The NEM Foundation held its elections, and the results were not satisfactory to the community. From the community vote, it is clear that there were people who the community wanted out, but they still got elected. One of the officials got a meager 7% in the community vote, but still won a seat. This seems to have disfranchised the community. Here are some of the responses from community members on Reddit. One community member wrote:
Honestly, other than seeing the divergence between the wants of the community and those of the foundation I don’t know what this PoI vote was for. Nelson is vicepresident now, and not long ago he was accused of undermining NEM whilepropping up ProximaX.. I don’t know why I voted at all. It makes zero sense to me now.. but, that’s just me. Maybe others are way happier with the results ofthis election
Another one added that,
With such a low result from the community I think those who only received single-digit percentages but still $omehow got into a Foundation position should step down. The investors are have made themselves overwhelmingly clear. We don’t want you at the helm. You do not have our trust or backing
With such dissatisfaction from the community, what’s the future for NEM (XEM)? Well, to be fair to the NEM foundation, they have come out in agreement with the community that the election wasn’t the best.
They have acknowledged that in the future, the community needs to be more involved in the governance of this blockchain. This acknowledgment of the problem is a step in the right direction. It is an indicator that the NEM foundation values the community. After all, without them,NEM would not make much progress, at least in the social aspect of it.
Besides, even though there are foundation members that the community may dislike, the NEM foundation with the input of those members has made tremendous progress. For instance, the efforts of the NEM foundation have led to the collaboration between NEM, Cardano, and Ripple in forming an organization that will work on regulatory issues in the EU. This is a big deal, and goes to show that the foundation is hard at work, and fully understands what is good for NEM (XEM) in the long-haul. Regulations are a plus to the overall growth of NEM (XEM) andblockchain tech in general going into the future.
On top of that, the NEM foundation has presided over the growing adoption of NEM all across the world. The interestin NEM by the National Bank of Ukraine is a case in point. The same goes forthe increased number of applications building on top of NEM. It is a sign ofsuccess on the adoption front.
Therefore, in spite of the unsatisfactory nature of the elections, NEM’s future is good. Blockchain tech is still young and most projects are still sorting out governance issues. This doesn’t make them any less capable. It only means that they are real and are active in trying to solve these problems as they arise.