NEM to Launch Closed Beta of Catapult Blockchain Engine

Closed engine's preview for developers will demonstrate the technology, which will first be used in private networks, and then in the public blockchain of NEM
26 March 2018   2004

NEM Foundation, the developers of the NEM P2P platform and Tech Bureau announced the launch of a closed beta testing of the Catapult engine, also known as Mijin v.2. Partners, customers and individual community developers will be able to participate in it, according to a press release.

It is planned that a closed engine's preview for developers will demonstrate the technology, which will first be used in private networks, and then in the public blockchain of NEM. The creators also noted "unique smart contract plugins that allow you to create bulletproof digital asset creation, decentralized swaps, advanced account systems and business logic modeling."

Beta-testing Catapult will take place in three stages:

  • Phase 1: Catapult Developer Preview and SDK release
  • Phase 2: Evaluation release of Catapult Core Engine
  • Phase 3: Dual-licensing of Catapult in both Open Source and Commercial licenses

We’re proud to partner with Tech Bureau, as we believe the new Catapult blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures. Catapult is more than just an improvement to the NEM Blockchain. It is an industry milestone that opens up new capabilities for blockchain database functionality.

Lon Wong

President, Foundation

In addition to improving speed and scalability, Catapult will also offer aggregated transactions and accounts with multi-level multi-signatures. According to the developers, such a functional was not previously presented in any of the existing blockchains.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   1367

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.