With the news flash of an upcoming full restructuring, NEM foundation steps up as the newest to be plagued by the lengthening bear market. All proposals have been brought forward, and the foundation is advancing.
They are currently executing all strategies within their means and pulling all efforts to keep NEM. They will do anything to stop NEM from joining the graveyard built for altcoins.
Furthermore, in a joint announcement involving both NEM foundation and NEM labs, they made mention of their proposal for funding and how they plan to advance the project.
What’s Next For NEM?
Similar to the decentralized and democratic method that other Cryptocurrency projects have tried out to execute their work, NEM foundation has also asked for a POI vote. This simply means a Proof Of Importance.
This vote is done for the sole purpose if backing the request for funding. It is worthy to note that, without this restructuring, team members will be displaced from work and out seeking other jobs.
With a fund that is already depleted, the majority of the team will be asking for funds from not just developers but also the community. Subsequently, the fund will be used in the implementation of another new structure.
In other news, the proposal by both the NEM foundation and NEM labs who are divisions of the establishment was described to be complementary in nature.
Moreover, the announcement has been taken to beckon on not just a collaboration but more cooperation to occur between the NEM foundation and the NEM labs. Similarly, the utmost focus still centers on the advancement and continuous running of their project.
This project has already been given a name. It will be known as Catapult. And so, for the next stage, Catapult will transform to be NEM’s core engine. It would be for dApps and even smart contracts.
According to the joint announcement, NEM’s approval is not to be taken as the work of a distinct body. Proven communities basically comprise of diverse purpose-driven bodies.
Therefore, their aim is to resolve certain issues. There is a convincing future in which independent bodies such as NEM foundation and the NEM labs can use distinct methods to resolve issues that occur in the NEM community.
However, it should be noted that earlier in the month, NEM went on to sign a planned partnership. This partnership is between NEM and The Vault LTD. The Vault LTD is actually an artificial intelligence solution powered by Blockchain.
Blockchain technology is used to power Vault LTD to protect trading and monetary payments. And so, even with the large restructuring, plans seem to be advancing for the NEM project.
Meanwhile, this project has however not been seen in the price of XEM. This is the initial crux of the issue going on actually. XEM crashed from being rated among the top ten Cryptocurrency assets.
Its market capitalization fell, and it is in the 19th position right now. It was flipped by Ethereum classic and the Maker.
To Wrap It Up
With the issue at hand, NEM is currently being traded for $0.038. This year alone, NEM’s token has dropped with a whopping 40%, and honestly, things are not getting any better even with the continuous effort uses in keeping the project running.