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36. 15/03/2019 10:08
Crypto Mogul Moshe Hogeg’s ICOs Have Unusual Patterns, Analysis Finds

Best-known internationally as the chief executive of the blockchain smartphone startup Sirin Labs, Moshe Hogeg is becoming known for something else in Israel – mounting lawsuits.

As reported extensively by regional news outlets, a lawsuit filed in January claims Hogeg misappropriated funds from the sale of new cryptocurrencies for both his own gain and to benefit his investment portfolio, including Sirin Labs. The judge has reportedly given Hogeg until March 15 to settle with the plaintiff, Chinese investor Zhewen Hu. (Update, March 14, 22:05 UTC: Israeli judge Judge Michal Amit-Anisman has given Hogeg and the plaintiff another two months to settle the conflict out of court, according to Globes newspaper.)

This follows an earlier case involving Hogeg’s company Invest.com that has since been settled.

Specifically, in the case of the ICO for the startup Stox, a company co-founded by Hogeg and endorsed by boxer Floyd Mayweather (resulting in a fine from the SEC), the lawsuit claims Hogeg inappropriately withdrew proceeds from its $35 million ICO and used the funds for other projects, including Sirin Labs, his VC firm Singulariteam and the blockchain startup Orbs.

The Stox lawsuit, which focuses on several sections of the startup’s white paper, alleges Hogeg encouraged people to invest in the Stox ICO by touting a partnership with his own firm, Invest.com, having effectively “made a contract with himself” to inflate interest in the offering. It also says Hogeg presented himself on Telegram as a mere investor rather than a leader of the project, giving the illusion of more participants.

As for the lawsuit related to Stox, Hogeg told CoinDesk: “The whole matter is completely made up” and “will be quickly resolved in court.”

The Stox lawsuit also mentions allegedly mismanaged funds going to Sirin Labs, the startup of which Hogeg is currently CEO. Sirin raised more than $157 million in a 2017 token sale and is now seeking distribution partners for its Finney smartphone. Hogeg said he is himself one of the leading investors in Sirin Labs. After leaving Stox in 2017, he took the reins of the company from Kazakhstani investor and Sirin Labs founder Kenges Rakishev.

The lawsuit claims some of the funds Hogeg allegedly mismanaged during the Stox ICO, before he joined Sirin Labs, were distributed in some fashion to the blockchain company Orbs.

Beyond the Stox ICO, Hogeg was listed that same year as an advisor to the LeadCoin ICO, launched by a startup called Webydo that Hogeg also invested in through Singulariteam. Singulariteam’s second managing partner is Rakishev.

Tangled web

In light of the questions that have been raised about Stox and Sirin Labs, CoinDesk partnered with the blockchain analytics firm Alethio, part of the Brooklyn conglomerate ConsenSys, to use its new reporting tools to explore the ICOs in which Hogeg has been involved.

Alethio prepared a three-pronged report detailing its analysis, which covered the Stox ICO, the Sirin Labs ICO and the LeadCoin ICO.

The report concludes that all three ICOs have a single top holder in common, a wallet that as of February 2019 still held roughly 3 percent of the supply of all three tokens, respectively. This wallet, 0x8c373ed467f3eabefd8633b52f4e1b2df00c9fe8, also engaged in a unique pattern of transfers during the LeadCoin ICO, which will be explored below.

Although the blockchain analysis by Alethio doesn’t show who controlled any wallets, and Hogeg’s spokesperson declined to clarify if they are aware of the owners, the blockchain analysis did show that the wallet with all three tokens received LeadCoin tokens indirectly, through a repeating pattern of proxy transfers, from the LeadCoin sale itself.

Separately, Alethio also found that during Sirin Labs’ SRN token sale, one wallet received 4,564 ETH from the SRN sale’s official wallet. This second wallet (0x59b681402bcb2c8460a506a88d75be1cf1326528), later sent back the same amount of ETH to the SRN sale’s account, potentially creating the appearance of more activity.

Alethio data scientist Danning Sui explained that her team “found a circle of ETH transfers” related to the SRN ICO. Lastly, this second wallet eventually received 50 percent of all SRN tokens, according to Alethio’s analysis. Many of the SRN tokens from this wallet appeared to end up on exchanges shortly after the sale.

Both of these examined wallets have transaction histories that are publicly recorded on the ethereum blockchain.

