Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 165. (Read 2984910 times)

When I was transferring XEM to Poloniex, I wrote the message wrong. I reported the problem to the support department

Changing the SN lockup amount is another variable to play with for sure, but if you drop the SN amount too low the reward per SN will fall as the number of SN's increases. If the SN lockup is too low the result could be the opposite of what you expect, the reward for locking up XEM could become too small, and some SN operators decide the reward isn't enough anymore, and they sell, so you end up with about the same number of SN we have now. It's a balancing act! Guys locking up 3M XEM might just sell 1M or 2M XEM at the same time so they can still run 1-2 SN's, what effect would that have?

Whatever happens, giving people a lot of warning of changes, and then certainty is critical.

the best thing for the network would be to reduce the SN requirement to 1.000.000 coins and increase the hardware requirement  for the single nodes.

to have like 1000+  very strong SN

I think the solution is twofold:

1- start tapering the reward for Supernodes, let the number of SN's adjust gradually over time as the bounty reward slowly decreases, compensated by (hopefully) increasing XEM price. Going cold turkey can kill you, avoid at all costs, and avoid a dump of SN locked up XEM

2- top up the SN bounty fund now, to maximise the period of tapering, ideally +5 years

As transaction numbers increase, and price increases over time I think we can be optimistic that eventually running nodes for tx fees only will be incentive enough for many SN operators to just continue running nodes, but they need certainty now, and time for network activity and price of XEM to increase. Two years is not long enough IMO

What's a good solution though? It seems like if there is no inflation in the currency, then this is a problem, unless transaction fees somehow offset the cost.

A Letter from Lon Wong

by Julian. April 3, 2018
Expanding the Ecosystem, Assuring Growth

"As we forge ahead in the fourth year of NEM, I want to share with you a few thoughts about our future and how important this project is to me. It has always been my desire to ensure that NEM succeeds. By any measure, NEM has succeeded although our journey together has witnessed many trials and tribulations. But one thing has remained constant and that is my commitment to building the best ecosystem for NEM. I have always given my all to NEM by working full time from its inception when XEM began its modest life at USD0.00017 per coin.

In the past year, we have seen tremendous growth in the value of XEM that coincided with the establishment and expansion of the NEM Foundation. I am proud to serve as our foundation?s founding president and oversee its expansion throughout the world. NEM, via our foundation, enjoys the distinction of being the first crypto project to set up its own blockchain center. This center represents a significant achievement and demonstrates the cohesiveness of the project team to come together on a global scale to dream big. To be entrusted the opportunity to lead this wonderful community and team, has been both a privilege and an honor for me.

Catapult has just launched, and soon its open source version for the private chain will be released. Preparation of the public chain will follow soon and I have high hopes that Catapult will be another major success, at which time, we should be recognized as a world leader. I continue to believe that it is critical for NEM to have a large ecosystem that goes beyond what blockchain can do with value transactions and transfers. Our superior technology should be expanded to the hilt to include and cover industries at large.

Very early on, before the launch of NEM, one of the things I thought we should do was to create some form of an integrated solution with a solid abstraction layer sitting on the NEM public chain and a distributed file management system. However, there were more urgent matters to attend to and this idea was put in the back burner.

Many of you would have seen the recent official announcement of the inception of ProximaX as a project. Allow me to clarify what ProximaX is. This project is meant to enlarge the ecosystem of NEM. It is by no means a competitor to NEM. ProximaX was built to increase the utility of XEM. The creation of XPX, the crypto coin of ProximaX, is itself a mosaic on the NEM blockchain with XEM as its transaction fee. It is in fact a demonstration of how powerful NEM is and how expansive projects can be powered by the NEM blockchain. If there is widescale adoption of ProximaX, NEM will definitely benefit as it requires more XEM for transactions. ProximaX and NEM are symbiotic and the ecosystem shall increase greatly in breadth and depth of utility.

Our NEM.io Foundation has been blessed with a group of able leaders and enthusiastic fulltime employees that stand ready to take the world by storm. We have built momentum and I am happy with the way things are moving. So, after careful consideration, I have decided that it is time for me to step aside as the President of NEM.io Foundation and concentrate my energy to build ProximaX and continue to grow the NEM ecosystem.

NEM?s future is bright and I believe the best is yet to come. I urge all of you to continue the great support you have been giving to build our ecosystem and support the work of our colleagues at NEM.io Foundation. I will certainly be doing my part. You have my word that everything I do in the future will continue to benefit NEM.

Thank you,

Lon Wong"

I agree the SilverCoin funds can be better used supporting the future, rather than rewarding dudes from the past who have already been rewarded generously for their early adoption of NEM. SuperNET/Komodo have some mining, but even still, they have allowed funding mechanism for 14 years for their 64 notary nodes before they have to confront supporting a network without PoW,  2+ years isn't that long.

