The NCF Committee, which is comprised of NEM community and NEM.io Foundation representatives, has been hard at work updating the NCF proposal guidelines and submission process. These updates will better facilitate the increased demand on the NCF, and improve proposal standards, while also making the fund more accessible to the everyday community member.
One of the major guideline changes, are new funding tiers designed to meet the needs of anyone, in any circumstances, who may want to apply for funding. These tiers range from 0 to USD 40k “grants”, requiring only committee approval, USD 40k-150k and USD 150k-800k requiring a respective 1% and 2% of NEM Blockchain POI projected at YES address. A fourth tier, capped at USD 5m, requires 3% of NEM Blockchain POI projected at YES address, and is only accessible to publicly traded companies. We hope that this new tier system will be more inclusive of the NEM community, and provide funding access to smaller projects.
A limit of USD 800k total funding has been placed on private companies to counter project overvaluations, and extend the sustainability of the fund.
To further enforce fair valuations, the committee has implemented new milestone restrictions, with a requirement to justify each subheading of a milestone.
The goal of the NCF is to foster growth in the NEM ecosystem and provide the financial fuel companies need; however, we must remain mindful that the fund is a finite resource.
A new submission process has also been deployed. With this process, proposals and accompanying materials can be submitted with ease, and collated in a more organized manner. Companies will now be required to submit these details through the new submission form.
When creating and submitting a proposal, ensure that the guidelines and submission form are followed, and completed correctly, to prevent any delay in processing the proposal.
Grant applications are intended to be flexible by nature, enabling a vast array of potential projects to qualify for funding.
All submissions shall be reviewed and vetted by the NCF Committee as an initial screening of projects. Only approved proposals shall proceed to community review and voting.
Updated NCF Process Flow as of July 2018
If you intend to submit a grant application, but are finding it difficult to conform to the standardized guidelines, please feel free to send an email to firstname.lastname@example.org and the NCF Committee will try to assist.
To view the updated guidelines and submit a proposal, visit: https://nem.io/community-fund