Hogeg’s spokesperson said they could not share information about the wallet that recycled ETH funds in the Sirin Labs ICO and eventually received half of the token supply, except to say: “This wallet participated in Sirin Labs’ presale.”

When asked why this wallet received SRN tokens from the sale, Hogeg’s spokesperson replied: “We cannot share additional information.”

ETH funds from the token sale were sent to wallet 0x59b681 and then sent ETH back into the sale’s account. (Image courtesy of Alethio)

What the blockchain says

Sui explained that the blockchain data does not suggest any connection between the parties that operated these wallets involved with withdrawals from the LeadCoin sale and Sirin Labs sale, respectively.

Nor does the data suggest there is a pattern that connects these three sales other than common investors, such as the wallet 0x8c373ed467f3eabefd8633b52f4e1b2df00c9fe8, which is a top holder of tokens from Sirin Labs, LeadCoin and Stox.

Regardless of who operated that top holder wallet during the LeadCoin token sale, Alethio’s analysis showed patterns of it receiving LeadCoin tokens from 14 wallets. The source of those LeadCoin tokens, albeit with proxy transfers in between, can be traced back to the original sale contract, as illustrated below:

(Image courtesy of Alethio)

In short, tokens appear to have gone from the official LeadCoin issuance contract, through numerous independent wallets, to a single wallet that also happened to be one of the top-10 holders of SRN and STX, according to Alethio’s analysis.

Sirin Lab’s spokesperson said this wallet from the LeadCoin sale has nothing to do with Singulariteam group nor Hogeg’s secondary consulting firm Alignment Group, adding:

“Chances are it belongs to one of the brokers in this industry. If it has LeadCoin tokens it’s probably because the owner has invested in LeadCoin.”

Alethio’s new suite of investigative tools are not intended to guide interpretation of the data, Sui said. Instead, these tools are merely meant to help people make more informed decisions based on understanding the flow of funds.

Alignment Group

Aside from the above-mentioned lawsuit, it appears that some of Hogeg’s relationships with other companies across the crypto ecosystem may now be strained.

Since joining the blockchain sector in 2013, Hogeg has invested in and worked with many of Israel’s crypto startups. Hogeg is the owner of both the VC fund Singulariteam and the blockchain consulting firm Alignment Group. A press release issued in 2017 indicated that Alignment was being founded as a “blockchain hub” by Hogeg’s Singulariteam, the blockchain firm BlockchainIL and crypto investment group CoinTree Capital, run by Uriel Peled, also the founder of Orbs. The press release also noted that Alignment’s clients included Bancor, and features a photo of Bancor co-founder Eyal Herzog.

The Bancor company logo remains listed on the consulting firm’s portfolio page. However, while Sirin Labs partnered with Bancor in the SRN token sale and Bancor published a Facebook post about SRN, a Bancor spokesperson told CoinDesk that “no Bancor founders have ever worked with Moshe Hogeg as an investor” and they did not have any “agreement with Alignment Group.”

The company logo for Orbs also appears on the Alignment website. An Orbs spokesperson told CoinDesk that although “several Orbs founders initially considered involvement in Alignment,” none of them officially took part. Orbs founder and former CoinTree CEO Peled was also featured as a LeadCoin advisor on that ICO’s website in 2017, a connection Orbs denied as well.

Hogeg told CoinDesk that within a few short weeks after establishing Alignment, both of the other entrepreneurs – Peled and Herzog – left the advisory firm, leaving him as the sole owner. While an Orbs spokesperson denied involvement with any of Hogeg’s crypto projects, CoinDesk was able to confirm with the Orbs team that Hogeg invested in Orbs through Singulariteam.

Avishai Ziv, CEO of both Singulariteam and Alignment, told CoinDesk that his companies invested in both Bancor and Orbs. Ziv explained these investments sometimes took the form of services provided by Alignment, traditional fiat investments through Singulariteam or cryptocurrency sent by Hogeg, depending on the context.

“Singulariteam, as a venture company, is not allowed to participate in any ICO,” Ziv said of current legal restrictions in Israel. “So, maybe sometimes Moshe is doing it on a personal level. Maybe sometimes other partners are also doing it on a personal level. Alignment mainly gets payments in light of service agreements before the ICO.”

Singulariteam CFO Guy Elhanani is also simultaneously the CFO of Sirin Labs.

As for the lawsuit, it claims that Hogeg urged investors to participate in the Stox ICO by claiming the token could be listed on the cryptocurrency exchange Binance. The consulting firm Hogeg owns called Alignment Group lists Binance on its portfolio page.

