Quick Overview and HighlightsNEM will include the following features:
- All 4,000,000,000 NEM would be distributed with the genesis block. Nemsters who run the client and own NEM act as network nodes, verifying transactions and protecting the network following a hybrid of Proof of Stake/ Proof of Importance forging mechanism. The unique PoI algorithm will reward nodes which are most important to the network, not those with the largest amount of NEM. This encourages NEM's use as a currency and discourages hoarding. This type of distribution eliminates the myriad number of problems associated with first-generation PoW 'mining' coins; sky-rocketing energy costs, centralisation et al.
- Support for 'colored coins' and a fully featured asset exchange, designed with advanced features such as automatic settlement and expiration dates. The developers are focussing on the usability of the asset exchange to make it the premium platform for fundraising, asset listing, token issuing et al.
- Secure messages for contract storage and personal communication.
The V1 blockchain will be complete when all the above features are implemented. More advanced features such as parallel blockchains and an Eigentrust ++ reputation system will be included in future blockchain updates.
What is NEM and what do we stand for?The two main products under development are the NIS (NEM Infrastructure Server) and NCC (NEM Community Client). These, once fully developed, will be one of the most advanced decentralized blockchains in the world. The code is written
from scratch in the Java and Javascript (NCC) languages and features new innovation in blockchain server technology such as the Proof of Importance (POI) algorithm, account rules and Eigentrust ++ listing. The NCC has a distinct, beautiful design which is completely new compared with first-generation PoW coin wallets. The NCC design supports multiple new functionalities in the NIS and puts security and user friendliness first.
The NIS and NCC completion (with the above features implemented) will mark NEM the V1 blockchain (NEM will launch before this point though, probably during the beta phase of testing). However that is just the beginning of the NEM ecosystem technological road-map. We are prepared to go full speed ahead to build the NEM ecosystem as soon as the NIS and NCC go live. The NEM ecosystem team already includes dozens of people who strive to motivate NEM's developers and bring in new developers to help with building the NEM ecosystem. 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 in the long term. After the V1 blockchain has been released, the NEM core software will still be developed continuously with the aim to support the load of the growing NEM ecosystem as well as to update the network with new features over time.
Our decentralized network needs to be nurtured and supported by its community. Indeed, we are already thankful for having an amazing community of about 3000 Nemsters. The NEM ecosystem will draw its security from the community nodes run by it's users. It is this we would ask of all Nemsters - run a node to keep the NEM ecosystem secure.
NEM will be created with a maximum of 4 billion (4,000,000,000 or 4e9) units divisible to 6 figures after zero (smallest unit 0.000001 NEM). All coins will be distributed come launch of the genesis block (see 'NEM Distribution' below).
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. 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.
If you are willing and eager to join the NEM ecosystem, please consider buying a NEM stake either on the NXT AE (be sure to read
these guidelines before proceeding to buying a NEMstake on NXT AE.) or during the public auction that we will announce shortly. This will entitle you to be a regular stakeholder with a share of 1 million NEM upon NEM's official launch. We 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, we hope you we be a long term supporter of NEM, supporting us in building network security and spreading the word about our efforts to transform the world's current monetary system; the state centralized and corrupted banks.
Together we will build a new economy based on the principles of financial freedom, decentralization and Solidarity.
Thank you.
- The NEM Development Team
Prominent NemstersNEM Core Developers:
- 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)
NEM Organizers, Marketers, and Helpers:
- patmast3r
- Krysto
- Tranloi
- xtester
- Taumuon
- Erkki12
- EFFV
- kodtycoon
- rockethead
- Kooream
- Zoata87
The NEM Development ContractThe preliminary NEM Development Contract can be found
here.
The NEM Development Contract is an informal contract which all stakeholders are asked to agree to and respect. If you do not agree, you can request a refund in the appropriate thread (linked above).
NEM DistributionThe 4,000,000,000 NEM coins are distributed as follows:
'
Development Funding Up To V.1 Completion' is used for:
- Core development - 400 stakes
- Promotion/ Marketing - 100 stakes
- Ecosystem - 100 stakes
'
Development Funding After V.1 Completion' is used for:
- Funding developers for large projects and updates post-release, including: private transaction mode, encrypted social messaging system, multi-signature implementation, establishing NEM using zones (street, shopping square, commune et al) and other important ecosystem projects.
A NOTE ON THE POST-RELEASE DEVELOPMENT FUND:
- It will be released gradually over time: maximum average of 10% every 2 months. This means the full amount will be paid off in close to 20 months (probably longer); a testament to the dedication of the developers to their long-term plans for NEM's future.
Some clarifications regarding fundraising:
- 'Development fund' - initial fund raising (from the call for participation) + pre-launch public auction
- 'Initial fund raising' (from the call for participation) - 66.2 btc + 419,697 nxt (minus some refunds)
- 'External expenses' - independent code audit, bug tracker bounties, contractor salaries et al.
- 'Development bonus' = 'Development fund' subtract 'External Expenses'
- Development bonus is allocated proportionally to development shares up to V1 blockchain completion
Note: The development fund, development reserve (post-release funding), and development shares do not belong to the community. They are under the control of the NEM development team and will be used to best advance the NEM ecosystem.
NEM Timeline/Roadmap
Fundraising History and Stakeholder StatisticsHistory of Stake Allocation:
- The goal of the NEM call for participation was to build a large, willing community that can support the NEM's ecosystem from the start. The rule of registration is one share per account, however stakeholder's can reserve a share for their loved one from a different account.
- Taint analysis was then used during a one month period of public auditing to find accounts that were abusing the system. Taint analysis was a surprise factor; it was never mentioned during the fundraising. Close to 300 accounts were refunded.
- A waiting list was opened to fill the 300 stakes made available from the removal of sockpuppets. From this waiting list, 145 people were selected to join NEM. The remaining 155 stakes will be auctioned at a later date.
Stakeholder population statistics:
Group 1: veteran account; at least a 'junior' member; high activity; account opened before the fundraising - 1205 stakeholders
Group 2: account opened after January 16 (start of fundraising); recent activity of ~ 15 posts; show NEM support - about 645 stakeholders
Group 3: account with ~ 10 posts; some junk posts - about 995 stakeholders
These stakeholder statistics are displayed graphically below:
Stake Auction Details155 NEM stakes will be put on a public auction. These are the stakes which belonged to sockpuppets.
The auction will happen using the Bitcoin blockchain and follow the
multi-auction format. Instructions below:
1. 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 in the discussion thread.
Updates
Useful Links
NEM development fund addresses:
Other Important LinksNote: Thanks to Taumuon for putting most of this writing in a previous post together.
