The NEM ecosystem are focused on exploring, innovating, and creating using blockchain. The Symbol from NEM are about powering the possibility to connect business with blockchain. NEM ventures focus on identifying, incubating and investing in projects, which innovate using the blockchain. The NEM community are about building brands in a way to improve the technology to foster inclusivity.
Decentralization is the important focus of the way in which the NEM ecosystem operates. They are focusing on reducing and ultimately removing the need for trust in transactions. Also, it will be possible for everyone to verify for themselves if they need to.
The decentralization factor is very obvious in the NEM ecosystem as there is no governing authority or single person controlling the NEM public chains. Also, multiple parties own the group of nodes and they maintain the NEM NIS1 and also the Symbol network. Thus, making the network operate in a decentralized manner.
It is also possible for any individual, project, company or government agency to be able to run a node and use the chain in the way they prefer to suit their purpose. Also, there is no single point of failure in the ecosystem.
In cases where part of the NEM ecosystem disappears, it will be possible for NEM to still progress. The new Symbol source code is completely open sourced, and the NIS1 original code is also getting reviewed, updated and also will be open sourced.
In the NEM community, the decisions made by the independent decision makers is important. This is another reason for why N1S1 are working towards an onchain voting solution, which makes use of the Proof of Importance consensus mechanism. The onchain voting solution is used in a great way in terms of devolved decision making.
Several decisions in the community have been made using the onchain voting solution like the Tokenomics for Symbol blockchain, the migration approach to launch symbol, network usage fees, Tokenomics update, and professionalization of an investment company.
An instance in Tokenomics is about a group of community members who contributed to a work, which was further sent for vote. The vote stood binding or advisory in nature when the NEM group came in to existence.
Thus, it is very clear that there is no need for a centralized authority to approve stuff and that the community governance decisions are progressively forwarded using on-chain voting. This is also in cases of responding in terms of snapshot dates. The NEMs vision is very popular for its adherence to true decentralization.
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