It was recently reported that the NEM foundation is on the brink of bankruptcy and plans to fire a huge chunk of its workforce. To address this, the foundation has released a funding proposal for the year 2019.
NEM Foundation is Starting Afresh
Going by the proposal, it is clear that the new NEM foundation council is ready to do everything to restructure the foundation and vision of the project. The new funding proposal is considered a fresh start for the project and hopefully a plan to keep the foundation afloat.
According to a recent report announcing the new proposal, the foundation is planning to completely rebuild the corporate structure and mission of the NEM project. This entails creating a NEM Foundation that truly exists to serve and support its powerful community.
With the foundation taking a facelift and rebuilding from scratch, the new council has released a complete proposal deck and FAQ aimed at giving a full picture of what could be expected out of the “new NEM Foundation”.
The old structure and proposals of the foundation is expected to expire by the end of February 2019 and the new proposal, if approved is expected to take effect right after.
Requirements for the Approval
According to a recent report, the requirements for the approval of this funding plan are:
1..Minimum of 3% POI voting (includes 3% of TOTAL POI votes – both ‘YES’ or ‘NO’ votes included).
2. .65% majority of ‘YES’ votes out of total vote count
Both requirements have to be met in order for the funding proposal request to be successful.
NEM’s 2019 Road Map
Upon the approval of the new proposal, the NEM foundation expects to achieve the following in 2019:
1. More enterprise adoption utilizing Catapult with a revenue-driven culture.
2. More public and private chain transactions when Catapult launches.
3. Stronger leadership, solid governance and more service to the community, partners and the world as it hopes for a brighter future. Following is the plan of deployment that the foundation has laid out.