In an attempt to fund and restructure its plan for 2019, NEM foundation has released a with a funding proposal. The foundation plans to completely rebuild the Foundation’s operating structure and mission after having a really tough start to 2019 where there was bankruptcy rumor against the foundation of the controversial exit of its President Lon Wong.
NEM want to hit refresh and start from scratch
According to a recent announcement put forward by NEM Secretariat Office, NEM Foundation has released a funding proposal for 2019. Via this funding, the foundation plans to completely rebuilt the corporate structure and mission which would include renewed focus under this new leadership and create a NEM Foundation that truly exists to serve and support its powerful community. The proposal released is as
The company has released a complete proposal deck and FAQ spelling out the complete information on what could be expected out of the “new NEM Foundation”. According to the information available from the foundation, the previous structure of the foundation will cease to exist at the end of February 2019 and the new structure that is designed to house interim global product team leaders. The foundation plans to carry on the transition immediately and is expecting the new structure to be in place by March/April the funding plan is approved condition being
The requirement for the approval of this funding plan is
- Minimum of 3% POI voting (includes 3% of TOTAL POI votes – both ‘YES’ or ‘NO’ votes included).
- 65% majority of ‘YES’ votes out of total vote count
Both requirements have to be met in order for the funding proposal request to be successful
While the new structure would get in place, NEM foundation believes to continue operating as a product-focused, revenue-driven and community-oriented organization. The new leadership team has been only one month old and is committed to working with transparency and accountability. Alex Tinsman, the elected President had the highest votes for both POI and registered members votes.
- More enterprise adoption utilizing Catapult with a revenue-driven culture.
- More public and private chain transactions when Catapult launches.
- Stronger leadership, solid governance and more service to the community, partners and the world as it hopes for a brighter future.
Following is the plan of deployment that the foundation has laid out
NEM had a terrible last week as the coin tanked 9% in 4 hours on the back of the news that there were Potential reports of layoffs and financial troubles which had made investors lose their confidence in NEM. There were also reports that the foundation had reportedly spent $80 million on marketing in the year 2018, a budget quite extravagant that led to low liquidity inside the company.
Even with its problems, NEM is one of the more popular cryptocurrencies in the market. NEM foundation comes out as one of the first blockchain-based projects to implement bold changes to align their goals and products. The Catapult project implementation and results will finally decide the fate of the NEM project.
Will NEM flourish back under new management? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.