This forum post marks the start of the voting period for NEM Foundation’s Funding Proposal which begins on 15 February 6:00PM CST. In the last 10 days, we have shared a number of updates, you can find a summary below:
Forum post — here
Proposal deck — here
FAQ — here
Video message — here
Japanese translation here
Japanese proposal deck here
Thai translation here
Ukrainian translation here
Chinese translation here and here
Russian translation here
Spanish translation here
Italian translation here
Message to the community — here
Response to questions and anticipated questions — here
We would like to confirm the terms of the vote:
1. The vote will be considered valid if there is a min of 3% POI voting of ‘YES’ votes only.
2. There must be a 65% majority of ‘YES’ votes for the vote to be considered successful.
3. The vote will begin for 5 days starting on 15 February 6:00PM CST and ending at 20 February 6:00PM CST. You cannot vote until 15 February 6:00PM CST.
4. All community members can vote via the NEM Wallet.
5. You can vote through the NEM Wallet. A the main landing page of the NEM Wallet, go to the upper left navigation bar where it says “SERVICES”. Click on this and then scroll below to the service called “VOTING”. You will see a link called “SEE POLLS”. Our poll will be in the “Official” tab.
6. A voting guide can be found here. There is also a video guide on how to vote as contributed by community members @Stinghe_Dorian here and @LauraBKK here (obtained with permission). We are thankful for all contributions from the community.
7. The funds drawn will likely be from the NEM sustainable ecosystem fund and marketing fund. Total list of funds here.
NEM Foundation manual voting process
To vote yes, send a 0 XEM transaction to the account:
To vote no, send a 0 XEM transaction to the account:
Recap on Summary:
If the funding request is approved, NEM Foundation will restructure to have newly created product-focused teams. The heads of these teams are Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer. The ExCo and Council will provide the governance layer and we become accountable to the community.
Each of these team leads will be responsible for reporting metrics and delivering a Return of Investment (ROI) directly to the community and council to maintain transparency and accountability. All funds spent will flow through the head of finance and adhere to consistent accounting standards.
NEM Foundation should continue to exist as product-focused, revenue-driven, and community-oriented organization because:
1. NEM Foundation has been overseeing a form of organized marketing and business development which will be a key need to the launch of Catapult — there are plans to promote Catapult through a comprehensive digital marketing strategy and following up on key strategic relationships which have been established.
2. The new leadership team has in place since 1 January 2019 only and we are committed to working with transparency and accountability. Alex Tinsman, the elected President had the highest votes for both POI and registered members votes.
3. We are adding an aggressive set of goals for tech product features, developer tools, and programmers that will help make the NEM platform the best in the industry. We are also adding plans to be sustainable by being revenue-driven through the appointment of a Chief Revenue Officer.
4. We are proposing a budget with a burn rate reduced by about 60% from its previous level. This will allow the Foundation to deliver ambitious results with responsible use of reserves.
5. A lot of thought and reflection was put forth reviewing the 2018 Foundation’s failures and successes as well as understanding the general landscape of how other similar successful organizations are structured — having this funding request approved would mean that we can utilize to ensure we allocate resources appropriately.
Three things we expect to see in 2019 if funding is approved:
1.) Expect to see more enterprise adoption utilizing Catapult with a revenue-driven culture.
2.) Expect to see more public and private chain transactions when Catapult launches.
3.) Expect to see stronger leadership, solid governance and more service to the community, partners and the world as we hope for a brighter future.
We want to be clear that NEM Foundation operates as a separate entity and is one of many ecosystem contributors to the NEM open-source project. Therefore the NEM Foundation is not NEM. The NEM open source project remains strong and thriving.
Throughout the process of the 10-day discussion, we have received invaluable feedback and will strive to serve the community through this journey. We have also seen a proposal for NEM Labs and NEM Foundation is in full support with their proposal as we encourage as many contributors to the NEM ecosystem. NEM Labs will be having a POI vote too and we will look forward to engaging with the community to vote for both proposals and make the best decision for the future of NEM Foundation.
Also, do read news updates from the industry:
Originally published at https://blog.nem.io on February 15, 2019.