Blockchain network NEM has launched an ambitious new community project and shared details of what’s in store. Social Mining is the name of the blockchain-agnostic platform NEM is developing for community engagement and project promotion. Think Steemit on steroids.
NEM has partnered with blockchain developer DAO Maker to build the engagement and communications platform, an off-chain solution that connects to both NEM’s flagship NIS1 blockchain and the soon-to-be-released Symbol mainnet.
Social Mining: Tokenomics Meets Social Media
NEM’s poly-chain community engagement platform will enable token-holders of projects to collaborate on work such as development tasks, marketing, sales – just about anything related to elevating a project ecosystem.
Blockchain accelerator DAO Maker, a leading tech and strategy consultancy for blockchain implementation, is seen as the perfect marketing and engagement partner for the venture. The ambition is for NEM Hub to be a social media-like ecosystem, a nerve center of ideas and community engagement exclusively accessed by trustless proof of XEM ownership.
What’s more, token-holders can earn staking interest, paid by the NEM Foundation’s treasury, providing they stake tokens in a non-custodial wallet.
Adding Value to the Ecosystem
As outlined in a NEM blog post, “The hub’s reward design will associate an opportunity cost to small token holders that retain tokens in exchange wallets, driving them to withdraw and claim their interest while simultaneously adding value to the ecosystem.
“This is expected to increase friction in sell-offs, grow non-custodial wallet base and hence reduce the friction in getting more users to engage with NEM-based DApps, and enable even small holders to be rewarded, especially for contributions of outstanding work.”
Soft launched on June 12, NEM Hub functions similarly to a social media platform, complete with Twitter-like scrolling news feed. Community members and XEM token-holders can engage in discussion, sharing ideas and resources, making suggestions and strengthening social ties.
According to a recent blog post, NEM Hub has opened its doors to 869 users as of July 15, with 410 weekly active users from 46 different countries. The biggest foreign representation is Japan, followed by Ukraine, Russia, Indonesia and the Philippines. Active community language groups, meanwhile, include Japanese, Russian, Indonesian, Turkish, Italian, and German. 438 Hub users have so far staked over $5 million worth of XEM.
NEM Turns 5, Cues Up Symbol Mainnet
NEM is one of the best-known names in the blockchain space, a project that bloomed, like so many others, from the Bitcointalk message board and made its mark on the cryptosphere. Revitalized this year, NEM now has plenty of irons in the fire. Having recently celebrated its fifth birthday, the project is gearing up for the launch of Symbol, a brand-new blockchain composed of enterprise-ready solutions developed from scratch using fresh code.
A continuation of the platform’s utility-centric view of blockchain’s future, Symbol aims to become the gold standard enterprise solution, a secure, trusted value exchange platform for businesses throughout the world.
Keeping the Community Onside
Ostensibly, Hub has been created to ensure that NEM’s enterprise-focused growth (via Symbol) does not curb or dilute the voice of its community. Rather, the aim is to empower developers and creators to organize their efforts, amplify their voice and have a say in the future direction of the NIS1 chain.
NEM is keen to remain a community-led public chain, complete with pluggable private network. After all, the community was responsible for such projects as NEM’s cold offline wallet and the Landstead property registry.
With the Hub just getting up and running, it’s too early to say whether NEM will achieve their objectives. But as any blockchain project will attest, keeping the community on side is key if you want to add value. By putting people at the forefront, NEM is entering an interesting new phase.