I feel that now is the time to share some thoughts as we begin to establish NEM Group (NGL) within the NEM ecosystem and complete the transition from Foundation.
I want to clarify some key points about NGL and its role, what the focus and priorities are and how we can start to energise and grow the NEM ecosystem to be successful.
Our ecosystem comprises 4 distinct but interrelated components;
- Software Company
We recognise that the blockchain space has seen an explosion of chains and projects. This will inevitably be followed by consolidation and result in winners and losers. Our aim is to ensure that NEM is part of the group that emerges from this phase to help shape the next evolution of blockchain.
NGL’s role is to operationalise and commercialise that objective.
To build a successful ecosystem NGL needs to provide the impetus and energy behind each area but to be successful and we will need all 4 working together to achieve our goals.
Community – NGL’s role is not to control or manage the NEM Community – we want to support and encourage it - to provide the fuel that it needs to attract and retain long term token holders and to run itself – to become self-sustaining.
Ventures – will identify, invest in and partner with projects and businesses that will expand our ecosystem and that will succeed on their own terms, using our technology. This business is headed up by Dave Hodgson .
Trading – will focus on signing up and working with Exchanges globally and will provide the financial control to drive the liquidity we need for the ecosystem to succeed. This area is led by Iain Wilson .
Software Company – this business will provide the basis for our Enterprise focused approach and will oversee the continued commercial development of our 2 platforms – NIS1 and Symbol.
What I can say now about the software business is that it will be commercially focused and that we will build revenue streams so that the ecosystem – and NGL – become self-sustaining and resilient.
Our approach will be based on enterprise ready, commercial rigour, including a product led approach in our Go To market, which will make it easier for Enterprise clients to engage NEM, and the development of consultancy services to advise clients on blockchain related issues.
Once the software Co is up and running, we will no longer need to rely on liquidity events for funding, protecting the value of the coins and creating a better balance within our ecosystem.
Teams and Roles
As we build out the NGL organisation across the 4 components, there are some individual announcements and confirmed roles I want to share.
Firstly, Gimre and Jaguar are both joining NGL both as core devs and as non-exec directors, which is great news. This provides us with continuity as well as access to their deep expertise.
I am also pleased to confirm that Jeff McDonald has joined NGL as non-exec director.
The search for an MD for the Software business is well under way, with some very exciting candidates already on the short list.
We are also establishing 2 steering groups;
Steering Group 1 will focus on launching the public chain and will be chaired by myself and programme managed by Steve Powell . Steve is an experienced programme director, scrum master and expert in agile software project delivery.
Steering Group 2 will focus on Enterprise solutions . I will also chair this group for the time being whilst we build the Enterprise team.
To build a healthy ecosystem and for NGL to deliver in its role, we need to blend a vibrant cryptocurrency business with a self- sustaining enterprise focused software co. complemented by a strong community of long term coin holders.
The art of what we create together is the ability to combine the best of those cultures and approaches to create something truly unique.
We believe that staying true to an open source philosophy and being focused on commercial success are not mutually exclusive. There are great organisations that have achieved just that. (Red Hat or MongoDB to name just two).
If we succeed then we will have created a venturing business that attracts winning partners that choose us, not the other way around. We will be part of a growing, vibrant NEM community of long term token holders and we will have achieved global coverage of exchanges to attract different types of investors from around the World.
About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
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