How we've grown
NEM started as a call for participation in 2014. It attracted various parties; the current core developers among those. The first version (NIS1) was released in 2015. The new version (Catapult) is being developed actively at present and is currently available in Beta for Private Chain deployment. Public Chain launch is expected in 2019.
Upon launch the XEM tokens were distributed:
- To interested stakeholders for a nominal value, no ICO occurred.
- To reserved pools, for specific uses later, which are controlled via on-chain multi-signature functionality by various long standing and trusted members of the community.
Those tokens have a value due to a combination of trading on utility token exchanges and them being used as the transaction fee mechanism. The Public Chain and associated tools receive work from the Core Developers, Projects, the Community and the Centre of Excellence (CoE) developers.
There are three primary entities, they are legally separate organisations with distinct reasons for existing. However they, collaborate on numerous initiatives for the benefit of NEM and providing development requirements.