NEM.io Foundation Ltd Gets Going

We are happy to report that 2016 had been a hive of activities. We needed to do a lot of ground marketing, the hard way of course, and at the same time, we needed to ensure that the online dissemination of information had to be up to date. Short of hands, many of us had to work doubly hard. Fortunately, many good souls came forward to help out. If we are to name them, the list will be too long.

Most importantly, we at NEM core would like to thank all who have been with us all this while for their great support. We have been one great community and we cherish this moment of our lives to have known such a great community. Most have been supportive and the camaraderie forged was simply great. Come rain or shine, highs or lows of the value of XEM, the community strived, thrived and endured. Thank you all!

As we close this chapter of our journey and move on to a new and legalised entity, we would like to announce that the inaugural council of the NEM.io Foundation Ltd., an organisation limited by guarantee, and incorporated in Singapore, had their first Annual General Meeting to kick off the foundation on the 5th. March, 2017. The first officers of the foundation are:

President: Lon Wong
Vice President: Jeff McDonald
Secretary: Ronel Li
Treasurer: Ken Chan

Council Members:
Leon Yeoh
Kristof Van de Reck
Niko Maenpaa
Albert Castellana Lluis
Jimmy Batifol–Oliverio

There shall be five more Council Members joining us later once the foundation gets going with the country chapters. All the above officers, with the exception of the treasurer, which is also our accountant, have been with us for quite some time.

The main goals of the foundation are to promote the use of the NEM technology to the industries, academia, and governments. It shall be professionally run with a proper and formal setup.

Members of the community are encouraged to apply as members of the foundation. The caveat is that, as a legal entity, members of the foundation will have to be known persons, of the right age, and have a clean record.

As a legal entity, only members are allowed to vote on the affairs of the foundation. Beyond that, those who are not members will have no say in the foundation in carrying out its business. So, we urge you all to join the foundation.

At this juncture, we would also like to stress that NEM, as a project, has always been driven in a proper and transparent manner. We have been above board thus far, and therefore, it is no more a problem to expose your names and be known, unlike other projects which can be suspect. We have moved away from the norm of the crypto industry since the start of the project in 2014.

NEM is always different from the crowd and will continue to be different in every aspect of it. We have grown steadily and have done this intentionally so that we will be a project to reckon with.

All NEM core developer funds vested in the hands of the current core team will be transferred to a trust company set up to manage the fund so that they can be used for the day to day operations of the foundation. Some of the core team members may opt to become ordinary members of the foundation and perhaps continue to help out in the foundation.

As the foundation will be moving into a new phase of our development, the “old’ marketing team will be paid out in accordance with the remuneration allocated for the marketing team until V1, from 1st. April 2015 till 31st. December, 2016 –a total of 21 months. For this period, the marketing team has decided to take compensation for only one-third of that amount so that more can be contributed to the running of the foundation instead. A total of 253,125,093 XEM was allocated up to V1 of which now, only one-third of it will be paid out instead, i.e., 84,375,064 XEM. The other funds including the post V1 fund and much of the developers’ V1 fund will also be moved to the trust. A sum up to 9 million XEM will be put aside for those who have helped us in our transition from April, 2015 till December, 2016 after we have identified them.

All unclaimed funds and sock puppet funds will still be held in trust by the previous core team and shall not be moved across. These funds include the Silver Fund, Supernode Reward Fund, and some of the NEMSELF Fund.

A more detailed breakdown of the funds to be transferred/remained will be worked out in the ensuing days as we progress. Rest assured, that the unclaimed and sock puppet funds that were held in trust will not be transferred over to the trust fund of the foundation. They will be utilised for the benefit of the community and projects in the future. Only those that have been allocated under the purview of the core team for their remuneration will be transferred over for the sustainability of the NEM.io foundation.

With that, we would like to end our short address. We shall be opening up for membership in the coming days, and we hope you will join us in this purposeful journey to a great success.

The “Old Marketing Team”

Copy of logo without bacground

Source https://blog.nem.io/nem-foundation-inauguration/

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