As the topic came up in the NEM Red chat-group we decided to open a topic on the forum.
(btw you should join chat groups if you havn’t already)
Current allocation of funds can be found here: https://docs.google.com/document/d/1TKTIakxUEotmTN4Et80EI7d-8XifgFZ4aBUGAukgLfY/edit#heading=h.56hjbregdxc6
A lot of things changed since the document was created so it might be a good idea to realign some of the funds.
Discussion is open for everyone!
Please note that this “realignment” is in relation to the earlier announcements here:
What this topic is about is to reallocate funds to fund the legal entity.
As we all know, the current custodians of the NEM fund is vested with 8 core team members. We would like to hear feeback from everyone on how to realign it to fit into the legal entity and to make good use of the fund for the furtherance of NEM as an initiative.
Once we have fully set up the legal entity, all funds that are being held by the custodians will be run and managed by the legal entity to pursue the goals of NEM.
‘Run and managed’ means that the legal entity will be the new owner of the NEM funds.
Currently the funds are controlled by the 8 core members but not owned by the 8 core members. I dont like the idea of the legal entity not only having control but actually owning the funds. Also why the rush ,August 14TH. 1 week to discuss this huge issue?
Also - The result will be calculated from the sum of importance from unique votes. This means if you’ve split up your funds (i.e. supernodes) you should vote with each account separately.
So the very people who will be involved in this legal entity (devs) will be able to swing the vote in their favor due to their already huge stakes/importance
The announcement was made on the 7th. July, 2016. THat was more than a month ago. Nobody had discussed about this except in the RED. An important decision and lots of apathy and approval mostly. So, that’s why this post was mooted to knock some reality of the things ahead of us.
To answer your question of “owning” the funds, the legal entity is governed and run by a society like set up where the members are expectedly, nemsters. We want to legitimise the nemsters in the legal entity.
Edit: By the same extension, and in parallel, right now, the funds are owned by the 8 core members.
Who are the 8 core members?
I could image who they are but I’ve never seen an ‘official’ list.
I guess they could swing it at the moment to their favor - however I think there is no way around a ‘legal entity’ if NEM want’s to become successful / self-sustaining etc.
… and so far the votes are like +99.9% yes.
NEM enthusiasts, developers, and community members.
thx
I didn’t see a vote on this… can you send me a link to the post?
Aha - that realignment! I wasn’t clear on what was meant here for realignment… I believe the Legal Entity would be more involved in holding the funds, not how they’re intended to be dispersed… If we’re talking about realigning funds, is there a proposal for how the distribution would change, or are we just fishing for ideas here?
I think that will be decided later on once the legal entity is formed.
Maybe one of the 8 core members can elaborate?
Realignment = re-designate funds to meet objectives. Not discussed and to be decided.