Dear NEM Community,
We would like to do an update post-Symbol launch on the state of reserve funds. As a brief summary, leading up to the launch of the Symbol network, the old NEM Core Team voted to set up a Trust in Gibraltar to settle the Core Funds for the launch of Symbol. That goal was successfully accomplished on 16/17 March 2021 (depending upon your time zone). The name of the Trust is The NEM Group Trust (the “Trust”).
Our NIS1 Funds can be found on the block explorer at the following addresses:
NGT Supernodes NANODESTSN7GU76QPLGMJ7BCGCAA2PHVBZZUUI62
Symbol Block Rewards NBLOCKYZLCBVO2XF2DB3D74AE2RC5WSHX5JEZOID
NGT Main Wallet NATRUSTUAB5LAWDSOWDUPQUFYRTGZTJZDGML2JKP
A record of settlement into the Trust at the Symbol launch and all its current accounts can be found here: http://report.experimental.symboldev.network/ where trust funds are designated in line 1.
The five trustees of the Trust are:
Marc X. Ellul
Jeff has decided to step down as trustee by 30 September 2021.
The purpose of the Trust, as set out in the deed establishing it, are “to support and develop the NEM ecosystem, its associated blockchains, native currencies and technologies”.
Up until this time, the Trust has been able to safeguard and protect the reserve funds, stake non-harvesting nodes on the Symbol network that collect no block rewards but help to secure finality, fund the NIS1 Supernode program, and have some oversight of NGL activities.
As many of you know, NGL is shutting down and the core developers are setting up a new organization. The Trust has agreed to fund a developer fund to be managed by Jaguar and Gimre for them to fund their new organization. We have voted to award them approximately an amount of 1.2B XEM and the corresponding amount of approximately 770M XYM to a foundation they are setting up in Switzerland. In addition, the Trust has agreed to cover the developer fund’s first year expenses and to provide additional funding after it is operational and compliant with all applicable laws.
This first major expenditure of the Trust falls in line with its mentioned purposes.
At this time, it is not foreseeable in the next year that the Trust will be accepting additional applications from the community for funding as the core developers set up their new organization. We have confidence in their ability to lead us through the next phase of this stage in the life cycle of NEM and Symbol.
Sincerely the Trustees of the Trust,
Marc X. Ellul