A Token Generating Event (TGE) is sometimes called an ICO or initial coin offering. A TGE is an innovative mechanism for a company to programmatically generate a unique cryptographic token by a Smart Contract System, whereby the tokens themselves are highly programmable. As such, the token can be used as an economic incentive within a network and store or transfer value between users, devices, or applications. In the case of RightMesh, the token rewards participants for sharing their data connectivity and other device resources (e.g., battery usage, processing power, and sensor information); moreover, the token grants participation and enables a settlement function that participants within the RightMesh network will use to facilitate the purchase and sale of goods and services on a peer-to-peer basis. There will be a crowd contribution period where RightMesh AG will accept contributions in exchange for RightMesh Tokens, which will be transferred upon the Token Generation Event.
129,498,559 tokens will be generated. This is a finite supply and no additional tokens will ever be generated.
We have set a maximum amount of US$30,000,000 to be contributed. This number has been the subject of many hours and hours of conversations over the past 8 months as we have gone through the process in preparation for the RightMesh TGE.
This number was not arbitrarily picked. The goal is to be producing revenue in the project in 2019 and be cash positive in 2020. We have done extensive budgeting exercises looking at how and when we will grow the project and company in order to deliver on the roadmap and vision that we have set out for ourselves. Thus, our 3-year budget is as follows:
No. The project will go ahead regardless of the total contributions received. RightMesh AG’s parent company, Left, has already invested over $7M into the project over the past 3+ years. The only thing that may change is our roadmap timeline if we have to reduce the annual operating budget.
RightMesh AG is a Swiss company and thus abides by all Swiss rules and regulations. Thus, we are unable to have participation by sanctioned nations under Swiss law. Furthermore, each contributor is responsible for abiding by the laws and regulations in their jurisdiction and meeting the appropriate requirements. All contributors must go through registration to enable thorough KYC and AML requirements, prior to fund transfer or token generation.
US citizens and Canadian residents are prohibited from participating during the Pre-Allocation and Public-Contribution rounds.
RightMesh AG is working with a few values-aligned community members who believe in the project and the change we are trying to make in the world. A few of these community members are electing to contribute to the project in advance of the Token Generating Event. These contributors all must be classified and provide proof that they meet “Accredited Investor” designation for their jurisdiction, including the USA and Canada. We call these people Early Contributing Supporters.
In addition to signing attestations of Accredited Investor status, Early Contributing Supporters must also sign a Mandate Services Agreement with RightMesh AG whereby they agree to support the company in developing its activities. Such services may comprise, but are not limited to the following business development services:
There is a US$50,000 minimum contribution requirement for Early Contribution Supporters. If you are interested in learning more about Early Contribution into the RightMesh project and supporting our long-term success, then please contact us directly by email at TGE@rightmesh.io
The RightMesh TGE consists of 2 phases:
Public Pre-Contribution Period (20% bonus)
Crowd Contribution Period
The Crowd Contribution phase will start at precisely 13:00 CET on May 30th, 2018. For the first 24 hours, there will be an individual cap set at an amount which will be calculated to let all Whitelisted contributors participate. After 24 hours, the cap will be lifted and contributions of any pre-authorized amount will be accepted.
Yes, the original date for the Crowd Contribution phase was March 27th, 2018. We delayed the event in order to do the ‘right’ thing by pausing to answer some queries from the British Columbia Securities Commission (BCSC) which were relatively quickly clarified. Read the full details of the delay here.
Unallocated RMESH tokens will be returned to the RightMesh AG Treasury where they will be used to support the growth of the ecosystem. If the hard cap has been reached and there remains an excess of tokens within the allocation, these excess RMESH tokens will be airdropped to the community within one calendar year of the RMESH token generating event.
Our goal is to support the community growth and adoption whereby the mesh networking community is inherently part of the growing blockchain and cryptocurrency community as well. We want to be able to support training and development for mesh users (application developers, companies, end users, etc.) to encourage mass adoption of the RightMesh SDK and continuously improve node density around the globe. It is our mission to connect the next billion people and along the way we need to change the way the world views connectivity to understand the necessity for decentralized and distributed connectivity. Having a reserve of tokens will support adoption particularly in emerging markets and will ensure there is a constant flow of tokens within the network.
Should the company need to raise additional funds for continued growth and development of the project, RightMesh AG may sell treasury tokens to contributors to sustain momentum.
The RMESH token is a Counterparty-less BCP 1 Application Token with participation right and settlement function that participants in the RightMesh Network will use to facilitate the purchase and sale of goods and services on a peer-to-peer basis.
Its functionality depends on three technical layers: (1) the underlying technology infra-structure protocol (here Ethereum Protocol); (2) the programming and functionality of the RightMesh Network; and (3) the programming and functionality of the MESH SCS to register and settle the participation (functionality) to the RightMesh Network.
Following the deployment of the Network, the RMESH Token provides both a participation right and means of payment for goods and services. For example, should suppliers and users of the RightMesh Network decide to exchange internet capacity service on a fee basis over the RightMesh Network, the internet capacity accessed by User 1 will have to be remunerated to the supplier (of internet capacity) in form of RMESH Tokens. Hence, RMESH is a counterparty-less participation right and settlement token. According to the BCP Framework, the RMESH Token qualifies as a pre-functional BCP 1 Application Token as long as the Network has not been deployed on the Blockchain. Once the Networks is up and running, the qualification changes to a functional BCP 1 Application Token.
