Main navigation

NEM Foundation Released Procedure of New Council Elections

Tue, 11/06/2018 - 17:38
article image
Antony Koroid
The NEM Foundation released the new Council elections procedure. The elections will take place on Friday, Dec. 7, 2018
NEM Foundation Released Procedure of New Council Elections
Cover image via U.Today
Read U.TODAY on
Google News

Elections of the new Executive Committee and new members of the NEM Foundation’s board will take place on Friday, Dec. 7, 2018.

The NEM Council is a group of elected individuals who come together to discuss the needs and technology platform of the NEM Foundation. With its collaborative spirit, this team allows the NEM Foundation to reach consensus on issues that affect the sustainability and the future of the company. During the establishment process, the founders were selected by the core team members who also elected the first Council.

The goal

The goal of the membership in the NEM is to support and accelerate the implementation of NEM Blockchain technology through leadership and participation. The rights and obligations of the members are detailed in the Charter.

Membership is open to all individuals (21 years and older) and organizations worldwide.

Each applicant must pay a membership fee before joining. In 2018, membership fees are $50 per year for individual members and $500 for corporate ones. Applicants with 25 or more employees are to pay $1,000.


In the middle of 2018, applications for membership were temporarily suspended in order to ensure proper fund management and the review processes update. Now, membership applications are accepted again on the NEM website and include a new verification process and the possibility to pay an annual membership fee.

The process of checking and accepting of new community members is carried out via lightning-fast and cryptographically secured KYC mechanism Agrello. The user can download the Agrello ID app from iTunes or Google Play or find country specific Agrello ID links here.

The Agrello ID app is available in 200 countries. It requires a special document, such as a national ID-card or passport. In addition, the new user will need access to a camera and a microphone on the mobile device for verification. It’s important to use an identity document that indicates the date of birth as the NEM Foundation needs to confirm that the customer is over 21 years old.

Apply for membership

Individual members can apply for membership through the website here, and the corporate ones can do so here. After providing the required information, the applicant will receive an email with further instructions on the necessary steps to become a corporate member. The NEM Fund membership registration process for individual members consists of the following.

Start the application process by firstly creating an Agrello ID account using the Agrello ID app available on Google Play or iTunes. After the customer completes the creation of Agrello ID account, they can apply for the NEM membership here.

The user should make sure that they use the same email address for both the NEM account and the Agrello ID. If these email addresses are different, the user won’t be able to complete the KYC verification process.

The NEM Foundation will then receive an email with details of your request. Your application details will be associated with your Agrello ID for verification purposes. Later, you will receive an email containing your unique NEM membership ID as well as a request to transfer 500 XEM to the NEM Foundation account to pay your annual membership fee. This transaction should contain a message with the new member ID.

Crypto Enthusiast Showed Bitcoin Cash-Powered Chicken Coop

If the customer applies for membership to the Fund but doesn’t meet the KYC and membership fee requirements, they will receive an email asking to complete these steps. The member to-be should pay the fee and perform the KYC before 11:59 p.m. (UTC) on Nov. 9, 2018, in order to be eligible for the EGM invitation along with voting.

Nov. 9 was chosen to provide the NEM Foundation with enough time to complete the process. For the customer’s vote to be count in the EGM 2018, one should apply for the membership before Nov. 7, 2018.

Voting process

For election purposes, the NEM Foundation will organize an extraordinary general meeting, which will be available via video conference. Since the NEM Foundation has members all around the globe, it organizes a preliminary vote to prevent the requirement for members to attend the EGM to cast their vote.

Ripple Takes Baton From Bitcoin Cash While Helping Cryptocurrency Market Go Green

Before Nov. 16, candidates should have their candidacy apostilled. From Nov. 16 to 18, all candidates for the election will submit their Candidate Policy Document to the NEM Foundation here.

Voting process includes inviting all approved members to the EGM via their email addresses. The preliminary voting process begins. The survey will be published on Dec. 3, 2018, and will be closed during the EGM event. Once the poll is published, the members of the whitelist will be able to take part in the preliminary vote. The survey will be audited at the EGM. The NEM will announce the newly elected officials upon proper completion of the audit.

Open positions

The candidate list includes four members of the Executive Committee: the President, the Vice-President, the Honorary Secretary, and the Honorary Treasurer.

The President presides over all general meetings and signs the minutes of such meetings after they have been duly confirmed as correct. The Vice-President assists and replaces the President if they are not present.

The Honorary Secretary registers all the Executive Committee actions. The Honorary Treasurer is responsible for maintaining proper records of all the company’s cash transactions. Being elected as Executive Committee member assumes being elected to the NEM’s board of directors and applying to the position of an executive director.

Only approved NEM members are eligible for voting. Voting itself will take place on the NEM public chain. Its results will be made public.

The NEM Foundation is endorsed by an international network compiled of a wealth of experience in IT, entrepreneurship, business processes, trading, property and asset development, international management, and academia.

article image
About the author

The journalist with 10 years of experience in print and digital media. Last 2 years deeply immersed into the cryptocurrency & blockchain technology area.