NEM, its entities, what they do and how they interact
The NEM Ecosystem
The NEM Group provides a common governance layer across all activities, ensuring the effective coordination and alignment of efforts and reporting.
- NEM Group – The parent/holding company. The board sets the strategy and budgets and ensures the subsidiaries are working towards shared objectives.
- NEM Software – A merged and expanded product development team. Software will also run the business development arm of NEM Group for enterprise projects.
- NEM Trading – Responsible for managing all of the group’s finances in a central place and ensuring subsidiaries adhere to budgets. It performs a corporate treasury function and manages the digital assets held by the group to allow activities such as liquidity management, exchange support and token lending.
- NEM Ventures – The venture capital and investment arm of the ecosystem.
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 (Symbol) is being developed actively at present and is currently available in Beta for Private Chain deployment. Public Chain launch is expected in Q4 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.
NEM Ventures, created in 2018 by a small, highly motivated team. We are mandated by the community to improve management of the Community Fund. Previously, a grant system run by volunteers, this has transitioned to a modern Blockchain Venture Capital firm. We are in the process of making our first investments along with multiple exciting partnerships and initiatives we hope to share soon. We are a holding structure registered in Gibraltar:
- NEM Community Trust: A purpose trust that lives in perpetuity for the good of NEM, it is funded at present from the Operating Costs Fund and mid-longer term will absorb the NEM Community Fund
- NEM Holdings Ltd: A company limited by guarantee, with one member (the Trust above). It is primarily a governance layer with a board of directors responsible for ensuring subsidiary companies operate within their mandate but little operational activities.
- NEM Ventures Ltd: A company limited by shares, owned by NEM Holdings Ltd which manages the community assets and invests in commercially viable projects within the NEM ecosystem.
The focus is on commercially viable projects that utilize or benefit the NEM ecosystem, XEM and Symbol adoption.