Hi. Both; It is split into chunks. 10m is for investment into companies only. This will be provided in 4 2.5m tranches pending review of performance and books by trustees. The 800k is operating expenses and will also be split 4 ways in the same manner as the investment funding and pending the same quarterly review process.
Just posted on the forum: https://forum.nem.io/t/vote-now-open-nem-ventures-incorporation-proposal/18861/155 (few links missing in the telegram message for ease of reading)
Update with a little under 24 hours to go, current support is approx 90% Yes to approx 10% No, with a total of 219 votes cast so far. The POI is still short of the required 3% with 1.96% for Yes and 0.23% for No.
The numbers above back up some of the concern throughout the conversation that community engagement in general (either for Yes or No) is slow, come on folks we can do better than this - even if its a No vote I would rather see as much of the community in this as possible.
As a summary of some of the highlights as this is a long thread:
- The proposal forms a legal entity around the NCF funds which matches the current control model (5 co-signatories currently hold central control of the fund) and creates a Venture Capital / Private Equity initiative to invest in and support viable NEM projects for the good of the ecosystem and to keep the NCF fund sustainable for years to come - it is currently a dwindling finite resource. The current approach has several issues.
- This proposal was written in conjunction and with reviewed by the three core developers, who’s input was sought and incorporated prior to asking if it was ok to put this live @Jaguar0625 @gimer have also given clarifications in this forum post that there are issues with the current approach.
- The NEM Foundation published a blog post here which clearly states there position at the end as:
"We are hoping for the whole community’s support and cooperation in moving forward and reaching greater success for the NEM platform and NEM Community Fund (NCF)."
- We have tried to engage the community across various channels and in multiple languages, most issues have been responded to, some of those responses do not align with the opinions of the people raising them which is always going to happen and is healthy for the community - providing everyone remains respectful of each other’s views.
- We have been very heartened by the engagement from the Japanese community and some of the feedback has now been worked into the proposal, it feels like there is a disconnect between various sections of the community at times, partly due to language, and we have enjoyed being able to bridge that and look forward to continue doing so going forward, we intend to translate all reporting and where possible engage representatives that can help as liaison with non English speaking communities to ensure we involve as wide an opinion base and source of projects as possible.
- Some projects in the current backlog have expressed support for the idea, some have even gone so far as post outside the forum to this effect, such as this post
- Various opinions have been put forward as to why not to do this, we don’t agree with them but we do respect them, we welcome the discussion and the fact that people gave it enough time to form strong opinions. Most of those against it, accept there are issues to be solved, just don’t agree with our idea for how to solve them.
- In the event of a No vote (or failed Yes vote), there may a proposal released by some of the projects currently seeking funding and people who have secured funding in the past. The details are light at present but it is positive that people agree we cannot go on the way we have been. If launched we would highly recommend this proposal seek the input of the Core Devs to ensure alignment with their vision, we found the input invaluable.
I still think this proposal is a good way to solve the issues for the reasons above.
If anyone has yet to vote, please do - either for or against, but vote. People have been asking for the community to be more involved, we have tried to incorporate that as much as practical, it is now over to the community to prove its wants involvement by voting either way - we hope to see a good turn out of voters in the last 24 hours.
We remain excited by the project and look forward to working constructively...
Update this morning is we have
Yes ( percentage: 90.13% votes: 186 score: 2.09062% )
No ( percentage: 9.87% votes: 41 score: 0.22899% )
With about 11 hours left to run. The percentages are where we want them but could use a bit more POI. So if anyone has friends who haven't voted...feel free to prompt them 😉
Going well, thanks for your article as well guys, very appreciated!
We have had some great engagement from the community for discussion and over the past week or so the Japanese community have got involved, very patiently with us over google translate. All the input and discussion has been positive, just fingers crossed people get votes in before it closes
Update on this morning's voting:
Yes ( percentage: 91.37% votes: 201 score: 2.43629% )
No ( percentage: 8.63% votes: 42 score: 0.23008% )
There is about 8 hours left, the Yes/No split looks pretty clear at this stage, but the POI still needs a boost to 3%, anyone who hasn't voted yet please do make your voice heard, either yes or no, in the next few hours, lets get NEM going even better than it is already!
To vote YES, send 0 xem to:
To vote NO, send 0 xem to:
Good morning all,
Yes on hold - in terms of investment - while we set up the governance and legal framework for ventures and the trust, this will be a fair amount of paperwork and legal work. (we are going to check and double check this as it's key to ventures being efficient in performance)
In parallel though we will review all the projects in the backlog and begin dialogue with with those parties to keep any delay to the a minimum.
@AnthonyMobi We do appreciate what it's like trying to understand if and when something is about to happen, and the uncertainty it can bring (especially after the last 10
days!) So we will keep you guys up to date with comms as much as possible
The ventures proposal falls outside the scope of the committee, given that it seeks to take over from current systems. There are a few things that fall outside the scope/guidelines but it was never going to be possible to fit nicely into the existing system. Nevertheless, we already had majority approval from committee and full approval from the core devs. So the committee vote is pretty much done already as we sought approval prior to going public.
I was one of the vocal voices out there.
At the end of the day the community voted and thus congratz is in order.
I still hope and wish the best for NEM. So I hope you all the best and all this works out for the best.
In the forum it was mention that there is not enought active NCF members, so if need be please reach out to some of us, those that you can see are active on always adding to the discussions.