We just published, "RightMesh: Our Lessons Learned on ICO Governance and Regulatory Restrictions". https://medium.com/rightmesh/our-lessons-learned-on-ico-governance-and-regulatory-restrictions-e11601370a18

If you have any questions about the hoops we had to jump through or how to run a proactively-compliant ICO, we have a lot of battle scars and war stories. After receiving so much support and help from the Community along the way, we want to repay the favour and help all the projects yet to come.

John,
RightMesh, CEO

Dear community,

Today, we are finally able to share the full details of what happened between pausing the RightMesh TGE in March through until now. Here we also answer your questions on listing RightMesh tokens on bigger exchanges, if we will be engaging the services of a "liquidity provider", and the current token price?

Please read on for the full story of the pausing of the TGE, rescheduling the final TGE round, public distribution of RMESH tokens, unlocking the tokens, and our activities (or perceived lack of activity) since then.

Thank you for your patience during the past few months as we worked tirelessly with regulators. We are so excited to be able to share these details with you today. Onwards and upwards.

https://medium.com/rightmesh/our-lessons-learned-on-ico-governance-and-regulatory-restrictions-e11601370a18

With less than one week before the TGE, we had a little fun in the office today.

Check out what we discovered! https://twitter.com/Right_Mesh/status/1000123876238475265

In the end, we chose not to do a bounty campaign around concerns of distributing tokens during our TGE process to non-contributors and risks that this might create in the market (e.g., without doing full KYC checks on all like we do for contributors). Added to that, was risks around marketing of the TGE into certain markets. We are starting to ramp up our 'Nodebody' movement (i.e., "Every nodebody is a somebody."). You can learn more and sign up here: http://www.nodebody.com/

Please read both whitepapers here: https://rightmesh.io/whitepaper

The first is a whitepaper that describes our 'Why' as much as it does the technology and how it will work. The second paper is a technical whitepaper that goes into greater details for those who are more technical in nature.

Whitelisting is open now. The Token Event occurs on May 30 and 31st.

We are setting a low individual cap for the first 24 hours to ensure that as many community members as possible can participate in our crowd contribution round. After the first 24 hours there would be no individual cap, so an individual can contribute up to his or her desired amount for which they have been AML approved by Bitcoin Suisse. Get started at https://bitcoinsuisse.ch/rightmesh

A few things we agree with and a few things we do not:

1. They are correct in that as we have not broadly marketed the project, the activity on some social networks is not at the level of some of other campaigns. We have been trying to walk a fine line of telling our story about the project and complying with regulations in multiple jurisdictions about marketing the TGE/ICO, the actions to which, could expose the project to certain risks. As such, all growth is organic and in-bound.

2. We do have a financial plan. The use of proceeds was shared; however, we also recognize that we need to be agile in our deployment of capital. The financial model and the speed at which we can do things varies greatly based on the amount contributed (as well as volatility of ETH). Case in point: the public pre-allocation was done at ~US$935 ETH price. Today, it is ~$800 ... 6 weeks ago it was <$400. We have treasury management plans in place, a great CFO, and a lot of experience in managing a business towards profitability. This should be viewed at a strength of the team and not a weakness.

Regarding the section about "More Work Required", most of this has been covered in our very active blog or discussed a lot within the community on Telegram:

Q. about the competitive landscape and the project's competitive advantages
A. https://medium.com/rightmesh/demystifying-mesh-networks-6c7aaac07e1a

Q. about the regulation of fund dispersal and usage of tools (for example, the use of an escrow) that would guarantee the return of investments if the stated usage of funds is not followed.
A. Making such a statement by any project is a death knell and should be viewed with skepticism by the community as this screams of ponzie scheme IMHO. As we repeatedly have said, "Contributor understands that with regard to RightMesh tokens, no market liquidity may be guaranteed, that the Company will not actively try to list RightMesh tokens on exchanges and that the value (if any) of RightMesh tokens over time may experience extreme volatility or depreciate resulting in loss that will be borne exclusively by Contributor."

Q. about large and well-known project partners
A. We have several project conversations that are underway and we have LOI's with several announced (see our blog). More are coming, but we choose not to disclose until there is something material.