If you look at the number of coins locked up in supernodes themselves, SN bounty funds, silvercoin, it's dangerously high, adding some certainty now so supernode operators feel confortable and know the landscape for the next +5 years would avoid chances of a panic dump if everyone got spooked and rushed for the exits at the same time. It's not a critical issue today, but it *might* be sooner than we expect.

Mathematics does not lie. I hope you don't wait to figure out what to do because it might be too late.

So, whats your plan, when we are rich ? I wrote down my goals, and outcomes "Machu Pichu" again. I´ll see you there. It will be an epic meeting. From there we can take a journey, which the world has not seen before.

The fund has 2+ years, so they still have time to consider options. 

The SilverCoins fund would be an ideal target to continue funding Supernodes ...

That's what I hope the plan is. Catapult's going to need some muscular nodes. Having it depend entirely on dabblers wouldn't be great. Ideally there'll always be a greater incentive for the strongest nodes.

Cliff edge sounds dangerous, maybe top up the fund from other sources now, and then start a tapered reduction program over 5 years or so, ending with a gentle slope.

At the moment it appears to be a straightforward cliff edge where it suddenly ends. I think they've had other things on their mind. If there's any sense it'll be wound down slowly. The funds locked up there might add up to over a quarter of all XEM.

I've actually wondered about this myself. What's the plan?

How long is the supernode bounty fund program scheduled to last now, will the funds get topped up from other community fund accounts like the 'silver' coin fund? What happens when the Supernode bounty ends, will fees be enough to attract enough nodes to keep the network secure?

So Lon Wong is taking the long walk, eh?  Good!  After the completely botched handling of the Coincheck fiasco with the coin tainting it was clear NEM needed better management.  I very much hope they get it.

I was able to pick some up earlier today, and the price is already higher than what I paid for, so that's always a good feeling. I probably will keep buying as I am able.

How can you not buy XEM at these prices? It is a No Brainer

A Letter from Jeff McDonald

by Julian · April 3, 2018
Taking on a New Advisory Role to further NEM’s Success

"I remember 2013; I was excited about Bitcoin and dove in head first to learn as much about it as I could, even though my friends and gf told me I was crazy. Hahaha. Blockchain consumed most of my free time and by early 2014, my mind was racing with all the potential that blockchain could unlock. It was then I stumbled into NEM’s community and haven’t looked back.

Everything about NEM was different…the devs, the community, the vision. It deeply resonated with me and I fell in love with this project. I joined the call for participation, made NEM’s first Facebook page, and started making posts on the BitcoinTalk forum and other places to promote NEM. Little did I know how much NEM would become a part of my life.

Since 2014, my role has grown from social media to include writing our blogs and updates, architecting Supernodes, championing the Community Fund, overseeing wallet development with Mixmaster, helping with early website designs with Saul, making Apostille with Jimmy, creating the Voting standard with Sergi, and finally helping Lon to start the Foundation in the role as Vice President and expand awareness across the world.

I’ve met many wonderful people, watched the blockchain industry grow exponentially, and have seen NEM evolve from a project where people used to mock me over my passion for blockchain to now having people asking me how they can be a part of this movement.

It’s the third-year anniversary of launching NEM and Catapult is soon to be released. I can’t tell you enough how proud I am to be a part of NEM.

Fast forward to today. It’s been a really busy time, a bit busier than I would like it to be. As some may know, I’m not always in the best of health with Crohn’s Disease and have been away from America for more than ten years. I’d like to take a break to focus on some other things, see my family, rest and rejuvenate.

As of today, I’m resigning from my role as Vice President of the Foundation and moving into a new advisory role where I can better manage my time, health and relationships. I’m not going anywhere and my passion for NEM hasn’t diminished. If anything with my experience and reflection, it’s becoming more focused.

I plan to expand my work with LuxTag and Kchain, improve the Voting protocol and Apostille protocol as Catapult furthers in development. I’m also working on other ideas for additional protocols in addition to these that Catapult will enable. For me, these are exciting things that I want to work on and so I’m making that happen starting today.

All the foundation members have been supportive, and I want to especially thank the NEM devs, Jaguar0625, Gimre, and BloodyRookie for all their hard work. Without them, we would have no great technology to rally around. Their vision of what a blockchain could and should be, continues to inspire me.

I hope you feel as hopeful for NEM’s future as I do. Being a part of NEM is one of the best things I have done in my life, and I encourage everyone to find their own path to help us build, market, and spread the word.

Thanks,

Jeff"

https://nemflash.io/letter-jeff-mcdonald/

Bottom, or not, i´m buying. It can only go up from here. Thank me later !