However, a Binance spokesperson told CoinDesk:

“We have no affiliation with Alignment Group. Our guess is that the firm has included the Binance logo on their website to indicate their personal portfolio of projects, ie. they may be holders of Binance Coin (BNB). We have no affiliation with STOX or Moshe.”

Sirin Labs

Much like both the Stox and LeadCoin tokens, Sirin Labs’ SRN token suffered in the broader market since ether prices dropped.

According to ICO-class-action.org, there are now 52 people interested in filing a new lawsuit against Sirin Labs because that SRN asset and its blockchain ecosystem may not have sufficient value. As of the time of press, it is unclear who the plaintiffs would be or what the details of this alleged case would be, although a representative from the site confirmed that documentation for this prospective case is proceeding.

Speaking of the broader market sentiment that might have influenced how people view his projects, Hogeg told CoinDesk:

“We’ve seen a lot of value that was invested in the [blockchain] industry but there was not a lot of value created for real users.”

As for Sirin Labs, a Ukrainian retailer called Legio LLC confirmed it will soon start selling Sirin phones in Ukraine. A Sirin Labs spokesperson told CoinDesk more than 10,000 phones have been manufactured so far and the company plans to open a flagship store in Tokyo this April.

Hogeg said such “real products” will take the blockchain technology “to mass markets,” concluding:

“What I see right now is a lot of bullshit is getting out of the industry and the real people who really understand the industry, the philosophy and the potential behind it, they are staying.”

37. 14/03/2019 09:13
A Blockchain to Connect All Blockchains, Cosmos Is Now Officially Live

Cosmos, a highly anticipated blockchain itself designed to improve the interoperability between any number of other blockchains, has officially released a live software.

With the mining of its first block at 23:00 UTC, the project has launched Cosmos Hub, the first in a series of proof-of-stake (PoS) blockchains that will be created in the Cosmos ecosystem.

At present, users of the network will not be able to swap tokens between blockchains or otherwise connect to Cosmos Hub with existing blockchain networks until validators officially vote to activate what is called the Inter-Blockchain Communication (IBC) protocol.

The first phase of today’s Cosmos network launch comes after nearly three years of planning and development. Having debuted the concept for the blockchain interoperability platform back in summer 2016, Cosmos later raised over $16 million in an initial coin offering (ICO) in 2017.

Since then, Tendermint Inc. – a for-profit entity behind the core technology of the Cosmos network – has been releasing preliminary developer-focused products.

Speaking to CoinDesk, Tendermint Inc director Zaki Manian explained:

“We want to take the blockchain development cycle from idea to implementation down from years to months. This is how we’re trying to transform the blockchain space.”

As such, Manian said that the Cosmos Software Development Kit (SDK), which debuted back in February 2018, is already being used by high-profile crypto companies such as the Binance exchange.

In addition, Tendermint Core – the blockchain networking and consensus mechanism underlying the Cosmos Hub – is another key tool that Manian envisions will help “fundamentally remove barriers to innovation” in the blockchain space and ultimately help “compose an entirely new system of finance.”

“Out of all these building blocks, [you’ll be able to compose] an entire … open system of finance that operates to scale and can be composed of individual, specialized chains that do different things,” Manian said.

Unleashing validators

Today’s launch was a significant step toward that broader, expansive vision – one that Manian points out will “take years to fully manifest.” The main purpose of Cosmos Hub launch is to establish the broader ecosystem of validators, entities that stake tokens on the network, while Manian’s team continues to work toward cross-blockchain capabilities.

Cosmos hubs via YouTube.

“In order to make this whole vision of connecting blockchains work, there needs to be a set of operators who have skin in the game to coordinate this blockchain network,” said Manian.

Normally, in a proof-of-work (PoW) system similar to bitcoin or ethereum, these validators are miners who compete for block rewards by operating computer servers and expending large amounts of electricity.

Validators in a PoS system, on the other hand, are “selected” by the system based on a separate metric of staked tokens in order to participate in block creation and transaction finalization.

“In proof-of-stake, the costs and rewards [of the system] are internal,” said Manian. “So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline.”

He added:

“All of it has to be internal to the system and that’s why proof-of-stake is such a significant engineering feat over proof-of-work.”

And while Cosmos participants successfully tested this system of validation with roughly 200 computer servers called nodes in a former dummy environment called Game of Stakes, there had never been real value at stake by participants before today.

