I suggest every Nem holder reads this. Vote deadline is August 14th and All community funds are being transferred to this legal entity. The legal entity will not only control the funds but actually own them to do as they wish. Vote is also done by importance so those with most importance (NEM)(DEVS)win. No info on who who is involved in this Legal entity and If, how much they will be paid, expense accounts etc. Its supposed to be non-profit and that is the ideal but " but NEM shall also need to be sustainable in the long run. Hence, NEM shall be a hybrid model" . No idea what this means.
Please do not make conjectures. Ask if you have doubts. Making conjectures is fud.
Today, the funds in the non-entity of NEM is controlled by 8 core members. They can run with the fund too and it can collapse.
The legal entity gives it a protection layer as it cannot run away with the funds so easily as it binds the trustees of the fund to the law.
Making decisions to use the funds are explicity spelt out how they are going to be used to promote the 10 focus areas as described here:
http://blog.nem.io/a-major-announcement/THe 10 focus areas are:
- Setting up regional presence
- Organising NEM blockchain technology events
- Collaborating with educational institutions
- Collaborating with Government agencies to define standards
- Collaborating with commercial entities to further develop its use.
- Setting up a centre of excellence and to be headed by our very own core developers
- Setting up a consulting arm to consult on matters relating to the technology and provide such services to businesses at large that will use the NEM blockchain technology
- Acquiring and promoting intellectual properties from its community and working with them to promote such intellectual properties to global businesses
- Spawning new ventures, and where possible, by providing technology and financial assistance
- Providing for scholarships and internship for brilliant and world class students
How the funds will be used will be decided as before. Nothing has changed.
How the funds will be disbursed have always been done by the 8 core members without the need to answer to anyone. How the funds will be used in future will need corporate governance, and simply using funds at will, can land some people in jail. Simple as that. We are putting check and balance into the system. It can only be better, not worse.
Finally, the legal entity is not only a legal entity per se. It will comprise of members, pretty much like a foundation, but the word foundation is not the right description, more so a society in nature. There will be members there who will cast their votes for any major investments.
In the initial stage, this will be very much guided by the core team. The initial stage is expected to be 10 years and by which time, we hope to achieve a proper legacy for all to follow.
Let's hope this will clear some air.
Edit: Please note that the whole question in the end is the community fund. The rest of the fund has always been autonomously decided by the core. So really, the question is the community fund.
Another point to be made, the structure is two tier, trustee tier and society tier. Society is run by executives who are entrusted to run and execute what has been decided collectively between the members of the society (presumably the nembers here), the executives and the board of trustees. In short, it is not without any check and balance.
