Response to “NEM Foundation, on Brink of Bankruptcy, Plans Layoffs and Pivot” Article by CoinDesk
Dear ProximaX and NEM community members,
It has come to our attention that Coindesk published an article regarding the current circumstances at the NEM Foundation.
I founded ProximaX as an infrastructure platform to be powered by NEM’s Catapult blockchain and combine off-chain storage and streaming layers in one framework designed for enterprise grade applications. Since its founding in late March 2018, the ProximaX development team has released Catapult testnet as well as Catapult explorer and wallet.
From the outset, ProximaX seeks to be an active contributor of NEM technology and work with the NEM team to grow the NEM ecosystem. We have demonstrated our commitment via working closely with a NEM core developer and engaging with the NEM community where possible. It remains our firm belief that the relationship between ProximaX and NEM should be a complementary one and we will continue to do everything we can to further the development of Catapult and the NEM ecosystem.
During my term as NEM Foundation President, I, along with the rest of the NEM Foundation Council, managed our funds prudently. We requested for only 50% of the fund that was approved to be spent for 2017. When I resigned in early April 2018, we had spent less than 60m XEM. We also had a healthy US$4m fiat cash in the bank. That was 15 months into the term and 9 months short of the full term. Essentially, we had only spent about 21% of what we had set out to spend for 2017 during my 15-month tenure. At the end of every term, the new leadership should understand that the onus is on them to apply for a new budget to continue on the work of the foundation.
As NEM Foundation President, I was asked to advise projects like Ecobit that wanted to use the NEM blockchain technology. It was my duty to actively promote and assist projects that want to use the NEM blockchain solution. However, I never benefited personally from advising Ecobit and the project is still in existence today.
As the Founding President of the NEM Foundation and Founder / CEO of ProximaX, it is painful to see the circumstances that the NEM Foundation has now found itself in. Regardless of what happens at the Foundation level, I am confident the NEM technology will continue to prosper because of the strength of the NEM core developers. We, at ProximaX, remain fully committed to continue to work on the NEM core and contribute significantly to both the NEM technology code base as well as helping NEM to grow the ecosystem.
In the 10 months since founding ProximaX, using the ProximaX Sirius infrastructure platform where Catapult blockchain is the engine, we attained enviable success in adoption by governments, clients and partners globally. I am incredibly proud of the work that we have done with the NEM core technology as well as the commercial traction we have gained.
I wish the current NEM Foundation the best of luck in resolving their current financial situation. At ProximaX, we will continue to focus on building an infrastructure platform leveraging the NEM Catapult blockchain, delivering value to our users, clients and partners globally as well as be an active contributor to the NEM community.
Onwards and upwards! Lon Wong