NEM Releases New Catapult-Based Development Studio Before Its Major Blockchain Upgrade
- NEM launches new development studio to support its move towards a new protocol update
- The development studio has also requested $8 million from NEM reserves to back its operations
- NEM is currently launching a development studio that aims at supporting its move towards a new protocol update later in 2019. This is according to a recent press release revealed by the company in an email to CoinDesk.
NEM Launches New Development Studio
The NEM blockchain project announced it is working on a development studio to support its transition to a new protocol this year. The press release explains that the new NEM Studios is being created by NEM Holdings, which is the non-profit holding of NEM Ventures. Meanwhile, the NEM Foundation will help with strategy and backend development for NEM’s Catapult upgrade.
The new improvement aims at providing enterprises with a “high speed” scalable and also a configurable solution. NEM Studios’ activities are funded by NEM Core. The company is also now seeking to hire a new CTO and a development team to work on the Catapult Core protocol and API layer. The Chair and trustee of NEM Holdings, David Shaw, is going to be leading NEM Studios as the director.
Mr. Shaw commented about the project:
“We are thrilled to be creating a dedicated team to bring Catapult to life this year and support its development into the future. We will be looking to recruit the best in the business, with deep technology experience, and look forward to creating a more effective and scalable ecosystem for our community.”
Catapult is expected to become the core NEM code that supports private and public blockchains. The press release informs that it will also include smart contract plug-ins that allow for a range of capabilities related to digital asset creation and more.
The project has also requested $8 million of NEM Reserves that will be released to the market in different periods of time in order to support the operations of the project.
Currently, NEM is the 20th largest virtual currency in the market. It has a market capitalization of $787 million and a price of $0.08749 per coin. It is worth mentioning that the digital currency was affected by a hack on the Coincheck exchange back in 2018 that resulted in the loss of $500 million worth of NEM tokens.