[VOTE SUCCESSFUL] NEM Ventures Incorporation Proposal


#154

Hi Vireef

We had been using general community channels and the forum primarily but below is a dedicated group that will also live on

https://t.me/joinchat/BNB4q0fikspwYg3uaZyTfA


#155

Update with a little under 24 hours to go, current support is approx 90% Yes to approx 10% No, with a total of 219 votes cast so far. The POI is still short of the required 3% with 1.96% for Yes and 0.23% for No.

The numbers above back up some of the concern throughout the conversation that community engagement in general (either for Yes or No) is slow, come on folks we can do better than this - even if its a No vote I would rather see as much of the community in this as possible.

As a summary of some of the highlights as this is a long thread:

  • The proposal forms a legal entity around the NCF funds which matches the current control model (5 co-signatories currently hold central control of the fund) and creates a Venture Capital / Private Equity initiative to invest in and support viable NEM projects for the good of the ecosystem and to keep the NCF fund sustainable for years to come - it is currently a dwindling finite resource. The current approach has several issues.

  • This proposal was written in conjunction and with reviewed by the three core developers, who’s input was sought and incorporated prior to asking if it was ok to put this live @Jaguar0625 @gimer have also given clarifications in this forum post that there are issues with the current approach.

  • The NEM Foundation published a blog post here which clearly states there position at the end as:

We are hoping for the whole community’s support and cooperation in moving forward and reaching greater success for the NEM platform and NEM Community Fund (NCF).

  • We have tried to engage the community across various channels and in multiple languages, most issues have been responded to, some of those responses do not align with the opinions of the people raising them which is always going to happen and is healthy for the community - providing everyone remains respectful of each other’s views.

  • We have been very heartened by the engagement from the Japanese community and some of the feedback has now been worked into the proposal, it feels like there is a disconnect between various sections of the community at times, partly due to language, and we have enjoyed being able to bridge that and look forward to continue doing so going forward, we intend to translate all reporting and where possible engage representatives that can help as liaison with non English speaking communities to ensure we involve as wide an opinion base and source of projects as possible.

  • Some projects in the current backlog have expressed support for the idea, some have even gone so far as post outside the forum to this effect, such as this post

  • Various opinions have been put forward as to why not to do this, we don’t agree with them but we do respect them, we welcome the discussion and the fact that people gave it enough time to form strong opinions. Most of those against it, accept there are issues to be solved, just don’t agree with our idea for how to solve them.

  • In the event of a No vote (or failed Yes vote), there may a proposal released by some of the projects currently seeking funding and people who have secured funding in the past. The details are light at present but it is positive that people agree we cannot go on the way we have been. If launched we would highly recommend this proposal seek the input of the Core Devs to ensure alignment with their vision, we found the input invaluable.

I still think this proposal is a good way to solve the issues for the reasons above.

If anyone has yet to vote, please do - either for or against, but vote. People have been asking for the community to be more involved, we have tried to incorporate that as much as practical, it is now over to the community to prove its wants involvement by voting either way - we hope to see a good turn out of voters in the last 24 hours.

We remain excited by the project and look forward to working constructively with all projects in the backlog in the event of a yes vote.


#156

From what I know about trying to raise enough votes, you have to spam telegram a lot. And I do mean A LOT. Getting enough participation in this way is quite achievable, but yeah, you still have to beg people to vote (as if it’s like climbing Everest or something, such task, wow)… This another reason is why I think the NV is needed btw.


#157

Hello can you explain more about the trust deed, which jurisdiction will be used, can you show draft of the trust deed?


#158

Hi @henry thanks for the question. We need some legal and tax advice on this still. There are various pros and cos to each and the intention is to get the auditor and advisors guidance to ensure maximum transparency, governance and tax efficiency across as many other jurisdictions as we can. It needs to be both VC ans crypto friendly with a sensible legislative framework so options are likely to be same centres STO/ICOs come out of. We have a big 4 audit firm on standby to engage when we get the mandate and will update as soon as possible.

The trust deed will be drawn up once we are able to execute a contract so don’t have one at present due to not yet having a mandate or entity to contract with. Happy to share it when we do, provided its legal to do so, if not a summary will be published and the detail shared under the reporting structure outlined.


#159

on the professional side? Great, Then we are expecting people with a real and proper financial markets license and a prospectus?

I think is a good idea to run funds professionally nothing against it.
The problem is the term “professionals” is sometimes being used by people who are not capable to raise capital following the same rules they want to impose, and they use the legal loopholes and words just to convince and take someone’s else’s money.

It’s a great aproach, I think it needs more time and a “prospectus” explaining everything legally and give access to the documents, the trust deed and the contracts, then the fund can pay reputable lawyer and he can explain in plain words what’s going on, isn’t that a professional aproach?


#160

Congrats NEM Ventures on hitting 3%!


#161

Thanks for your answer. It would be a good aproach then to first find a law firm and also a international tax advisor that are willing to accept xem as payment, then with the advise go to the next step of choosing the jurisdiction and the legal entity to use. That will save a lot of money in the long run.(risk management) not all jurisdictions are friendly.
I hope the following link can help you: https://www.bafin.de/dok/8054452

Henry


#162

I hope everything goes good.

Henry


#163

Congratulations, history has just been written, this approval marks the beginning of a new era for the professionalization of NEM. Centralization was the inevitable next step in the evolution. Hope that the people working for this fund will be dedicated and vigorously working towards a great future for NEM, for the NEMber community and the world at large.


#164

Hope you guys will succeed!


#165

" +1 "


#166

Congratulations @kodtycoon @Bwanamakubwa @DaveH - Whilst I’ve been quite vocal about the fact that I don’t think this is the best option for NEM, it’s still 100 times better than what we have today, so I wish you the best of luck executing your plan and running NEM Ventures according to your vision. I look forward to seeing you succeed and particularly hope that you manage to foster and keep the community involved.


#167

Thanks @CarbonClick, apologies for the delay in replying, we have been tied up getting things ready to communicate next week on the plans and expect to be contacting various groups of people in the coming days along with what to expect, the comms will be sent directly but relevant ones will be share publicly as well.

We have appreciated all the input and thought throughout this process, as much from the guys against it as those for it, we have tried to incorporate things where possible/practical and intend to continue taking feedback over the coming weeks/months/years. Obviously the next few weeks will be very busy but we will communicate plans and progress as openly as we can.


#168

There were three payments at once.
Are these reported at the Document?

http://explorer.nemchina.com/#/s_account?account=NAFUNDDWQUHMIKPV2JUH2VNCYEAQX3O7QKHECZUV

Also,The establishment of this venture,
How will we influence our voters in the future?


#169

Nothing to worry about, I know that those top 3 addresses are recipients of NCF projects. :slight_smile:


#170

Hi. You should see in the message of the transactions what the purpose of them are. These are not related to nem ventures, and are simply the payment for completion of milestones for certain projects.


#171

Hi all, we have posted an update and new thread for NEM Ventures in the Projects section given that this vote is now complete. We will post further updates there as well (we will still check in here just in case)


#172

Feel free to contact any of us, whenever you like @GodTanu, in terms of voting and processes, we will release further detail as we get the governance models set up legally, it will take a few weeks due to the complexity of what we are dealing with but in the mean time please contact us via telegram, email or the forum with any queries.


closed #173