President and VP to Left Their Posts at NEM

Lon Wong and Jeff McDonald will continue to cooperate with NEM Foundation as advisors
03 April 2018   1736

President of the non-profit organization NEM Foundation Lon Wong and vice-president Jeff McDonald left their posts. Christophe Van de Reck was appointed interim president, the official statement said.

At the same time, Wong and McDonald will continue to work with the organization as advisers. During the closed beta testing of the Catapult engine, they will focus on working with business partners, the NEM Foundation notes.

Our Foundation has been blessed with a group of able leaders and enthusiastic fulltime employees that stand ready to take the world by storm. We have built momentum and I am happy with the way things are moving. So, after careful consideration, I have decided that it is time for me to step aside as the President of Foundation and concentrate my energy to build ProximaX and continue to grow the NEM ecosystem.

Lon Wong

Ex-president, NEM

The former vice-president of NEM Foundation also told about his plans for the future.

I plan to expand my work with LuxTag and Kchain, improve the Voting protocol and Apostille protocol as Catapult furthers in development. I’m also working on other ideas for additional protocols in addition to these that Catapult will enable. For me, these are exciting things that I want to work on and so I’m making that happen starting today.

Jeff McDonald

Ex-vice-president, NEM

Late March, the NEM Foundation, developers of the PEM platform NEM and the company Tech Bureau announced the launch of closed beta testing of the block-engine Catapult, also known as Mijin v.2. Partners, customers and individual community-developers can take part in it.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   921

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.