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NEM [XEM]: NEM Foundation and Labs announce joint statement to secure XEM future

Biraajmaan Tamuly



NEM [XEM]: NEM Foundation and Labs announce joint statement to secure XEM future
Source: Pixabay

The cryptocurrency universe has been enduring a long and brutal bearish market since the great implosion of 2017 and things have not been looking good for a few currencies.

One of the digital assets to suffer the wrath of the bear has been NEM foundation’s native currency XEM, which recently announced a complete restructuring of the Foundation, scheduled for the end of the month.

The NEM foundation released a formal joint statement along with NEM Labs on the issue of funding proposals and the way forward,

The official NEM foundation handle tweeted:

Source: Twitter

According to the announcement, the major structural change that the proposal is initiating with respect to the democratic and decentralized code of conduct will be their mode of operations. The NEM foundation has called for a POI or “Proof of Importance” vote in support for a funding request.

It was also announced early this year by the Foundation that a major part of the team will be redundant in the coming months due to a lack of cohesion in envisioning a common goal for the foundation.

The joint proposal by both the NEM divisions of the cooperation has been labeled as “complimentary in nature”. The proposal leans towards a more cooperative and collaborated form between the Foundation and NEM Labs. The primary focus remains the overall development of Catapult, which is the core NEM engine for smart contracts and dApps.

The joint report stated:

“Both parties have their own scope, though we will be working towards the same objective – a promise to the community that our mission-critical priority is in the launch of Catapult. Both NEM Foundation and NEM Labs will work together to accomplish this as part of the same ecosystem.”

In an earlier announcement, NEM had signed a strategic partnership with Vault Ltd, an AI-powered blockchain solution for secured final transactions. This partnership was initiated so that despite significant restructure and reduction of the foundation’s workforce, the project will still keep its horses moving forward towards growth.

However, it did not have a positive impact on XEM’s price valuation as XEM has fallen below in the rankings to 19th at press time, holding a market cap of about $350 million and is valued at $0.038 per token.

The Joint report summarized with the statement:

“Both NEM Foundation and NEM Labs have different scopes that complement each other. 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.”

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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