Welcome Nemsters!I have created this thread especially for all people interested in NEM. Since our project is still under development, we have a lot of information spread through many places.
My aim with this thread is to create a simple and clean post containing all the important information and updates easily available for every interested investor and crypto-enthusiast. Secondly, I will try to kindle, if possible, an intelligent discussion about NEM and explain why it may be a very interesting and promising project and indeed, a potentially high reward investment. Along this two important points I will keep updating and posting what I consider to be interesting for all Nemsters.
This thread is not meant as a replacement for the
official NEM discussion thread, where all in-depth technical and organizational discussion should be pointed to.
As you can see this is a self-moderated thread. I intend to keep it clean and remove anything I consider to be a deviation from the subject.
Feel free to contribute and hopefully we'll be able to make this an interesting and productive thread.
Investor's Handout - Visual Version
Investor's Handout And Updates - Detailed Version
IntroductionOn behalf of the NEM development team I would like to invite you to take a part in our initiative to develop the NEM system. NEM core development team members currently are:
UtopianFuture: organization, finance
Jaguar0625: core developer, NIS, NCC
Gimre : core developer, NIS, NCC
Makoto: core developer, NIS, POI
Thies: core developer, NIS, NCC
BloodyRookie: core developer, NIS, POI
Krysto: NCC, front-end developer, web developer
TranLoi: NCC, designer, UX element
Our two main products under development are the NIS (NEM Infrastructure Server) and NCC (NEM Community Client) which when fully developed will be one of the most advanced decentralized blockchains with colored coin implementation (decentralized asset exchange). Our codes are written from scratch in Java, Javacript (NCC) and feature some new innovation in blockchain server technology such as Proof of Importance (POI), Account rules and Eigentrust ++ listing. NCC has a distinct new design which is completely different from all common Bitcoin QT based wallets that almost all other coins are using. NCC design supports multiple new functionalities in NIS and put security and user friendliness as top priorities.
NIS and NCC completion would mark NEM V1 blockchain, however that is just the beginning of the NEM system technological road-map. We are prepared to go full speed to build the NEM ecosystem as soon as NIS and NCC goes live and passes open beta. The NEM ecosystem team already includes a dozens of developers staying within the NEM ecosystem board and we will design the best incentive system that motivate these developers and other new developers to stay and help with building the NEM system. More importantly, we will attract new developers by offering them a coherent vision of the NEM technological roadmap that will show our commitment to build and develop the NEM decentralized system successfully over the long term. After passing the V1 blockchain, NEM core codes will still be developed continuously with the aim to support the load of the NEM growing ecosystem as well as to add special features to the network.
Our decentralized network needs to be nurtured by its community and we are thankful for already having a NEM community of about 3000 members. The NEM system will draw its security from the community nodes support and its expansion from community marketing efforts. In this aspect, I would like to invite you to be a part of our effort.
NEM will be created with a maximum of 4 billion units divisible to 6 figures after zero. We plan to distribute about 71% of the total to the community at the official lunch, all with a minimum contribution of promotional effort or donation. About 4% will be auctioned to the public to raise money for the development fund. 25% will be reserved under control of the core development team in which 10% is reserved for the core development team and their works in fully developing NIS and NCC to V1 blockchain specifications. 5% is reserved for the extended development team for their works on NEM promotion and the NEM ecosystem. The last 10% is reserved for future development after the completion of the V1 blockchain including further development of the ecosystem and special features to the core blockchain.
A preliminary draft of the NEM development contract has already been released in which the above outlines are officially written and introduced into an agreement with all NEM stakeholders. Up until the final version of the NEM development contract, these outlines could be subject to modifications and you are also allowed to request a refund if you no longer wish to be a NEM contributor.
1If you are willing to join in with our effort, please consider buying a NEM stake either on
NXT AE2 or during the public auction that we will announce shortly. This will entitle you to be an equal regular stakeholder with a share of 1 million NEM upon NEM's official launch. I would further invite you to contribute to NEM's promotion and the NEM ecosystem building effort to enjoy NEM development shares reserved for these activities. Most of all, I hope you could be a long term supporter of NEM, supporting us in building network security and spreading the words about our efforts to transform the world's current monetary system, the nation-state centralized and corrupted political power and together we will build a new economy based on the principles of financial freedom, decentralization and grassroot contributions.
On behalf of the NEM core development team and the NEM community,
UtopianFuture
3
Detailed summary of the current state of NEM and official announcementsDevelopment contract (preliminary draft) 1. Please refer to the
NEM summary to all major information about NEM governance up to now and in the future.
2. To current stakeholders: the core development team’s development contract is designed to best advance NEM's blockchain's innovation, functionality and widespread usages from the core development team’s perspective. It is understandable that some stakeholders would not agree to the terms. In that case, you should request a refund and we should go our separate ways in an amicable term. No fund from stakeholders is withheld by the development team involuntarily.
3. To investors: if you want to buy NEM from a current stakeholder or from NEM public auction, please consult the development contract very carefully and consider it a very risky investment and only invest with what you can afford to lose.
4. The information in NEM summary should be self-sustained. The development team is under no obligation to provide extra information such as an exact release date of the software, or team member personal information etc.
Allocation of NEMshares are as follows:Stakeholder community distribution - 2845 shares - about 71%
Pre-launch public auction - 155 shares - about 4%
Development distribution to V1 completion - 600 shares - 15%
Development reserve post V1 completion - 400 shares - 10%
Total - 4 billion NEM
4 - 4000 shares - 100%
Development to V1 completion consists of:Core development - 400 shares - 10%
Promotion/ Marketting - 100 shares - 2.50%
Ecosystem - 100 shares - 2.50%
Explanations: - Development fund = initial fund raising + pre-launch public auction
- Initial fund raising = 66.2 btc + 419,697 nxt (minus some refund)
- External expenses = independent code audit, bug tracker bounties, contractor salaries etc.