“[Today’s launch] is about unleashing those live economic incentives and having value at risk for the first time and then letting this set of economic incentives that we’ve designed select who the [validators] are,” said Manian.

According to Manian, this is a crucial foundational step that Cosmos developers are cautious about getting right.

He told CoinDesk: “Building interoperability. Establishing mechanisms for workers of some kind to custody bitcoin or ether or ERC-20 assets and manifest synthetic versions of them in [the Cosmos] environment. If you don’t know who your validators are none of this is possible.”

Next steps

For now, Cosmos users are not allowed to transfer their holdings of the native network currency – ATOM tokens – just yet.

Since ATOM tokens are intended to act as “the collateral that people put at risk to be [validators] in the system” according to Manian, these tokens will be strictly used as the “mechanism for selecting membership into the system.”

Zaki Manian via Tendermint

But once both the system and the validator set are deemed to be in stable condition, token holders will vote on when to enable live ATOM transfers.

Thereafter, a secondary vote will be held to connect new blockchains also called “zones” to the Cosmos Hub and begin swapping heterogeneous cryptocurrencies and non-fungible tokens (NFTs).

“In these early days, we can expect to have issues, updates, and bugs,” the InterChain Foundation – a non-profit organization dedicated to support Cosmos network development – warned in a blog post, adding:

“The existing tools require advanced technical skills and involve risks which are outside of the control of the Interchain Foundation and/or the Tendermint team. … Please exercise extreme caution!”

Staking as a service

Manian told CoinDesk there are 70 validators at Cosmos Hub launch committed to securing the network. Some of these validators are focused on staking tokens as a service to wider ATOM holders.

In a sense, this is almost like leasing out crypto assets in order to earn returns and may encourage new users to flock to the Cosmos ecosystem.

Shayne Coplan, founder of the Union Marketplace for such service providers scheduled to launch in April, told CoinDesk that over the next few months a “cross-network layer of reputation” for these validators will emerge.

“If you look at these different staking service providers, a lot of them are performing on several networks at any given time,” Coplan said, referring to other staking networks such as Tezos and the Tendermint-based network Loom. “Now with Cosmos being another very valuable chain with staking and delegation, it’s going to place a major emphasis on cross-network reputation for validators.”

The rewards these stakers and holders gain are generally earned in the ATOM token but in future may also be earned in wrapped forms of alternative cryptocurrencies such as bitcoin and ether.

While Union Marketplace has quietly collected around 230 validators across all its various staking networks as it gears up for launch, Coplan expects the Cosmos launch, in particular, will inspire more players to experiment with these types of services.

“There’s a huge range of people interested in these types of staking services, from retail investors to investment funds,” Hendrik Hofstadt, co-founder of the validator startup Certus One, told CoinDesk. “Quite a few larger funds have reached out to us.”

Plus, Certus One’s Telegram group for retail ATOM users signed on 60 members within the first 24 hours of opening, Hofstadt added.

Meanwhile, Joe Pindar, co-founder of the validator startup Block3, told CoinDesk this type of ecosystem opens up a new type of investment opportunity.

Speaking to how Cosmos rewards stakers on a continual basis, which he compared to income investing, Pindar added:

“You actually start getting revenue or income from those rewards and start to appreciate more and more ATOMs, which I think is a different investing model and I’m excited to see how that plays out.”

38. 12/03/2019 13:11
A Bitcoin Bull Market Is Still $350 Away

View

  • Bitcoin has established a higher low near $3,300 in the last two months, signaling bearish exhaustion.
  • However, a break above the Christmas Day lower high of $4,236 is needed to confirm a bearish to bullish trend change.

Bitcoin (BTC) needs to climb at least anther $350 to confirm a long-term bullish reversal, technical charts suggest.

The leading cryptocurrency by market value is currently trading at $3,903 – having rallied 24.8 percent from this year’s low of $3,122 seen in December. This positive trend has spurred hopes that the sell-off from the late 2017 record high of $20,000 is over.

Validating that argument are a number of long duration technical indicators flashing early signs of bullish reversal. To name a few, the weekly moving average convergence divergence (MACD) is at its most bullish for over a year. The money flow index, which takes into account both bitcoin’s price and trading volume, is also trending north, validating the bullish divergence created in December.

That said, BTC is yet to invalidate the most basic of all bearish technical indicators – a lower high, lower low.

