The Community Fund DAO was set up to promote the development of the NEM ecosystem by funding NEM start-up companies to help jump-start their businesses. It is open to everyone who meets the minimum requirements. Approximately 300 million XEM was allocated for this fund during NEM’s Nemesis block. As the fund is limited, applications and approval will be based on a first come first serve basis along with other criteria. Entities are allowed to re-apply for rejected applications provided that these applications have addressed the reasons why they were rejected. Below are the minimum guidelines and requirements in order for an application to be considered. The more information provided in the application, the better assessment that can be made by committee and the community in evaluating the application.
Make an official proposal/discussion thread on the forum. Have a regular Telegram chat, forum or other avenue of communication with project managers. Have a one-time “get to know this project” session via a Youtube video, AMA, recorded speech at a meetup, or others.
Propose the idea on a public area of the NEM forums. Coordinate with the Community Fund Committee on the date of vote.
NEM users vote on importance, either in favor or against the idea.
Acceptance = At least 3% NEM Blockchain importance, with 65% majority.
Upon acceptance of the community, the Fund Committee will vote.
Acceptance = 80% of the community fund committee in favor.
If the vote fails, the Community Fund Committee can either reject the proposal outright, or propose a modified idea to the community, and the community would vote again until the proposal is either accepted or rejected.
Rejected applicants may propose again after every 2 weeks.
All payments are made in XEM.
Relevant team members in an application must be at least one of the following:
Those who are new to the NEM project must find a possible partner/s in the NEM community who can help them qualify.
The company must have a legal bank account, and with either money in the bank to substantiate the completion of the project or show sucient XEM in their account(s) that they are serious in doing the project.
Milestones of the project must be specified and completed before any disbursement of funds. Milestones are pre-determined by the NEM Community Fund Proposal Committee. Overdue projects will be reviewed and will either have an extension or a withdrawal of funding.
A summary of the project for public review on the NEM Forum posted 5 days prior to voting for the community’s review.
Details of the nature of the project, target market and size, and a roll-out plan for review by the Community Fund Committee presented within 2 weeks of passing a community vote.
To be elligible for funding:
Applying companies must provide legal or accounting proof (e.g. date of incorporation, place of incorporation, registration number, directors, shareholders, company memorandum, and articles of association).
Individuals or groups will be considered open-source projects. Code to said projects will be open-sourced upon completion of each milestone.
Upon approval of the application, shareholders, directors, and relevant team members must reveal and prove their names and identity (e.g. driver’s license or passport).
As an alternate proof, if the entity concerned has expended money, to show proof of work done.
If a milestone is overdue by 3 months, a project progress review shall be requested by the project and carried out by the committee.
Once reviewed, the committee shall vote on whether satisfactory progress has been made. If the vote to extend the deadline and set a new one does not pass, funding is withdrawn, otherwise, the deadline is extended.
All milestones will be stated in XEM, but will also include the current USD value at them time of proposal submission. Should the XEM price change between the time of proposal submission and a milestone payout, the milestone payout will be calculated by the following formula:
d = USD value at the time of proposal
p1 = XEM/USD price at the time of proposal
p2 = XEM/USD price at the time of payout
x = XEM payout amount
Include a summary of the project for public review on the NEM Forum.
These project summaries will be posted at least 5 days prior to voting so that the community will have time to review and discuss the project before voting will start.
Other than the names of the main players, this information shall not be shared with the public and is only for the community fund committee to verify bona-fide applications.
For individual or groups, if there is no company, the solution proposed shall be considered an open-source project as it is not possible to run a business without a company. It is expected that the code to said projects will be open-sourced upon completion of each milestone.
Every shareholder, director, and relevant team members shall have to reveal their names and identity in order to be eligible for funding. Each shareholder and director will have to prove their identity (example, driver’s license or passport). Information provided will only be privy to those in the decision-making team who will also reveal their identities and not to any other persons outside of the team. Only names (or pseudonyms) of shareholders and directors will be revealed to the community.
As the information is confidential, this set of documents shall be furnished to the community fund committee only upon approval of the application.
Should a company be awarded milestone payments by the community fund and further proceed to hold an ICO within 12 months after last milestone payment, the company shall pay back the community fund in proportion to the amount they received set to the fiat rates at the time of the payouts, paid back in the ICO tokens fiat approximation. These payments shall not exceed 2.5% of the total token supply or the fiat equivalent received from the community fund.
Any application that is forwarded to us for consideration will be required to submit the above information as a minimum. No consideration will be given if any of the above information is not provided.
All information shall be reviewed in confidentiality. Please submit your application to the following email: [email protected]
In summary, the following is information to be released to the various parties:
Public info at application:
Community Fund Committee Info:
Identiﬁed Community Fund Committee Members as trust in conﬁdence for name veriﬁcation at the acceptance stage:
Real identity of applicants with Linkedin proﬁles or equivalent CVs given.
Download the Community Fund DAO Submission Requirement Guideliens