The NEM Foundation has been the latest to suffer from the lengthening bear market when it announced a complete restructuring at the end of last month. Proposals have been set forth and the foundation is moving forward and making every effort to keep NEM from becoming another member of the altcoin graveyard.
In an announcement today the NEM Foundation released a joint statement along with NEM Labs on funding proposals and moving forward;
Joint Statement by NEM Foundation and NEM Labs👇https://t.co/GJOwYtzlec
✅Proposals are both complementary in nature
✅Principles of co-operation collaboration
✅Pursuit of Catapult
NEM Foundation proposal: https://t.co/uJwsCNznHA
NEM Labs proposal:https://t.co/0MNjxbE8s4 pic.twitter.com/uiGboOM6Mp
— NEM (@NEMofficial) February 12, 2019
In the democratic and decentralized way that many crypto projects are trying to conduct their operations the NEM Foundation has called for a ‘proof of importance’ (POI) vote in support towards a funding request. A massive restructuring will result in a lot of team members looking for other jobs;
“Due to the depleted funds, a large majority of team members will be made redundant at the end of February 2019 and we will be requesting funding from the community and developers to implement a new structure.”
Proposals by both divisions of the organization have been described as ‘complementary in nature’. The joint statement alludes to more cooperation and collaboration between the Foundation and Labs. The ultimate goal remains the development and continuation of the project which it has named Catapult. In its next phase, Catapult will become the core NEM engine for smart contracts and dApps. The statement summarized;
“The reality is that the adoption of NEM is not the work of a single entity. Proven ecosystems all consist of multiple purpose driven entities that solve specific problems. We are convinced of a future where independent entities like NEM Foundation and NEM Labs solve specific problems for the NEM ecosystem in a unified approach.”
In a separate announcement earlier this month NEM signed a strategic partnership with TheVault Ltd, an Artificial Intelligence (AI) powered blockchain solution for secure financial payments and trading. So despite the massive restructuring and ‘thinning out’ of the team things still seem to be moving forwards for the project.
Unfortunately this has not been reflected in XEM prices which have been the crux of the problem in the first place. From a top ten crypto asset, XEM has slid down the charts as its market cap dwindles. It is currently at 19th place after being flipped by Maker and Ethereum Classic this week.
NEM has lost another percent on the day and is currently trading at $0.038. Since the beginning of 2019 the token has dumped 40% and things seem to be getting worse for its price regardless of continued efforts to keep the project alive.