Weekly chart (2018-2019)

On the weekly chart, BTC has been charting regular bearish lower price highs and lower price lows since January 2018. These were essentially shallow bounces that ended up recharging the engines for a drop to further lows.

The last lower high of $4,236 created on Christmas Day, however, failed to challenge the preceding lower low of $3,122. And since then, BTC has been creating higher lows in the region of $3,300.

While the latter is evidence of seller exhaustion, a bullish reversal would only be confirmed if and when BTC prints a higher high above the Christmas Day lower high. Put simply, a break above that level is needed to mark a successful transition from bearish to bullish trend change.

So, with bitcoin’s price currently trading at $3,890, that target is still $350 away.

Weekly Chart (2014-2015)

As seen above, the previous bear market ended with bitcoin charting a higher low near $230 in April 2015. The bullish reversal was confirmed in November 2015 when BTC convincingly breached the bearish lower high of $297 carved in March 2015.

It’s worth noting the failed breakout above $297, witnessed in July, which was followed by a drop all the way back to $200.

39. 10/03/2019 22:46
Your Guide to Blockchain and Cryptocurrency Events at SXSW 2019

It all started with a keynote conversation with Cameron and Tyler Winklevoss in 2016.

South by Southwest (SXSW) organizers say that was the first inkling that cryptocurrency could play a leading role in the annual innovation conference in Austin, Texas.

Now, in the midst of a prolonged bear market, 2019 will be the first year SXSW will feature an official blockchain and cryptocurrency track, from March 14–16.

The Gemini co-founders returned in 2017 and are back again this year, too, speaking Friday evening in a featured session. (The Winklevoss talk takes place well ahead of the official crypto track due to scheduling issues, according to a festival spokesperson.)

SXSW is all about being on top of the zeitgeist, Todd Hansen, SXSW’s head of conference programming, told CoinDesk. “It finally, really in a mainstream way, broke through, because everyone was talking about it,” he said, explaining cryptocurrency’s prominent place in this year’s conference.

Hansen told CoinDesk that blockchain programming at the 2018 event saw a strong response from festival crowds. Of course, that was just months after BTC had touched $20,000 and initial coin offerings had reached a fever pitch.

In that spirit, one company ran a tongue-in-cheek side event on March 11, 2018 called the Initial Taco Offering. For those unfamiliar: SXSW has gotten so big that there’s a whole separate level of programming in off-agenda events that occur across downtown Austin. They range from super exclusive parties to open-to-all workshops.

Despite layoffs late last year, the crypto firm with the biggest presence at SXSW 2019 appears to be Brooklyn-based ConsenSys. The ethereum-focused venture studio made its first foray to Austin as a company in 2018.

“When we saw Joe Lubin and Laura Shin fill the same 2,000-person auditorium as Elon Musk a few days later, it was a signal that blockchain and Ethereum were transcending tech and finance circles,” ConsenSys spokesperson Kara Miley told CoinDesk in an email.

SXSW saw the signal too.

This year, the blockchain track starts as the rest of the tech-industry programming tapers off. The organizers are hoping that by running blockchain programming concurrently with the start of the music event it can bring in a second wave of professionals to Austin, effectively extending the innovation summit.

Top sessions

With SXSW undertaking its first official foray into crypto, CoinDesk wanted to flag a few highlights.

People who come mainly for the tech conference but want to dabble in blockchain can stop by the ConsenSys blockchain house, which will run from March 10–14. For a more casual introduction to the topic, ConsenSys will show a short documentary Monday night about using ethereum to clean trash out of Manila Bay.

Attendees can also go deeper and experience the blockchain as an extended game. PricewaterhouseCoopers is running a three-hour demonstration that will get participants to play-act as nodes on a ledger. Sadly, it’s already maxed out for RSVPs.

As a mainstream tech festival, guests at SXSW care about UX. Getting crypto’s usability up to a level that’s actually attractive to non-techies is a recurring theme in the space. There are two notable design events taking place: consulting firm IDEO will run a workshop on Thursday, March 14, and ConsenSys is organizing a design workshop on Wednesday, March 13 featuring uPort and Coinbase.

ConsenSys founder Joseph Lubin will appear in a keynote session again this year, this time in conversation with Manoush Zomorodi of the Civil-backed podcasting company ZigZag.

Another of crypto’s big companies, Ripple, will also be featured in a keynote session. CTO David Schwartz will present “Blockchain Beyond the Hype: The Ripple Effect.”