Q. about the product readiness
A. We've been at this for 4 years, have a large team, more are being hired, we deployed onto Kovan TestNet in Feb, have pilot projects underway... However, this is fair as building a platform and protocol is hard. It takes a lot of time. We are a lot more ready than some projects, but less ready than others.

Q. about the mechanism for protecting tokens against devaluation
A. See above. Any project that promises this should be viewed with skepticism.

Q. about the conditions of the token sale
A. Detailed thoroughly on our website and on Telegram. The TGE is being conducted via BitcoinSuisse, who is one of the most respected advisors in this space and have advised on some very significant projects.

Q. about large VC investors in the project
A. While this may or may not have much relevance on the project, we do in fact have a great network of contributors. Read more about a few of our institutional contributors and why they chose to back the project: https://medium.com/rightmesh/supporters-of-the-rightmesh-revolution-7a91df49ec30

Q. about the safety audit of the smart contract
A. Multiple audits were conducted by New Alchemy, CoinFabrik, and an internal audit by FCC (First Coin Capital).  These have been disclosed publicly:
https://medium.com/new-alchemy/right-mesh-smart-contract-audit-55bc7b78c58c
https://blog.coinfabrik.com/rightmesh-token-sale-smart-contract-audit-master/

Please let us know if you have additional questions.

Thank you. We described things the other day as "the world's slowest ICO" as we have deliberately taken time to do things right. We started down this path one year ago, and the hard work and long hours of the team really show. Thanks again for your support!

The project will proceed regardless, so in that sense, this contribution period will be a success as it will allow us to move forward onto the next chapter. Seeing the community's feedback has been great. In a way, it is kind of like an election day: you need to "get out the vote" when it counts the most. So on this end, all that we could do is continue to do the right thing. Everyone here can help by getting word out about the project to their personal networks if you believe in the project.

1. Thanks for your interest. We will not be having a bounty program. We did look hard at this, and wanted to find a way for doing this, but for a variety of regulatory issues, we didn't think we could do this and be proactively compliant with the wide swath of jurisdictions in which we could have participants from. The risk barrier to contributors, to the company, and to the project were just too great.

2. Minimum contribution. Once again, we had brought this as low as possible while working closely with Bitcoin Suisse and doing full KYC/AML checks on every contributor. While you may not be able to contribute at this threshold, we hope that you can still participate in the community and tell your friends.

3. May 30th is the public crowd contribution event. All those who are on the whitelist will be receiving an allocation.

Thanks again!

Our community has been asking and waiting…and now…we are so excited to announce May 30th as the rescheduled date of our Crowd Contribution — the final round of our Token Generating Event.

Read more here: https://medium.com/rightmesh/crowd-contribution-date-announcement-may-30th-34ab74c4b88a

We briefly paused this final round, originally set for March 27th, when we were approached by the British Columbia Securities Commission (BCSC) to clarify some details to ensure we were in compliance with local regulations.

We worked hand-in-hand with the BCSC to achieve legal certainty, and we are so pleased and excited to be ready to proceed.

In the associated press release, John Lyotier, CEO of the RightMesh project, clarifies why RightMesh AG believes this delay was the “right” thing to do:

“The regulatory environment for Token Generating Events is quickly and constantly changing. We never wavered in confidence that we had done things right, but because we are striving to set new standards industry-wide for compliance, it was essential for us to pause, reflect and clarify. The small delay, in the long run, will be the best thing for our community and for the industry as a whole.”
We are anticipating an active and exciting Crowd Contribution phase after our first two successful phases: a private allocation round for accredited investors in early January which reached an $18M cap in less than one week, and a public pre-allocation phase which closed in only 8 hours and 4 seconds.

We want to take this opportunity to thank you — our community — for contributing to the success of those rounds and for your unwavering support during this delay. It has really assured us that we are all in this project for the ‘right’ reasons, which will benefit the long term health of a dense and robust network.

**RE: RightMesh TGE Delayed - Crowd Contribution Temporarily Delayed**

At RightMesh AG we pride ourselves on doing things “right”.

