RightMesh Completes $30M Token Generating Event To Help Bridge the Digital Divide
"Infrastructure-less" Internet Company is Developing a Decentralized Mobile Mesh Network Incorporating Blockchain and Tokenization
ZUG, Switzerland, May 31, 2018 /PRNewswire/ -- RightMesh AG is on a mission to bring connectivity to the next billion users by harnessing the combined power of a mobile mesh network, blockchain, and its own RMESH tokens. Today, the company announced the successful completion of a USD $30 million Token Generating Event in a series of private pre-allocation, public pre-allocation, and public crowd contribution periods. The funding will support the development of the world's first software-based, ad hoc mobile mesh networking platform and protocol using blockchain technology to connect smartphones without a central internet.
"We believe amazing things happen when you put power literally in the hands of the people," said John Lyotier, CEO and Co-Founder of RightMesh. "Just as RightMesh puts the power of peer-to-peer connectivity into handheld smartphones, our Token Generating Event put the power of funding our mission into the hands of a global community committed to bridging the digital divide. Thanks to the community's support, we can focus on our mission to bring the next 1 billion people online and lift 100 million people out of poverty."
The last phase of the Token Generating Event, a public crowd contribution period, was structured to allow maximum participation by imposing a low individual cap per contributor for the first 24 hours. All whitelisted participants who desired to participate were assured of receiving tokens on this date.
On the second day of the Crowd Contribution, the cap was lifted to allow larger contributions. After vigorous early support from the Community, the final uncapped public contribution round was completed in 1 hour and 18 minutes after a private contributor secured the remaining allocation, bringing the total TGE contributions to the cap of USD $30M. RightMesh raised around USD $18.0 million in private pre-allocation, USD $3.75 million in public pre-allocation, and USD $8.25 million through this public crowd contribution. RMESH tokens will be used in the RightMesh network for sharing data connectivity, access to additional device resources and the purchase and sale of goods and services on a peer-to-peer basis within the RightMesh ecosystem.
From the outset, RightMesh was determined to run their Token Generating Event the "right" way and with the highest integrity by ensuring they complied with the most up-to-date regulations. This included performing full KYC and AML checks on all contributors and complying with regulatory frameworks from multiple jurisdictions.
Alyse Killeen, Executive Strategist on the project and Founding Partner at StillMark, notes: "In many emerging markets, traditional telecommunication networks and basic technology infrastructure are inadequate to provide internet access for a broad population. As a result, a little more than half of the world's population has internet access today, even as mobile phone penetration reaches 65%. RightMesh takes on this absence of connectivity—what should now be regarded as a basic human right—to onboard the rest of the world to the internet-connected economy via mesh network technology. RightMesh aims to affect change by onboarding the next billion people to the internet, and the team is uniquely qualified to develop this valuable bridge over the digital divide."
Agnes Budzyn, RightMesh Advisor and Managing Director, Office of the Founder at ConsenSys adds her support by stating: "RightMesh is a great example of how to harness the power of the Ethereum blockchain with a world-changing goal: providing connectivity to emerging markets. They are a valuable member of the Ethereum community's Blockchain for Social Impact Coalition. I'm pleased to be involved with this exciting venture that has real potential to deliver on the promise of inclusive growth."
Notable contributors to the project include BlockTower Capital and Multicoin Capital.
The RightMesh SDK is scheduled for public release Q4 2018, and the RMESH token is expected to be active on the Mainnet later this year. Learn more at www.rightmesh.io.
ABOUT RIGHTMESH
RightMesh AG, a Swiss Company, is on a mission to bring connectivity to the next billion users by multiplying the combined power of blockchain, mobile mesh networking, and its own RMESH tokens. RightMesh wireless networks are self-forming, self-healing, and self-regulating, using various technologies in existing smartphones and IoT devices rather than relying on traditional infrastructure and Internet Service Providers. RightMesh is a software-based mobile mesh networking protocol that is 'infrastructureless' meaning it could be embedded into existing applications or used to build new mesh-enabled applications that do not require additional hardware or Internet connectivity to transmit data between people, applications, or devices over short distances. Initially, RightMesh was an internal project of Left, a Canadian-based multinational media and technology company with holdings in mobile and Internet-based businesses. Left is a certified B-Corp and RightMesh is governed by the same principles of using business as a force for good.
RightMesh AG is located at Gubelstrasse 11 CH-6300 Zug, Switzerland.
For more information, visit https://www.rightmesh.io.
This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in either Canada or the United States, and Canadian and United States residents are expressly excluded from contributing in exchange for any RightMesh Tokens in the public contribution period. This release constitutes a description of the RightMesh platform and the functionality of the RightMesh tokens; it is for informational purposes only and may change as the RightMesh technology develops over time.
SOURCE RightMesh AG
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