For those hungry for a little more drama, Jimmy Song of Blockchain Capital is taking on IBM’s Christopher Ferris in a debate over permissioned vs. permissionless blockchains. Always game for a rhetorical wrestling match, we saw Song debate Lubin at Consensus 2018 on the side of bitcoin maximalism.

With SXSW’s music programming taking place nearby, there are also sessions exploring mashups of music and blockchain technology. A cross-industry panel featuring IBM and MIT will dig into progress on the topic. Additionally, a freelance blockchain developer working on Imogen Heap’s long-awaited Mycelia project will give a demo of progress so far.

Lastly, SXSW is reputed to be a place where entrepreneurs have a chance to meet investors in a more informal setting. To that end, venture capital will be featured both in the main programming and at the ConsenSys blockchain house. The big event is the Cryptofund Roundtable on Saturday morning.

Another way to get funds, though? Steal them. There’s programming on that, too.

Breaking through

The pressure is on for crypto companies in Austin.

Miley, the ConsenSys spokesperson, noted that SXSW is a key chance to reach influential users of the old internet:

“It’s a space where technologies can cross the chasm and reach mainstream audiences, and so it’s important for leaders of Web3 to showcase the potential of decentralized technology and build bridges with the leaders of Web2.”

But it’s not only crypto-native companies telling their story. Established brands have been working with the technology, too. For example, tech giant IBM will have a large presence in Austin.

“A real shift we’re seeing this year is the move beyond the crypto-craze to more enterprise applications of blockchain capability and blockchain business networks,” Jason Kelley, of IBM’s blockchain division, told CoinDesk. “We’re also seeing more evidence of the unlimited potential to tokenize all kinds of assets on the blockchain.”

This will be the first SXSW event for Dapper Labs, the company behind CryptoKitties. Dieter Shirley, who invented the ERC-721 non-fungible token standard that made the cats possible, told CoinDesk that he’s up to the challenge of winning over a public that’s interested in these topics but not quite sold yet.

“We should focus on getting people excited about the real benefits of this technology, on making this technology more accessible, and ultimately, giving people a reason to care beyond promises of incredible wealth,” he told CoinDesk. “Like every product we create, we want to communicate this in a way that’s fun, interesting and accessible.”

40. 09/03/2019 22:22
NEM Foundation Charts Path Forward After $8 Million Rescue, Major Cutbacks

The NEM Foundation is mapping out its survival plans in real time after obtaining a funding injection of roughly $8 million last month and laying off most of its staff.

The request to release 210 million XEM (the native token of the NEM blockchain) from reserves was approved by key members of the community on Feb. 20. In a post published Friday, NEM Foundation leadership laid out how the first installment of 25 million XEM (about $1.05 million at the current price) will be spent.

“I think this is a vote of confidence that the industry is moving forward and that we’re ready to pivot to a very new way of working,” NEM Foundation president Alexandra Tinsman told CoinDesk in an interview Friday.

The move comes after major cutbacks at the foundation, which at its peak in 2018 employed 150 and had a physical presence in 20 countries.

Tinsman confirmed Friday that the foundation had laid off about 100 people – a mix of consultants and full-time staffers – over the past month. The funding proposal published in early February estimated that “88 staff (69%) will be made redundant” by the planned restructuring.

“It’s in the best interest of companies to be fiscally responsible with their platform, their products and their teams,” Tinsman said. “We need to be product-focused and that’s what we’ve done. This is a sign of good things to come.”

NEM is launching soon its Catapult blockchain engine, which is designed to power both private and public networks. “The tech itself is doing things that no other blockchain has done before,” NEM Foundation interim CTO Jeff McDonald told CoinDesk Friday.

Stepping back, the NEM Foundation announced in January that it was in dire financial straits. The newly elected Tinsman told CoinDesk at the time that the foundation was facing layoffs and severe budget cuts “due to the mismanagement of the previous governance council.”

Tinsman’s leadership team presented a funding ask to the NEM community in early February. Ninety percent of the 573 people who voted supported the foundation’s request to tap into the blockchain’s XEM reserves. The injection of 210 million XEM is meant to fund the foundation’s operations through Feb. 20, 2020.

The NEM platform is primarily used to facilitate the development of enterprise blockchain apps. Its XEM token is currently the world’s 19th largest cryptocurrency, according to CoinMarketCap.

 

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