NEM Official Meeting to be Held in Bogota

SynergyCryptoAdviser and NEM will organize the first of a series of monthly blockchain meetups on February 15 in Bogotá, Colombia
15 February 2018   2111

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.

In January of 2018, NEM Foundation and SynergyCryptoAdviser, a Colombian company specializing in trading trainings, announced forming an alliance in order to integrate NEM users into the Latin American ecosystem.

SynergyCryptoAdviser and NEM stated that they will organize monthly meetups to provide information on the platform in terms of currency support, and train interested developers in working with the NEM API.

The first meeting will take place in Bogotá, Colombia on February 15.

Nem bogota meetup locationMeetup Exact Location

Location: Cosmos Hotel Insignia, Carrera 11 B No. 96-59, Bogota, Colombia
Time: 6:30 PM to 8:00 PM
Agenda: Mining, Multisignature protection, Domains and Assets Creation, Private and public blockchain for companies

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

Average price: $0,550793
Market cap: $4 957 136 999
24h volume: $23 116 300

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   491

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.