NEM & DAO Maker
We are aware that a recent tweet relating to the partnership between NEM and DAO Maker has caused some questions in the Community. This post is a clarification of the relationship, planned activity and opportunity to ask further questions.
Q: Are you building a Nem DAO?
We are not creating a DAO but a community engagement and communications platform.
Q: Isn’t DAO Maker an Ethereum project?
The solution does not run on Ethereum for our implementation, it is an off-chain solution that only connects to NIS1 and, ultimately, Symbol. Ethereum will not be involved in the NEM implementation.
Q: The DAO Maker white paper table of contents makes it look like a Steem project?
The platform is not based on Steem, the use of that project in the white paper was to facilitate discussion around Community engagement and governance. Steem will not be involved in the NEM implementation
Social Mining is a blockchain-agnostic community engagement SaaS that allows the token holders of a particular project to collaborate on work, ranging from development tasks, business development, marketing, sales, and virtually anything else that helps improve the project ecosystem.
Participants in social mining are token holders that:
- Stake their tokens in a non-custodial wallet
- Prove ownership of the wallet
- Maintain their stake till the conclusion of monthly reward intervals
After staking their tokens and doing work that helps grow the associated project’s ecosystem, holders are rewarded in the project’s native token on a monthly basis. All token holders have the right to close their staked position at any point but would consequently forego their monthly reward.
The community hub created through Social Mining offers an organized platform for project information created by the community and presented through a social media-like news feed. The soft staking requirement ensures the system is open to only community members, while creating opportunities for small holders to earn rewards for efforts that create value for all holders. The community hub also makes it possible for:
- Interested potential holders to gain community generated insights in the the project
- Even small token holders to benefit from staking rewards
- Give the community an opportunity to help the project
- The community to witness each other’s efforts, thereby enhancing social bonds
Social Mining Integration in NEM
The community hub built for NEM will be dedicated to the NEM blockchain and accessed via the nem.iowebsite.
The goal of the community hub is to foster community engagement, offer a resource-rich funnel for newly interested users, and offer the small holders an opportunity to earn staking interest, paid by the NEM foundation’s treasury.
The hub’s reward design will associate an opportunity cost to small token holders that retain tokens in exchange wallets, driving them to withdraw and claim their interest while simultaneously adding value to the ecosystem.
This is expected to increase friction in sell-offs, grow non-custodial wallet base and hence reduce the friction to getting more users to engage with NEM-based DApps, and enable even small holders to be rewarded, especially for contributions of outstanding work.
We are pleased to be working with DAO Maker, a marketing and engagement partner that will help us to re-energize our Community.
About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
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