In the spirit of doings things “right” and in reaction to a late request for consultation with the British Columbia Securities Commission (the BCSC) in Canada, we have decided, out of an abundance of caution, to engage with the BCSC and to delay the public crowd contribution of our Token Generating Event (the TGE) scheduled for March  27th, 2018. We anticipate a delay of 4 to 6 weeks while RightMesh AG consults with the BCSC.

The sections below address questions and concerns we expect you may have with respect to RightMesh AG’s decision to delay the TGE. We commit to being transparent and open with you, so if you have further questions, please join the conversation on our Telegram Channel (https://t.me/rightmesh_official), where the team will be online as much as possible over the next 24 hours to answer questions directly. You are our community, and you are important to us

Why is the Crowd Contribution being delayed?

On Friday, March 23, 2018, we were contacted by the BCSC, a provincial securities regulator in Canada. According to the BCSC, they had some concerns that, although RightMesh AG is based in Zug, Switzerland, the TGE might be within the BCSC’s jurisdiction.

When the BCSC brought this to our attention, we reviewed our website and all other publicly-available materials in order to proactively work with the BCSC to ensure it is clear that RightMesh AG is a Swiss company with headquarters in Zug, Switzerland, that RightMesh AG’s board of directors is primarily made up of individuals resident outside of Canada, that RightMesh AG is operated and managed outside of Canada, and that RightMesh AG is subject to Swiss regulation.

The decision to delay is painful for RightMesh AG, not only because the board of directors is confident that RightMesh AG is properly structured and has strictly adhered to all relevant regulations, but because RightMesh AG has taken great pains to do so in the spirit of the company’s principle to do right - by all parties.

We have decided to delay the RightMesh TGE until we have finalized the consultation process with the BCSC and the RightMesh AG board of directors determines that the issues have been satisfactorily resolved.

Confusion about the structure and location of RightMesh AG and its mind and management

Initially, “RightMesh” was an internal project of Left of the Dot Media Inc. (Left), a British Columbia-based multinational media and technology company with holdings in mobile and Internet-based businesses. For over 3 years, Left incubated and funded the project.

In the summer of 2017, after initial conversations with the BCSC and many advisors, a decision was made to establish a legal entity within Switzerland as there was clear guidance from Swiss regulators with respect to the token generating and crowd contribution process. After nearly six months of effort in conjunction with leading legal professionals in Switzerland, Canada and the USA, in early 2018, RightMesh AG was established to take over the “RightMesh” project. The board of directors of RightMesh AG consists of five people, the majority of whom reside in Switzerland or outside of Canada, and the TGE is being conducted pursuant to the direction of RightMesh AG’s board of directors in accordance with Swiss laws. The board of directors of RightMesh AG manages the day to day operations of RightMesh AG and instructs sub-contractors in multiple jurisdictions including Switzerland, Canada, Bangladesh, Singapore and the United States to carry out specific operational aspects of the “RightMesh” project. This includes sub-contracting to Left.

Some language on the RightMesh AG website may have incorrectly portrayed the “RightMesh” project as still being closely linked with Left. The board of directors of RightMesh AG  only recently discovered this error which resulted from the inadvertent duplication of text from earlier website copy while the “RightMesh” project was an internal project of Left. This language is, of course, an error and not consistent with the rest of the site or the language used in relevant agreements and other documentation. The board of directors of RightMesh AG believes this error may have contributed to the concerns raised by BCSC during RightMesh AG’s  recent conversations with the BCSC. BCSC have stated their intention to provide RightMesh AG with a formal letter outlining their concerns. However, RightMesh AG has not yet received this letter (or any formal explanation). In the interim, the board of directors of RightMesh AG believes it is the right thing to do to delay the TGE until RightMesh AG has more clarity from the BCSC and has completed its consultation process with the BCSC.

Why was RightMesh AG established?

