We are currently working on a few different projects to get NEM 3.0 certified in California. One of the projects we are working on right now is the porting of the official NEM Java API to Java 8. This will require a lot of work as the current Java API uses Java 7 features and some Java 8 features are not yet available. We are also working on getting the NEM Blockchain Simulator up and running. This will allow community members to run testnet nodes, mine, and develop on the NEM blockchain.
NEM 3.0 is still in its early stages of roll-out, and there is no current timeline for when it will be fully implemented.
California is a huge market for crypto, and the pace of crypto adoption has increased in the state over the past year. Currently, it’s not known when exactly the California Department of Business and Professional Services will officially approve the licensing of crypto asset services, but NEM is still operational under the current licensing requirements.
The first phase of roll-out began in January, 20when the first jurisdictions in California began testing NEM 3.0.
Currently, there are 20 California counties and eight cities using the NEM 3.0 software. These jurisdictions are all part of the first phase of the roll-out. In January 2020, the first jurisdiction started using NEM 3.0. Now, California’s Department of Insurance is working with the first two cities to provide further guidance to the insurance industry on how to implement the new software.
It is estimated that the roll-out phase will take two years to complete.
With the California Senate passing the bill to officially recognize the NEM 3.0 protocol, the path to full roll-out is now clearer. As of December 2018, California State Superintendent of Public Instruction, Tony Thurmond, signed the bill into law. However, the California Energy Commission must still finalize the details of the process and publish the required rules before the launch can commence.
The second phase will begin in 20and will target counties and cities with a population of more than a million.
As of May 2020, California has signed off on the first six counties that will receive a total of $60 million in bond funds for the first round of their NEM 3.0 programs. This includes $30 million for water and sewer, $15 million for wastewater treatment, $8 million for transportation, $2 million for affordable housing, and $5 million for energy and resource management.
NEM 3.0 will be implemented gradually, so it could be several years before all jurisdictions in California roll out the updated software.
As of 2019, California is in the process of implementing the first version of NEM 3.0. The first jurisdiction to roll out the updated software will be Santa Clara County. The county is working with the California Department of Environmental Quality to implement the updated software in the county’s water and wastewater facilities.
NEM 3.0 will feature enhanced security and data storage features, with better accountability and transparency.
California has been at the forefront of cryptocurrency. This is largely due to California’s Blockchain Initiative, which is a partnership between California’s Department of Business, Consumer Affairs, and Housing, along with the State Treasurer’s Office, the California Controller’s Office, the California Department of Finance, and the California Department of Technology.
While the NEM platform will remain open source, the updated software will require new licenses and fees for jurisdictions to use the updated software.
California is one of the few states in the U.S. that has given a green light to crypto asset exchanges and businesses related to crypto. California’s favorable crypto asset framework has attracted numerous crypto businesses to the state. However, the California government is yet to issue any licenses to crypto businesses. The California Department of Business and Professional Registration (BPR) is responsible for registering businesses in the state.
Conclusion
In California, the California Department of Business and Finance (DBF) has published the “Proposed Amendments to the California Money Transmission Law” which proposes to allow the use of crypto assets as money transmission services in California. The proposal is expected to be voted on in the first quarter of 2020.
Related Links
What does NEM 3.0 mean for solar?Will there be a solar tax credit in 2023?