

NEM Foundation Vote

To vote yes, send a 0 XEM transaction to the account:

YES:
NA4KOJYANPV5HLXRF3ITWDJC5V3LXJ6PJYDA3JMF

To vote no, send a 0 XEM transaction to the account:

NO:
NAKN2QZSFQBDJ45TTBH432ZLDDQHD5VV37GYQ5IN
———————————

NEM Labs Vote

To vote yes, send a 0 XEM transaction to the account:

YES:
NDJ7YRDB6SL5A6XC26RXYEDZG5NQ7D55ANWKPOKU

To vote no, send a 0 XEM transaction to the account:

NO:
NCM6UJOMOMBLC6YY7R3QQXVJGFRUDKISMW7EEPR4
———————————

The vote is POI based and runs until 20 February 2019, 6:00PM CST / 21 February 2019, 12:00AM UTC.

NEM Foundation Proposal: NEM Foundation - Funding Proposal 2019
NEM Labs Proposal: [VOTE NOW OPEN] NEM Labs - COMMUNITY PROPOSAL [POI]

#8

this account is infected with pontifier

#9

What do you mean by that @eddy @jason.lee ?

#10

Look at the results and you’ll see hundreds of pontificator votes.

#11

It does not matter. Both NF and LABS proposals got a massive Yes. Time to move on from the past, look to the future and put NEM on the top!

3 Likes
#12

Yes, thing won’t be final until the end of the vote date but let us keep our fingers crossed!

1 Like
#13

Where can we see the results, voting polls are not clickable anymore in my wallet after voting. You have a link?

#14

http://explorer.nemchina.com/#/polllist

#15

Voted yes to both, but with reservations… Those are some hefty salaries in some cases. Not saying they’re unwarranted, I just hope the expectations and accountability is in line with the wage… also concerned that this is more than twice the initial NEM foundation’s funding (in XEM at least), and only covers 1 year of operations… Didn’t see a full accounting of the funding situation, so working partially blind as to how much this really is in the context of the communal funding pool…

1 Like
#16

Good news, we have met the minimum requirement for the votes!

Thanks everyone for your feedback and comments. The work begins now.

Vote for NEM Foundation Funding Proposal 2019: Approved by the community! NEM Foundation Updates

[IMG_7832] Dear community, The Executive Committee and Council Members for NEM Foundation would like to thank you for voting for the Funding Proposal 2019 - as per the minimum requirements of 3% ‘YES’ votes and 65% majority of ‘YES’ votes, the proposal has been approved by the community. [IMG_7838] Here are 7 updates: 1.Thank you. The community is the reason we do what we do. You have made your choice to first elect this council and now fund its initiatives, and we as the new leadership f…


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2 Likes