The New Economy Movement (NEM) network is planning to drastically upgrade their protocol later this year, labeling the new network as ‘Catapult’. In a blog post, the NEM Foundation announced the launch of NEM Studios to further the back end development of the protocol.
NEM Holdings, the not-for-profit holding company of NEM Ventures, and the NEM Foundation have announced the creation of NEM Studios, a dedicated strategy and backend development unit to support the ongoing development of Catapult – the next generation of the NEM protocol planned for release later in 2019.
The mission of NEM Studios is to assist in the delivery of a high speed, configurable and scalable blockchain solution to enterprises across the globe. As a part of the NEM Holdings group, with development activities funded directly by NEM Core, NEM Studios will be responsible for the recruitment of an experienced CTO and a team of developers who will assist with the development of the Catapult Core protocol and API layer. The CTO will work in a matrix with the NEM Foundation supporting the continued development of client tools and supporting technologies to make enterprise adoption smoother.
New Generation Network
NEM Studios was set up with the objective of aiding the delivery of a reliable, fast, and easily configurable blockchain solution to enterprises across the world. As a part of the not-for-profit NEM Holdings, development activities will be directly funded by NEM Core, and NEM studios will be responsible for the recruitment of a CTO and a team of developers to assist with Catapult’s core protocol and API.
The CTO will work in tandem with the NEM Foundation to support the development of various tools for client use and supporting the network’s overall technology stack to create a better solution for enterprises.
David Shaw, the trustee, and Chairman for NEM Holdings, will also serve as the director of NEM Studios, as the latter will be contracted under the former under the newly introduced service provider model to deliver strategy for Catapult. Under the leadership of NEM Studios team, Catapult will become the core engine for the NEM blockchain, allowing it to serve as a core layer for public and permissioned blockchain solutions. The marquee feature of Catapult are a suite of unique smart contract plug-ins to enable capabilities like digital asset issuance, decentralized swaps, and business logic modeling.
NEM Studios will be focused on creating a more user-friendly network that can be leveraged across industries and scaled globally.
Beaten Down or Poor Fundamentals?
The NEM token (XEM) was one of the best performers during the 2017 bull run, and one of the quickest to get beaten down from its ATH, falling from $2.2 to $.03 in the span of a year. NEM was seen as a project with huge potential, but so was every other coin in 2017. Now that rational heads are back in control, NEM doesn’t seem to be performing too well, mostly owing to the woes of the NEM Foundation.
Being one of the stars of the bull run and having the community forget about the project may demotivate most founders and teams. NEM seems to have used that as fuel to come back stronger. In all honesty, the project’s potential is not what it was touted to be, but their ability to build partnerships shows there is still a lot of value in the network and its unique consensus protocol. The next year will prove to be vital for NEM to prove themselves as a worthy brand for enterprise-grade blockchains.