NEM Foundation is Working together with NEM Labs and TheVault to Keep the Operation Afloat

NEM Foundation is Working together with NEM Labs and TheVault to Keep the Operation Afloat

NEM Foundation

According to a recent report, the NEM Foundation has announced its plans to carry out a massive restructuring at the end of January. But in a bid to keep the foundation alive, several proposals have been presented to the foundation.

The NEM Foundation Working Together With NEM Labs

According to a new report, the NEM Foundation alongside NEM Labs have put forth a publication about the funding of proposals and moving forward. “Proposals are both complementary in nature Principles of co-operation collaboration Pursuit of Catapult”, NEM foundation explained.

Due to the democratic and decentralized way that many crypto projects are handling their operations, the Foundation has asked that a vote for ‘Proof of Importance’ (PoI) be conducted towards a funding request.

However, a total restructuring such as this will lead to many people on the team losing their jobs. While explaining this, it was stated that: “Due to the depleted funds, a large majority of team members will be made redundant at the end of February 2019 and we will be requesting funding from the community and developers to implement a new structure.”

Furthermore, the two divisions of the organisation have been working alongside one another to develop and continue a project which they collaborated to launch called “Catapult”. The project is expected to become the core NEM engine for smart contracts and dApps. This launching, however, shows how much collaboration and cooperation which exists between the Foundation and Labs.

The statement confirming this cooperation reads:
“The reality is that the adoption of NEM is not the work of a single entity. Proven ecosystems all consist of multiple purpose driven entities that solve specific problems. We are convinced of a future where independent entities like NEM Foundation and NEM Labs solve specific problems for the NEM ecosystem in a unified approach.”

Partnership With TheVault Ltd

Also, NEM earlier this month announced that it had signed a strategic partnership with TheVault Ltd which is an Artificial Intelligence (AI) powered blockchain solution for safe financial trading and payments. Therefore, things still seem to be moving forward for the project despite the upcoming massive restructuring and ‘thinning out’ of the team.