To share connectivity
To participate in the buying and selling of internet or data access between users.
To share Resources
Buy and sell storage, processing, and sensor data between users.
To share Content
Buy content created by other users; create and sell your own content.
To share Rewards
Reward users for disseminating content, advertising, or apps to other users.
Bitcoin Suisse is a regulated financial entity based in Switzerland. They handle the KYC (know your customer) and AML (anti-money laundering) compliance for the RigthMesh AG contributions.
Bitcoin Suisse has supported many successful crypto-asset token sales including OmiseGo, Bancor, Tezos, Status, and aeternity, among others. You can learn more about their involvement in the blockchain space here.
At the heart of RightMesh is a mesh networking protocol that allows direct, P2P connections between disparate devices, and a cryptocurrency protocol that incentivizes people to share mobile device resources such as bandwidth, data and storage with those who lack access.
Developers can use our platform and SDK to integrate RightMesh technology into their applications, thereby increasing global connectivity and facilitating international communication and commerce.
A few years ago, any time the multinational team from Left needed to Skype with each other, all the employees in the Bangladesh office had to stop what they were doing and get off the internet to free up the bandwidth for skype. The employees themselves decided, as a gift to our cofounders John Lyotier and Chris Jensen, to find a solution to this problem. They developed an app that let them continue to communicate directly with each other even when they couldn’t access the internet. We conducted market research and found that the problem of internet non-connectivity, particularly in developing nations, was a wide-spread problem with massive economic and social implications. We realized that if we could expand upon the concept of this initial app, we could make a lasting and meaningful difference to our world. The idea for RightMesh was born.
RightMesh AG’s mission is to connect the next billion users, so our primary focus is on remote regions and developing countries where the current digital divide is greatest. Localized apps will allow communities to tailor solutions to their own specific challenges. For example, in Asia and Africa, where women walk an average of 3.7 miles per day collecting water, a mesh-enabled app might simply let them know what the current water levels are, if there are any obstructions on the route, or if others around them have extra water to spare.
According to a United Nations report, broadband Internet is failing to reach billions of people living in the developing world; according to the report, the Internet is currently only accessible to 35 per cent of people in emerging markets. Connectivity will help these nations accelerate progress, bridge the digital divide and develop knowledge societies. It’s simply the right thing to do.
Though RightMesh AG’s initial focus is on emerging markets, there are clear ways in which the protocol can benefit developed areas as well. A mesh enabled app could help circumvent repressive regimes, promote net neutrality, and improve network efficiency during network congestion. Mesh-enabled apps are being developed for conferences, sporting events, concerts, universities, resorts and other closed environments with high density and a need to connect.
The possible use cases are limitless, as apps can be developed for micro-specific geographies and needs. For example, the RightMesh project is currently involved in a community-driven initiative to bring connectivity to Rigolet, a remote indigenous community region of Labrador, Canada. In this community of 300, there is only one ISP, connectivity is expensive and painfully slow and congestion stifles use. The community has a need to share real-time data about weather condition changes, such as the thickness of ice cover, that affects their health and livelihoods. An app was developed for the community, and RightMesh is enabling the data to be sent throughout the community directly, without having to access the ISP.
Another example of a mesh-enabled app, which is currently under development by RightMesh and will soon be available in the Google Play Store, is an emergency communications app. It enables communication between people even when natural disasters strike down Telco’s and ISPs or when central authorities want to censor or shut down internet traffic.
RightMesh is discussing many use cases with prospective developers. Some of these include:
RightMesh enables apps to reach their desired target markets or to extend their reach. Many blockchain projects aim to bring benefits to developing nations and remote areas, however, many of these applications may not be effective if their market does not have connectivity. RightMesh can help these applications accelerate adoption by enabling connectivity between users.
Mobile mesh networking basically turns smartphones into network nodes in an ad-hoc, self-forming, self-healing, self-regulating network using the Wi-Fi, Wi-Fi Direct and Bluetooth capabilities inherent in the phones. The nodes can communicate directly P2P with each other without relying on internet access. If one node in the network has connectivity through internet or data, it can share it with other nodes on the network.
RightMesh runs on any Android device (version 4.0 or higher) and/or any device that runs on Java. We plan to expand the technology to other devices and platforms in the future.
Core to the RightMesh network is an Ethereum account and identity layer that uniquely identifies every mesh node; traditional identity methods (IP addresses) will not work adequately in an off-the-grid mesh world.
Every device will also have a RightMesh wallet where a user can set a price at which they wish to buy data, and a price to sell data (if applicable). When data is transferred in the network between two nodes, transactions across all nodes in an active mesh network will be settled on the Ethereum Mainnet through payment channels and facilitated by RightMesh superpeers.
Mesh tokens transfer from content providers and between users to reward behavior and pay for goods and services essentially helping the network to grow and coverage to expand.
The RightMesh core networking protocol will be open source once the foundational networking stack has been completed and its performance has been tested, tried and established. The cryptocurrency protocol layer will be open source from the start.
Rightmesh supports end-to-end encryption using the Open Whisper/Signal library. The library has been modified to be independent of internet access by not involving the server portion. RightMesh offers two levels of security: one where the key is directly exchanged in one hop (this is the more secure option). The second, where the key exchange occurs through the mesh over several hops, is less secure because it may be subject to a man-in-the-middle attack. We’re currently researching alternate ways to enhance security of key exchanges over the mesh network.