The NEM blockchain project is launching a development studio to support its move towards a major protocol upgrade later in 2019.
According to a press release emailed to CoinDesk, the new NEM Studios is being created by NEM Holdings, the non-profit holding company of NEM Ventures, and the NEM Foundation to help with strategy and backend development for NEM's planned "Catapult" protocol upgrade.
Catapult is aimed to provide enterprises with a "High speed, configurable and scalable blockchain solution," the release states.
NEM Studios' development activities are to be funded by NEM Core, and is now seeking to hire a CTO and a development team to assist with building the Catapult Core protocol and API layer.
Chair and trustee of NEM Holdings and chair of the investment committee for NEM Ventures David Shaw - who also advises the Catapult project- will lead NEM Studios as director.
A steering committee comprised of David Shaw, NEM Foundation President Alexandra Tinsman, and Nate D'Amico from NEM's Project Management Committee will lead the "Go-to-market" strategy for the upgrade.
Catapult is planned to become the core NEM code supporting both private and public blockchains.
The news comes soon the NEM Foundation was forced to make major staffing cutbacks following a shortfall in its finances.
The project was also forced to request that around $8 million of NEM reserves be released in stages to support its continued operations.
NEM conference booth image courtesy of NEM Foundation.
NEM Launches Development Studio Ahead of Major Blockchain Upgrade
Published on Jun 21, 2019
by Coindesk | Published on Coinage
Coinage
Recent News
View All
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.