Topic: [NEM] NEM -New Economy Movement - No Envy Movement - Updates+Discussion thread - page 72. (Read 661498 times)

Landmark work. nem entered a rapid development stage.

That was a great post!  Thank you xtester. 

Since I find the information in the NEM Development contract and summary a bit hard to read and make sense of in the presented form, here is all that information presented in a simple way so everyone can find and read it.

Development 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 blockchain 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 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, team member personal information etc.

NEM Summary

Allocation of NEMshares is as follows:

Stakeholder community distribution            - 2845 = about 71%
Pre launch public auction                         - 155   = about 4%
Development distribution to V1 completion  - 600   = 15%
Development reserve post V1 completion    - 400   = 10%

Total = 4 billion NEM                                - 4000 = 100%

Development to V1 completion consists of:

Core development        400    10%
Promotion/ Marketting   100    2.50%
Ecosystem                  100    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 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 thead - second fundraising thread   
Waiting list open           2/21/2014  4/10/2014  waiting list thread
Public 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 thread   
Open 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 allows. The goal is to build a big and decentralized community that can support NEM's exsitence and operation as a decentralized network. The rule of registration is 1 account/ 1 share, however stakeholder can reserve a share for their loved one in a different (new) account. Taint analysis was used during 1 month period of public auditing to find accounts that are related to maintain an even distribution.   ( taint analysis was a surprise factor and not known to be used during the fundrasing and as a result close to 300 accounts were refunded )   

Stakeholder population statistics:   

Group 1: veteran account at least junior member, high activity, acc openned before the fundrasing ---> about 1205 accounts   
Group 2: acc openned after January 16 but have recent activity, average >15 posts, show NEM support ---> about 645 accounts   
Group 3: accounts less than 10 posts, or >10 posts but with junk posts ---> about 995 accounts

155 NEM stakes will be put on a public auction (155 million NEM)

The auction will happen in Bitcoin blockchain and follow the multi auction format: Wiki multi auction format

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 lowest winning bid price minus the transaction fee and a service fee. 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 message 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.

Technical update

The First Development Plan   The first NEM development plan published on 2/9/2013; There are many changes since then and a new development plan will be published soon.
NCC Specification    Ongoing NCC specification.   
NCC Teaser 1   Mock-up design   
NCC Teaser 2   1.5 months old buid (real thing will be better)

Organization:

Please read: Letter of invitation to waiting list   

Core team : UtopianFuture, Jaguar0625, Gimre, Thies, BloodyRookie, Makoto   

Developers and helpers: patmast3r, Krysto, Tranloi, xtester, taumuon, errki12, Kooream, Zoata87 and many more.   

Useful Links:

Our NEM website   
Twitter   
Facebook
Reddit   
Bitcointalk forum discussion thread - Currently, all the lastest updates go there first on the first page.   
Pre-launch asset exchange thread   
Logo package 1   
Logo package 2   

NEM development fund addresses:   
NXT: 14343293611098709683
BTC: 1Lk5Paws9T1YpoSeLeZT7ZeSQKW7UNq4TJ   

P.S. Please pm me if something needs to be corrected or added.

If you want something, you should help create it.

We are definitely going to get out there and promote NEM leading up to the launch. Now is not the right time yet, but maybe in another 2 months we should put the pressure on and market like crazy.

We'll see what comes out at WWDC

Very wise words! Absolutely agree!!!

It is very interesting idea to have a professional  marketing manager to us as well ! All our community will be richer in this case!

To be richer- we must to invest! 

The game is not over yet, and won't be over for years.

4th place is ahead of thousands of other coins, some of them even older

4th place is the 3rd loser.

Please get back to us via pm utopianfuture it is quite urgent. I agree that having a marketing manager is extremely important for the development of the coin. With the stakes we could get a PR firm involved.

I have a few comments about marketing issue.

1. Do not forget our root in equality, solidarity and grassroots contribution.

2. The core team is not community's centralized marketing powerhouse. We are unlikely to do much marketing except some very important ones at our discreation. In general don't expect the core team being  your representative.

3. The majority of NEM belongs to stakeholders and community. If you have a brilliant marketing idea, persuade the community. Given how NEM allocation is very equal, you don't need to persuade any whale at all but the agreement of the community.

4. Let's practice (3) with the idea of hiring a professional marketing manager. If you think it is the best for NEM, persuade the community and raise a fund to do so. If the communty thinks that is a good idea and spend 10% of their stake to support it you will have no problem of hiring a world class marketer.

@SomethingElse

Your points are valid and well thought out but I would still like to see NEM wait with advertising until the open alpha is over. This will give people the chance to try it out as well as give them information to help fight the FUD and misconceptions. I have been involved in projects before that in the beginning showed great promise but after a while they turned into the opposite of what it was meant to be, this was after I had put in extraordinarily amount of time and energy. So maybe I am being overly cautious.

It's sad, but most of what you said may in fact be true. Incidentally, this is also a story of how the world got it all wrong.

Most companies and people choose to invest more money into marketing because of two things: 1) it is very hard to create a product that brings value and is 10x better than the next competitor and obviously a better choice; 2) because the majority of people are incapable of doing 1) and they understand how easily manipulated the masses can be. So when money is your only or even primary raison d'être, it is actually most effective to barely focus on the product and spend all your energy on devising better ways to manipulate people(like say Coca Cola does).

However, this is not how things should be, nor how we want to do them(I hope). In fact, this is the reason we are starting a new economy movement and not a pump and dump coin, the reason we want to change the status quo and fight for a better future by being the change we want to see. This is what sets us apart from maybe any other coin out there. We are here to create value, to change the world, be it even in a small way, and yes, to make some money as a result of all that.

