NEM Foundation to rebuild its operating structure and mission to focus on products over promotion

The Foundation this week announced a reboot of its operating structure and as part of a new mission for 2019.

Led by newly elected president Alex Tinsman, NEM Foundation 2.0 will focus on transparency, streamlined operations and product development, to deliver the best blockchain platform to developers and stakeholders. This restructure is intended to protect the integrity of both the investments already made by the community and future investments. NEM continues to provide a powerful “out-of-the-box” smart blockchain solution, poised to lead blockchain adoption in governments, academics, industries, developers, and mainstream users.

At the first review after the recent Foundation election, the new council discovered many XEM funds were frozen. The foundation is proposing a new budget with the burn rate reduced by 60 percent. This will allow NEM to continue to operate and deliver its enterprise blockchain technology solutions through 2019 and beyond.

“When the new council opened the books on 2018, we saw a lot of talented people were working hard, but not all of us were working off the same playbook,” Ms. Tinsman said. “A media report that the foundation is out of funds is incorrect, however past burn rates are not sustainable to bear the Crypto Winter. We saw efforts being duplicated, and very little to no accountability for funds. We decided to transition the Foundation from a promotion-focused organization to a product-focused organization in order to create a sustainable future.”

Part of the shift will include transitioning from regional teams to product teams focusing on the development and execution of Catapult, the next generation blockchain engine delivering a new version of the NEM protocol for enterprise networks geared towards widespread industry adoption. Employees and contractors will be streamlined, moving to seven teams, including technology, product, finance, and business development. Each product team lead will be responsible for reporting metrics and delivering ROI to the NEM council and community. All funds spent will flow through the head of finance and have consistent accounting and compliance, across the entire organization.

“In the face of these challenges, NEM’s technology is still among the best for developers looking to build business applications on the blockchain, our new focus is going to push us even further ahead in the industry,” said Ms. Tinsman. “With the launch of Catapult this year, our new features will unlock functionality that our partners have been asking for for years. Our partnerships and business development efforts will now have full transparency and ROI reporting.”

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