RightMesh AG was established in Switzerland for the very reason that regulations regarding Token Generating Events in Switzerland are stringent and more definitive than other jurisdictions. Even though the exhaustive KYC and AML requirements don’t necessarily make it ‘easy’ to contribute, RightMesh AG has insisted on doing things right and has followed the Swiss regulations faultlessly. The entire contribution process has been undertaken in close cooperation with our Swiss legal representatives. RightMesh AG is following the FINMA guidelines published on February 16, 2018, and the RMESH token is qualified as “payment token” based on the FINMA guidelines. In addition, the board of directors of RightMesh AG has taken steps to ensure that the respective Swiss AML/KYC regulations will be fulfilled. Furthermore, all contributions to the “RightMesh” project have required individuals or entities to sign by hand a Framework Agreement with Bitcoin Suisse AG (Bitcoin Suisse), indicating that the contributions being made are being done through Bitcoin Suisse and with RightMesh AG, a Swiss company.

Is there any concern about the classification of RMESH as a security token?

As per Swiss regulations pertaining to RightMesh AG, the board of directors of RightMesh AG have taken appropriate legal advice and understand that the RMESH is a “payment token”, as defined by FINMA. The token’s use within the network is to pay for goods and services, namely data and device resources, within the “RightMesh” ecosystem.

Is the delay because of the lower ETH price?

No. RightMesh AG has had sufficient demand from the community—at the current ETH prices—to allocate the full amount of remaining tokens, and anticipated closing this phase after the second day of the crowd contribution and TGE period (when individual caps would have been lifted). To provide further clarification, RightMesh AG limited the amount raised in the TGE to its needs and what will be required to launch a robust platform. The board of directors of RightMesh AG  is confident that the funds that RightMesh AG is anticipated to receive via the TGE will be sufficient for these purposes.

Is the delay because your platform isn’t ready?

No. Platform development is on schedule as indicated on our product roadmap and will continue as planned regardless of the crowd contribution and TGE delay. RightMesh AG is completing the development and stability goals for the beta release of the platform in Q4 2018, and once this milestone has been achieved, the RMESH token will be functional as payment on the mainnet in a “RightMesh” network.The RightMesh SDK was released in alpha to limited developers in September 2017 and has been used by developers at assorted hackathons since.


How long will the Crowd Contribution and TGE be delayed?

Our expectation, based on a conservative estimate, is a delay of approximately 4-6 weeks. As mentioned above, RightMesh AG is waiting for the letter of explanation promised by the BCSC. Without this letter, it is difficult to respond to whatever concerns they may have. The board of directors of RightMesh AG will work  around the clock to ensure all parties are satisfied that RightMesh AG has done things right.

The board of directors of RightMesh AG understands the community will be anxious for an exact date, and RightMesh AG will announce that immediately when it has been confirmed. The official announcement will be made on the RightMesh Telegram channel (https://t.me/rightmesh_official) and on the RightMesh AG website  (https://www.RightMesh.io).

Is the current Whitelist closed, or will this delay allow more people to participate?

The current Whitelist has been closed. However, RightMesh AG will re-open a new Whitelist and invite in new contributors once RightMesh AG has been able to confirm a date for the TGE. Existing whitelisted community members will not have to submit any new paperwork and their signed Framework Agreements will be valid after this delay. RightMesh AG will communicate broadly when the Whitelist is re-opened for new contributors.

A note of caution

Scammers are rife in world of Token Generating Events, and the postponement of our Crowd Contribution period and TGE may draw their attention. RightMesh AG wants you to be safe, so please be vigilant and be aware. The board of directors of RightMesh AG anticipates the possibility of attempts to convince RightMesh AG’s community there are other ways of participating in the Crowd Contribution period or even to convince you that “Canadians can now participate”.

To reiterate and confirm:

All restrictions of Canadian residents and Americans contributing to the TGE remain in full force and in effect.
There remains one single procedure for participating in the TGE and that is through Bitcoin Suisse’s client portal.
RightMesh AG will NEVER ask for contributions directly or through any channel outside of Bitcoin Suisse.

In conclusion:

The disappointment you may be feeling is matched by my own emotions and those of the entire RightMesh AG board of directors and team, RightMesh AG’s advisors, its partners and all its contractors. RightMesh AG has always strived to do the right things, and will continue to do so.