So our primary focus should really be on creating a better product and not only making people "think" we have a better product. As far as I can tell we are pretty on track with that. Now this being said, I also think there is such a thing as good marketing.

Marketing has somehow destabilized our economy since we have a free market, a fundamentally uncultivated discerning capacity and a somewhat easily manipulated human nature, hence a great incentive exists in the market to fool people. On the other hand there exists a belief, especially between technical people that beside building things, there's no need for anything else: "if we build it they will come". However this belief may be rooted in the fact that the more technical people tend to generally have a lack of understanding in how human nature works. So, as you might expect, a lot of technically interesting and promising projects die because of such beliefs.

Now the third and most desirable option would be to focus most on creating the best product(thanks to our dev team we are already doing that) and equally focus on bringing that very good product to the people in the most effective manner(without bullshitting them). If we have a real quality product the only thing we'll need is a chance to attract some attention through good and targeted marketing.

In addition to what I suggested in the marketing proposal brought before, I think there are 2 things which will bring an immediate and huge amount of attention and cash flow into NEM: 1) Launch and get a place into top 10 -15 on coinmarketcap and 2) do everything necessary to bring NEM on one of the premiere and most popular exchanges.¹

Besides that, one of the most important things we could do for NEM in the long term is find one or more persons which should be "the faces" of NEM at conferences, interviews, and do what Vitalik Butering does for Etherium, capturing the imagination of technical people and intelligentsia by kindling intelligent discussions and intellectual experiments regarding how NEM works, what we can and could do with it, what problems of previous coins we solve, etc. This is the highest point we need to target, which if we do correctly, will overflow and bring news about NEM into all other sub-layers of society.

---

References
¹ I think although counter-intuitive, this may be one of the most effective ways to bring volume into our currency, go into the spotlight and market ourselves at the beginning. Mintpal looks better than most exchanges and sucks less. But more importantly it is the premier exchange for altcoins, has good customer service, has not been compromised or hacked until now, people have traded already thousands of btc/day on it and have btc at disposal there. Blackcoin reached its peak on and probably because of mintpal, same with darkcoin. If we would get on mintpal the result would certainly worth it. It would probably be the easiest way to make btc flow into NEM. From experience I can tell the reputation of the exchange on which the coin is listed is an important predictor of limits in coins volume, meaning people will no way trade 100btc in one trade on bittrex or poloniex but would comfortably do so on mintpal. This is why coins like balckcoin and darkcoin have made it their mission to reach mintapl. The fact is that when almost any coin is created, it generally gets first listed on bittrex and poloniex. After a couple of days, if the coin is interesting enough and it attracts more than 100btc daily volume, the coin is secretly evaluated by mintpal to be added there. Some are added only when they reach 500btc/day volume, some are added only through voting and even paying for voting. Some are never added because it's probably too hard.(NXT is a good example.) The was a time when cryptsy was the premier altcoin exchange, but that time has passed and cryptsy seem to be heading the wrong way.

When a coin grows in price and volume, we generally tend to attribute all the credit to interesting things like innovation, marketing and other stuff, missing the point that the market is a bit more complex and often counter-intuitive in many ways, and the majority of price increase and volume may in fact come from manipulation which is strictly coordinated to accompany innovation and good news(see bitcoin and dogecoin manipulation examples). In the same way, I think we tend to overemphasis the short term effect of innovation, marketing and other stuff over getting listed on a very popular and relatively trustworthy exchange. But looking at the facts and experience, the latter in close coordination with the former may be responsible for the most part. It may even be so due to initiation of some complex chain of events that is utterly invisible at this point. Think 80/20 principle but instead of 20 put 1 or 2 factors.

How is ethereum solid at all? Turing complete would be a bug, not a feature.

Money, movement, awareness in the eyes of the public, and yes what a product does are all related.  

I don't care primarily about the money either.  I really want this to be successful as a movement and believe in the change that a crypto like NEM can bring to the world.  I feel like this greater crypto community desperately needs it if we will succeed in our goals.  

I was just using money as a measure of success.  This is commonly done and in fact the most common factor for considering success.  That is why people go to coinmarketcap daily.  And bitcoin fanatics are depressed by small drops or elated by big gains.  

One of the major points of my post was that while the philosophy of "Impress me by what you do, not what you say" should be the way things are done and intuitively seems right, in the real world of products and services proves to be a model that fails time and time again.  It is a sad part of the world we live in and I hate it.  A person can take the high road and not play the game of marketing and politics and try to let their product speak for itself, but that surely will lead to a failure.  Again, ALL successful products are heavily marketed.  No successful products that have changed the world that are not heavily marketed.  This is a sad reality.  Ignoring does not change it.  

Impress me by what you do, not what you say is a great philosophy for dealing with very close and personal relationships.  I live by it.  And I wish it could be applied to the greater world.  


 

I personally think we should wait until releasing technical details until right before launch. Then it will be harder for people to copy us.

Interesting idea to use gamification to encourage usage of NEM. In general, I'm a big believer of it. Learning websites like Khan Academy have used it really successfully. I hadn't given it much thought in this context of crypto-currency, but it is a very interesting idea.

Of course, gamification could be taken too far, like http://www.ribbonhero.com/ .

How many eyes of the public who don't follow crypto's know about Ethereum?

NEM isn't about making money, it's trying to be a movement.

Most people on this forum only give shit about putting money in their pockets.

"Impress me by what you do, not what you say"

It could be anything as long as it's somehow recognizable by the client.  For instance, there could be an achievement called: "Luck of the Irish", if you are befriended / messaged / receive NEM from someone in Ireland (hypothetical example).   One could hypothetically be quite imaginative with the sort of achievements there could be and achievements can be an addicting mini-game.


 

the token is distributed to holders?