NEM Trust Update

Announcements
#21

Where is the discussion about what happened with voting / the “bug”? I see no discussion about it in client-cpp on Discord. Things I saw discussed lately include ZKP and rollups but I haven’t seen a discussion about Symbol’s finalization gadget or any other features in Symbol already that may or may not need changes [e.g. “multisig bug / feature”]. But then, out of the blue operators do have to accept a hard fork to-happen-in-32-hours.

The community is fragmented, realize it or not ; development with Symbol is near 0 outside of Japan [“core agreed” projects xD] ; Partnerships stalled ; Social dead ; I guess it’s now only supernodes who need to be up to date with decisions, not the community anymore, that’s what is sad.

I hope I will be proven wrong - when I see there is “negotiation” that are taking very long time and then in the mean time a hard fork. Guess what, I get skeptical and I hope for #NEM that SNs do take the necessary time to do their due diligence with regards to actions that are being executed.

3 Likes
#22

I don’t think that anyone wanted it to be such short notice but if finalisation was stalled then it needed an urgent fix hence the timeline. To be fair nearly 90% of node owners have updated: Symbol node list and a reasonable percentage of those that didn’t haven’t bothered to update since v1.0.0 (including several supernodes).

Not saying it was an ideal situation, far from it and lessons hopefully will be learned but if it is an urgent problem then it requires urgent action.

I don’t really want to get into discussing pros and cons of different personalities of NEM past and present but in my opinion I think focussing on the technology and bringing in some new ideas is a good thing.

From trawling Twitter every day when writing http://symbolblog.com I generally see support for the new direction from the Japanese community. I think everyone wants to see NEM/Symbol being successful so I guess let’s give it a chance and judge based on results. Symbol has only been live for 6 months it will take a while…

2 Likes
#23

Screenshot 2021-09-19 at 16.47.21
Screenshot 2021-09-19 at 16.47.21715×103 15.2 KB

For the completeness of this thread, I am pasting the reply from Gimre here. He responded in Discord on 16/Sep/2021 that there’s not update yet.

Remark from my side:
Perhaps the community should involve here? Or is it only the core developers (+Kristy?) who “own” decision-making for NEM & SYMBOL at the moment?

#24

Presumably the negotiation is confidential, not sure how the community would be able to resolve the situation. I don’t know any of the details of what is happening but I am just not sure why if a new non-profit is being set up by the team, the Trust still needs to exist and control the funds.

With one member leaving, that leaves four other Trust members who presumably “own” all decision making from NEM and Symbol? Also I am not really sure who those four members are or what technical qualifications they have which would make them the most appropriate people to decide what the best interests are for NEM/Symbol going forward. One seems to be a member of the now defunct NEM Group but I can’t find much info on the others.

Guess I would rather have the technical experts that are building the technology and know what needs to be done decide how the funds should be spent than the other four guys we don’t know much about.

3 Likes
#26

That’s exactly what I mean, for me this sounds more like a hostile takeover rather than anything positive for the ecosystem.

And to @SJM211: how you frame trustees is a real shame - considering that the Trust was created to protect exactly from those hostile magic tricks -) but who am I to even bring up these problems, eh…

1 Like
#27

I don’t mean to frame trust members in a certain light, just replying as a counter argument to this:

And I certainly didn’t single anyone out (as has been done above).

I am just saying that I don’t know anything about them (apart from Jeff who is leaving) and I am not sure that many in the community do.

Anyway, we can agree to disagree. I don’t think it is a bad thing that the team who have developed NEM and Symbol from nothing should be able to have control over the budget.

I, like you hope that it is resolved soon too.

2 Likes
#28

I just hope that the issue will be solved as soon as possible. The whole project has been totally stalled after long waited Symbol launch which is a pity.

I think most of the community members are more than willing to handle the crown for the actual devs after all of those highly paid talking heads whom only took cash and leave like infamous Alex and others.

2 Likes
#29

No. The Trust was created not to pour everything onto NGL.

P.S. Funnily how hostile is coming from you.

1 Like
#30

Not sure how you missed this: September 14th - Post Mortem - HackMD. It was published well before the fork height.

As a principle of trustlessness and decentralization you shouldn’t update your node(s) on blind faith without investigating the reason(s) for the software update. Please pay more attention next time.

2 Likes
#31

Really what tha hell?

Whole project seem to be destroyed with some inner fighting and nem is hardly in the top 80 on CMC and XYM heading to crypto wasteland as it has been in downward spiral since april.

Who’s behind this and why?

5 Likes
#32

Who’s behind what? Can you be bit more specific?

#33

I mean people have not received official comment from soon defunct NEM group nor NEM Trust nor they have engaged any open discussion on twitter/telegram/discord as far as I know. Correct if wrong.

It would be great if they share their current agenda for the delay of handing over the project in open Forum.

And honestly I dunno even their nicknames/names or are is there just one Trust member opposing the transition.

#34

NEM Trust Update
BY SAUL GRAY – 18 AUG 2021 – VIEW ONLINE →
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. As mentioned here, 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

Niko Mäenpää

David Ham

Iain Wilson

Jeff McDonald

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

Niko Mäenpää

Iain Wilson

David Ham

Jeff McDonald