Allow us to go back in history a little for the benefit of those who have just joined us. NEM started off with the ambition of making sure distribution was widespread and fair. NEM did have its own share of problems administering this, but in the end, we still ended up as one of the most widely distributed coins in the cryptosphere.
NEM’s original intent as a project had taken on many twists before coming to what it is today. For a start, NEM adopted a Blue Ocean approach in the hope that one day, the use of its technology shall be widely accepted in the mainstream. As a result, it was never a well publicised project in the cryptocurrency sphere. This also explains why NEM is getting more attention in the cryptosphere, and the sudden rise in the value of XEM as of late has come alongside news stemming from the mainstream.
In short, NEM’s approach has been to focus on mainstream ecosystems as a blockchain technology, concentrating on the masses of the 7 billion people we have in this world. Unlike many crypto initiatives, our growth has been organic, slowly toiling on the utility of the engine and perfecting on its design. We are also blessed with 3 responsible and world class developers. They have since resigned from their lucrative jobs to focus solely on this initiative. That says a lot about their commitment to ensuring the success of NEM, of which it must be said, has been very fruitful so far.
NEM has been organic in its growth as a technology. NEM is following the same path in its journey into the mainstream as a utility and ecosystem with both Dragonfly Fintech and Tech Bureau spearheading the way. The two have been gaining momentum and making their presence felt in East and Southeast Asia.
NEM has also been blessed with not only great programmers but great strategists, strategists who have their heads screwed on and feet on the ground. The entire core team has been instrumental in NEM’s development. It has now come to a time where we are at a crossroads, a time where we need to take NEM to greater heights and be positioned at the forefront of blockchain technology. We have been under the radar for far too long.
To this end, NEM will be founding a legal entity. It does not want to envisage itself to be styled like its predecessors. They have been proven to be ineffective. NEM’s legal entity shall be a not-for-profit entity and should be free from political tussles. That is ideal, but NEM shall also need to be sustainable in the long run. Hence, NEM shall be a hybrid model.
In the next months, we shall be drafting a constitution and it is hoped that in the early years, NEM shall be very much steered by a guided leadership from the original core members so as to ensure its success and to lay down a strong and firm legacy that is hopefully adopted for the rest of time. First and foremost are good principles, honesty, and integrity, they serve. Apart from drafting the constitution, NEM shall also be engaged in planning on how it intends to achieve this mammoth task.
Broadly speaking, the charter of this legal entity shall be based along the following:
Further the development of the NEM blockchain technology by:
- Promoting its use
- Educating on its use
- Encouraging its use in mainstream economies and projects
- Fostering a larger and more inclusive community around the world
- Creating a strong open source community
In order to achieve this, we will be:
- Setting up regional presence
- Organising NEM blockchain technology events
- Collaborating with educational institutions
- Collaborating with Government agencies to define standards
- Collaborating with commercial entities to further develop its use.
- Setting up a centre of excellence and to be headed by our very own core developers
- Setting up a consulting arm to consult on matters relating to the technology and provide such services to businesses at large that will use the NEM blockchain technology
- Acquiring and promoting intellectual properties from its community and working with them to promote such intellectual properties to global businesses
- Spawning new ventures, and where possible, by providing technology and financial assistance
- Providing for scholarships and internship for brilliant and world class students
NEM wishes to do well and be the best in its class. We have the benefit of witnessing the failures of some of the current initiatives, leading to bad faith in the technology as a whole. They have been marred with politics, poor and unprofessional practices, inexperience, and misleading hype, for better or for worse. Even NEM has been scathed with bad hype, but we have proven most pundits wrong, time and again. It is hoped that NEM will be funding itself to champion this cause.
We hope to unveil to you what will be in store for NEM in the very near future. Exciting and bright indeed for the future of NEM!!
NEM’s ideals revolve around the fact that smart contracts should never sit on a blockchain for simple reasons that are very obvious today. NEM believes in enhancing the blockchain technology for what it is good for, an immutable, irreversible, distributed or decentralised, highly secure, and inexpensive ledger solution. To this end, NEM is a powerful blockchain solution that has both a public and a private blockchain on offer, and complemented with a strong set of APIs. It is an enabler for smart integration (as opposed to smart contracts) allowing businesses to control their business rules or contracts separately. Appropriate transactions are made based on such rules via such integration, while at the same time allowing for the coexistence of multiple ledgers in a miscible ledger environment.