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As part of a new mission for this year, the NEM.io Foundation, a non-profit set up to promote NEM blockchain technology, has announced a reboot of its operating structure.
Alex Tinsman, the foundation’s newly elected president, will spearhead NEM Foundation 2.0 which will focus on transparency, streamlined operations, and product development, over promotional activities.
The NEM.io Foundation explained that the overhaul is aimed at protecting the integrity of the investments already made by the community as well as future investments. It said that the new council, formed after the recent NEM.io Foundation election, found many frozen XEM funds at the first review.
According to the official release, the foundation is proposing a new budget with the burn rate reduced by 60 percent. This will allow NEM to continue to operate and deliver its enterprise blockchain technology solutions through 2019 and beyond.
“When the new council opened the books on 2018, we saw a lot of talented people were working hard, but not all of us were working off the same playbook,” said NEM.io Foundation President Alex Tinsman.
“A media report that the Foundation is out of funds is incorrect, however past burn rates are not sustainable to bear the Crypto Winter. We saw efforts being duplicated, and very little to no accountability for funds. We decided to transition the NEM.io Foundation from a promotion-focused organization to a product-focused organization in order to create a sustainable future.”
Furthermore, the restructuring will include transitioning from regional teams to product teams who will focus on the development and execution of Catapult, the next generation blockchain engine delivering a new version of the NEM protocol for enterprise networks geared towards widespread industry adoption.
Employees and contractors will also be streamlined, moving to seven teams, including technology, product, finance, and business development. Each product team lead will be responsible for reporting metrics and delivering ROI to the NEM council and community. All funds spent will flow through the head of finance and have consistent accounting and compliance, across the entire organization, the release said.
“With the launch of Catapult this year, our new features will unlock functionality that our partners have been asking for for years. Our partnerships and business development efforts will now have full transparency and ROI reporting,” said Tinsman.
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