The Community Fund DAO was set up to promote the development of the NEM ecosystem by funding NEM startup companies to help jumpstart their businesses. It is open to everyone who meets the minimum requirements.
Approximately 300 million XEM were 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-served basis, along with other criteria. Entities are allowed to reapply for rejected applications, provided that these applications have addressed the reasons they were rejected.
As of mid September 2018, the community fund is on hold while NEM Ventures restructures the way projects will receive XEM from the community fund going forward. Please check back soon as the people behind NEM Ventures are working fast to get the community fund functioning again.
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 sufficient 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).