Update on the state of NEM funds?

General Discussion
#1

Greetings NEMasters!

I’d love to see how the funds set aside at launch are faring – what’s been claimed, what’s left, what’s up in the air (i.e. nem silver for stakeholders) etc… Seems updates on this since the development contract have been piecemeal, and there were a lot of funds set aside for specific purposes - what’s left, what’s changed (i.e. nem foundation), and what’s up in the air? Please feel free to correct me if I’ve missed something! I’d also gladly work with the core team to go over some of this and draft a summary for the community if someone can help with the details… I know there have been a handful of things via the forms, but haven’t come across any sort of broader tally nor running total and am somewhat out of the loop.

2 Likes
#2

I would like to see this too. I think it would be good for the transparency and openness of NEM.

Can’t really think of a reason for not to share it either (as I assume the information is already in an excel document somewhere).

#3

From the blog post on the NEM Foundation’s founding: https://blog.nem.io/nem-foundation-inauguration/

All NEM core developer funds vested in the hands of the current core team will be transferred to a trust company set up to manage the fund so that they can be used for the day to day operations of the foundation. Some of the core team members may opt to become ordinary members of the foundation and perhaps continue to help out in the foundation.

As the foundation will be moving into a new phase of our development, the “old’ marketing team will be paid out in accordance with the remuneration allocated for the marketing team until V1, from 1st. April 2015 till 31st. December, 2016 –a total of 21 months. For this period, the marketing team has decided to take compensation for only one-third of that amount so that more can be contributed to the running of the foundation instead. A total of 253,125,093 XEM was allocated up to V1 of which now, only one-third of it will be paid out instead, i.e., 84,375,064 XEM. The other funds including the post V1 fund and much of the developers’ V1 fund will also be moved to the trust. A sum up to 9 million XEM will be put aside for those who have helped us in our transition from April, 2015 till December, 2016 after we have identified them.

All unclaimed funds and sock puppet funds will still be held in trust by the previous core team and shall not be moved across. These funds include the Silver Fund, Supernode Reward Fund, and some of the NEMSELF Fund.

A more detailed breakdown of the funds to be transferred/remained will be worked out in the ensuing days as we progress. Rest assured, that the unclaimed and sock puppet funds that were held in trust will not be transferred over to the trust fund of the foundation. They will be utilised for the benefit of the community and projects in the future. Only those that have been allocated under the purview of the core team for their remuneration will be transferred over for the sustainability of the NEM.io foundation.

So the NEM Foundation recieved 168,750,029 XEM
The NEM Silver fund from sockpuppet accounts was presumably moved to the NEM Community fund.

Not sure if we’ve tapped into the Unconventional Marketing fund / NEMSELF funding / Operational Cost I & II, Mobile is live and presumably paid out, and presumably the V1 fund was paid out in full…

I know we’re working on a hub in Malaysia at least and I believe another elsewhere… Would love some help filling in the blanks though! might make a good blog post.

#4

Agree that there should be a public update for NEM Funds utilisation, will try to push to get more information out!