- Development fund - external expenses = Development bonus
- Development bonus is allocated proportionally to development shares up to V1 blockchain completion
Development reserve principles: - Released over time maximum an average 10% every 2 months (after V1 blockchain completion)
- Focus on important features, big projects and applications for example: private transaction mode, encrypted social messaging system, multi-signature implementation, establish NEM using zones (street, shopping square, commune etc.), important ecosystem projects
Note: Development fund, development reserve, and development shares do not belong to the community. They are under the control of the development team to best advance the NEM blockchain, NEM functionality, NEM widespread usage and community and they will be allocated under the above guidelines.
NEM timeline: Initial fundraising - 1/19/2014 - 2/17/2014 -
first fundraising thread - second fundraising thread Waiting list open - 2/21/2014 - 4/10/2014 -
waiting list threadPublic auditing of stakeholder list - 3/2/2014 - 4/9/2014 -
public auditing thread Waiting list invitation - 4/28/2014 - 5/9/2014 -
invitation letter Final stakeholder list published - 5/10/2014 -
The final list Development contract published - 5/25/2014 -
Development contract NEMstake on asset exchange - 5/30/2014 -
Asset exchange threadOpen Alpha release - TBA
NEM stake public auction - After open alpha release
Open Beta release - estimate August
Official launch - TBA
V1 blockchain completion - TBA
History of allocation: The purpose of the stakeholder community distribution round is to spread the majority of NEM evenly and to many stakeholders as long as the logistics allow. The goal is to build a big and decentralized community that can support NEM's existence and operation as a decentralized network. The rule of registration is 1 account/1 share, however stakeholder's can reserve a share for their loved one in a different (new) account. Taint analysis was used during a 1 month period of public auditing to find accounts that were related to maintain an even distribution(taint analysis was a surprise factor and not known to be used during the fundraising and as a result close to 300 accounts were refunded).
Stakeholder population statistics:Group 1: veteran account at least junior member, high activity, account opened before the fundraising
---> about 1205 bitcointalk accounts
Group 2: account opened after January 16 but has recent activity, average 15 posts, show NEM support
---> about 645 bitcointalk accounts
Group 3: account with more or less around 10 posts, but with junk posts
---> about 995 bitcointalk accounts
NEM Public Auction155 NEM stakes will be put on a public auction (155 million NEM)
The auction will happen in the Bitcoin blockchain and follow the multi-auction format:
Wiki multi auction format1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
2. Each transaction to the escrow address will be considered a bid. Two transactions from the same address to the escrow address will be considered two separate bids.
3. The auction will last at least 24 hours (but less than 36 hours)
4. Bidders could monitor the bidding process in real time via Blockchain.info
5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes
6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and the lowest winning bid price minus the transaction fee and a service fee. A service fee is for the escrow service (for tallying and refunding the bids)
7. Example: there are 3 bids: 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
9. The sending address of the winning bid will be the identifier of the owner of the won stake.
Therefore the winning bid sender should later provide a NEM address to receive the share via a signed messages from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.
Note: The date for the auction is not set yet and will be announced later on our
official NEM discussion thread.
Technical updateThe First Development Plan The first NEM development plan was published on 2/9/2013; There are many changes since then and a new development plan will be published soon.
NCC Specification(Server Client) Ongoing NCC specification.
NCC Teaser 1(User Client) Mock-up design
NCC Teaser 2(User Client) 1.5 months old build (real thing will be better)
Organization: Please read:
Letter of invitation to the waiting listCore team : UtopianFuture, Jaguar0625, Gimre, Thies, BloodyRookie, Makoto
Developers and helpers: patmast3r, Krysto, Tranloi, xtester, taumuon, erkki12, Kooream, Zoata87 and many more.
Useful Links:Our NEM Website
Twitter
Facebook
Reddit
Bitcointalk Official NEM Discussion Thread - Currently, all the latest updates will be first posted there.
Pre-launch Asset Exchange Thread - A detailed description on how you can currently buy NEM.
Live NEM Token Trading On Nxt Asset Exchange - The place where NEM tokens are currently being traded.
Logo Package 1
Logo Package 2
NEM Forum
NEM IRC Channel
NEM Volunteer Survey - Want to contribute or participate? Please take a minute and fill this out.
NEM Investor's Handout - Stunning Visual Version
NEM F.A.Q. Thread - Please make sure you read this before posting any questions.
Important Updates
NEM Alpha Launch is scheduled for 25.06.2014NEM development fund addresses: NXT: 14343293611098709683
BTC: 1Lk5Paws9T1YpoSeLeZT7ZeSQKW7UNq4TJ
P.S. I think it would be only fit to end this post with a brilliant soundtrack from composer Hans Zimmer which might best express our feelings along with our message: https://www.youtube.com/watch?v=pX3coWDnTrU
I would like to thank you all on behalf of NEM core development team and NEM community,
xtester
References
1 It should be noted and clearly specified that the refund is only available to those who joined NEM during the call to participation period. Refund does not apply to any stake which is sold either on NXT AE or NEM public auction.
2 Be sure to read these guidelines before proceeding to buying a NEMstake on NXT AE.
3 In all fairness, the above text was copied from Letter of invitation to waiting list and was slightly modified by me to fit the present purpose of the writing.4 As some people have pointed out, there seems to be a misunderstanding regarding what 4 billion means. To make things clear, 4 billion means 4,000,000,000, four thousand million or 4 * 10^9.
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