NEM Meetup to be Held in Caracas, Venezuela

  NEM is organizing blockchain meetups in Latin America; the Venezuela meetup will be held in Caracas on February 22, 2018
22 February 2018   2434

NEM blockchain platform was designed and coded from the ground up for scale and speed. Its consensus mechanism and the Supernode program aim to ensure that NEM’s open, public blockchain can grow without ever compromising throughput or stability.

NEM is currently organizing blockchain meetups in Latin America, and the Venezuela meetup will be held in Caracas on February 22, 2018.

Nem meetup in VenezuelaNEM Meetup in Venezuela Announcement

Location: Hotel Pestana, 1ra. Avenida. Urb. Santa Eduvigis, Caracas, Venezuela
Time: 10:30 AM to 12:00 AM
Agenda: Official launch of the NEM project, Functionalities, Mining, Multisignature protection, Domains and Assets Creation, Private and public blockchain for companies, Cooperative Networking

At the moment of press, these are main market parameters of NEM:

Average price: $0,558878
Market cap: $5 029 901 999
24h volume: $75 501 000

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   492

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.