NEM Opens Testing Platform to Developers, Releases New Funding Guidelines
The platform wants to avoid the traditional ICO model for fundraising, yet again offer projects a chance to find support.
NEM (XEM) has announced the release of its Catapult Beta platform, offering the chance for building more complex solutions over the NEM network. For now, the release is just developer preview over the Mijin test net, but NEM is expected to release another stage of the project that would allow development on the main net. At this point, platforms are attempting to show that the building of distributed apps is actually possible, since most projects are still at a theoretical or proof-of-concept stage.
CATAPULT ANNOUNCEMENT: NEM officially launches Catapult Beta. Apply to participate in the early access program! Read the official press release here: https://t.co/JT1VvoiVDL#NEM #Catapult #mijin pic.twitter.com/IjBuiOAMpr— NEM (@NEMofficial) March 25, 2018
Additionally, the project has set guidelines for funding, offering projects a chance to raise capital, though not by following the traditional ICO model.
New Community Fund proposal guidelines are now available! If you want to develop an app on top of the #NEM blockchain and need funding (but do not like to run an ICO), then you might want to check this out!https://t.co/uuEJIU1uVx pic.twitter.com/lIHQzE7Ghs— NEM (@NEMofficial) March 25, 2018
Startups will rely on a ready pool of resources, but also face a screening process:
“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.”
The requirements, however, are much more stringent when it comes to progress, spending, and milestones, not letting startups stretch development indefinitely.
XEM Market Weekend Boom
The XEM market price went wild over the weekend, but ended up a bit lower, at $0.29. The main driver was Binance, where trading is yet to take off. XEM had a few fast runs up in price, but the levels quickly turned down below $0.30 again.
Binance trading of XEM almost leveled with the volumes on the Japanese exchange Zaif, where XEM is traded against the Yen. Volumes are higher compared to the Korean exchange UpBit, and it seems like the risk profile of XEM is forever changed by adding the influence of the Binance community.
And while trading has strong days of high volume, the tides turn quickly, leaving the XEM asset to sink once again. And while the NEM project is promising, the XEM market price sees fast and risky fluctuations.
Yet in the past, XEM has shown it could go above $1 on relatively high volumes, and the lower price may start looking attractive again.