The current bearish trend which has continued since the latter part of November has been a cause for growing concern among the various altcoins. The latest victim of these market trends is NEM foundation which has announced a complete restructuring at the end of the month, in order to avoid being part of the infamous crypto graveyard.
In a joint statement published by the foundation along with its NEM Labs, the company is trying to raise funds and have asked all the community members for a “proof of importance” vote. The planned restructuring might lead to layoffs and many people losing their jobs.
“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.”
The Operation Catapult
In order to save itself from certain death, both the foundation and labs have created a new roadmap for the company. The ultimate goal is to move forward by more cooperation and collaboration between the foundation and the lab. The new project has been named catapult which would eventually be becoming the core engine for smart contracts and DApps on the NEM platform.
The joint statement published by the foundation summarized the recent restructuring efforts as,
“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.”
The Latest Partnership of NEM & Falling Prices of XEM
Earlier this month, NEM has announced its recent partnership with TheVault Ltd, an Artificial Intelligence (AI) powered blockchain solution to ensure safer transactions, payments, and trading.
Despite the necessary measures being put in place and new partnerships are being worked upon, the prices of XEM cryptocurrency does not seem to show any signs of improvement. From being one of the top 10 cryptocurrencies, the XEM has slid down to the 19th position. The sorry state of the cryptocurrency can be explained from the fact that within one and a half month of 2019, it has already lost 40% of its market capitalization.
Despite the necessary measures the market slide is definitely a cause of worry and that’s why the restructuring plans have been put in place. The NEM foundation community members need to either wait until the bulls take charge again, and till then hopes that the bears don’t push it to the crypto grave.