As entrepreneurs, we work to make dreams a reality. The “RightMesh” project was a dream born more than four years ago, and we remain passionate about and committed to bringing the project to fruition. The TGE process will have taken a full year to complete by the time it is all said and done. However, when it is complete RightMesh AG will know it has done things right for its community -- then RightMesh AG will have the next decade in front of us to change the world.


Thank you for your patience, support and understanding.
 
 
John Lyotier
Director, RightMesh AG


On behalf of the board of directors of RightMesh AG
 

Thank you to all for your participation in the public, pre-allocation. The response has been overwhelming. Registrations were closed within a few minutes of opening. Stay tuned for more details.

Hi... I wanted to respond to the community about the Bounty Campaign. It definitely was our intention to operate a bounty program, were we able to figure out how to do one 'right'. Unfortunately, in the end assorted securities regulations around the world, in multiple jurisdictions, started to come down aggressively on projects that were marketing themselves and their token event. This was especially evident if the organization was "marketing to Americans". Our counsel asked us if we could be certain that neither ourselves nor our bounty program participants (were we to have one) would not be soliciting or encouraging American contributors from participating? We could not make this claim, and thus, we were unable to operate a bounty campaign.

It is our opinion that many projects that market their token sales either online or at US-based trade shows are exposing their project to risks. We were unwilling to take these risks for ourselves or our community.

In the end, the support for the project has been overwhelmingly positive and our Telegram community has grown organically to over 6,000 active users. We quickly were oversubscribed on our private allocation round, and all indications are showing that we have significant interest in our public pre-contribution period which starts on Feb 15 at 1:00PM CET.

We hope that many of you will be able to participate in this round or in the follow along public contribution.

Hi ... thanks for challenging us and asking the hard questions.

Relevant: tonight the team passed tokens on the Kovan test network across our Super Peer Layer using our port of uRaiden. Watch the video for details: https://www.youtube.com/watch?v=nyVwQz6EV54

Please be advised that a scammer is impersonating RightMesh on Twitter. Both during the early allocation round and during the public allocation, the only place funds will be received is through BitcoinSuisse. Any other website or source that tells you differently is likely fraudulent. When in doubt... doubt it and contact us at tge@rightmesh.io or notifiy us on Telegram.

Visit: www.BitcoinSuisse.ch/rightmesh for the official registration page for the token generating event.

We have received great interest from strategic contributors correct. However, we announced today on Telegram (https://t.me/rightmesh_official) that with the turn of the calendar into 2018, we are now able to start bringing on board early contributors.

The specific announcement:

As of Jan 1, 2018, we have opened up a Private Pre-Contribution round for suitably qualified investors. This has a $50,000 minimum contribution and is open to all jurisdictions. This will be open until a hardcap has been hit or until our scheduled Token Generating Event, scheduled for Feb 15, 2018. The RightMesh TGE has a a hard cap of USD$30M. it is our hope that we could have a diverse group of early contributors who are vision aligned with the goals of the project.

if you want additional details about the early allocation round, please join us on Telegram, and we can answer your questions.

John

We hope to be able to announce it next week now. It will be a little bit atypical in our approach and will NOT involve signature campaigns, translations, etc. Stay tuned for the 'RightMesh Ambassador Program'.

John

Yes. Absolutely.  From our whitepaper...

"The Java architecture [for non-Android devices] is less developed at this moment, and does not provide a service architecture. As such, only a single mesh app can run on the Java device currently (although turning it into a service is in the works and is on the roadmap). The Java architecture is mostly used to implement the superpeers right now, although it could also be used on IoT devices, routers, and other less mobile equipment. ... We have also done proof-of-concepts at hackathons where the Java version acted as an Internet sharing node. It is also quite easy for it to be an infrastructure-less node. Performing tasks—such as linking together Wi-Fi, Wi-Fi Direct, and Bluetooth networks—is somewhat platform dependent and is still in progress at present. The roadmap aims to support Linux and Windows in the near term."

Build your own application with on RightMesh our free RightMesh SDK https://developer.rightmesh.io/register_form.php