Top 10 Terms to Know for the RightMesh TGE
There is a plethora of industry terms tossed around in the cryptocurrency space, and we know it can be difficult to know what they all mean. With the upcoming Crowd Contribution Round of our Token Generating Event drawing near, on March 27th at 13:00 CET, we want to provide our community with clarity and understanding about the terms we are using.
We have compiled a list of the terms we are most frequently using in communications during this period. The terms are listed in the order you will likely encounter them as you become familiar with RightMesh and our Token Generating Event.
If you are still unclear about any terms, please ask us in our Telegram channel, and we will be happy to clarify!
1) Token Generating Event: A Token Generating Event (TGE) is sometimes referred to as 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 tokens reward participants for sharing their data connectivity and other device resources (e.g., battery usage, processing power, and sensor information); moreover, the tokens grant participation and enable 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.
2) Crowd Contribution Period: There are 2 phases to the public allocation period of our Token Generating Event. The pre-allocation round, which included 20% bonus tokens, was completed in only 8 hours and 4 seconds on February 15th, 2018. The next phase is the Crowd Contribution Period, starting on March 27th at 13:00 CET. During the Crowd Contribution Period, the general public is eligible to exchange contributions for RightMesh Tokens (the tokens are transferred within 30 days of the completion of the Token Generation Event).
3) Bitcoin Suisse: Bitcoin Suisse is a regulated financial entity based in Switzerland. They handle the KYC (know your customer) and AML (anti-money laundering) compliance for RigthMesh contributions. A well established veteran in the field of TGEs, Bitcoin Suisse has supported many successful crypto-asset token sales including OmiseGo, Bancor, Tezos, Status, and aeternity.
4) KYC: Know Your Customer (KYC), is the process of a business identifying and verifying the identity of its clients or potential clients to prevent money laundering. Bitcoin Suisse uses KYC regulations to define their customer acceptance policy, customer identification procedures, risk management and to monitor transactions to ensure all parties are compliant. Find out more about the KYC process here.
5) AML: Anti-Money Laundering (AML) refers to a set of regulations, laws and procedures created to stop the generating of income through illegal actions. Bitcoin Suisse follows AML regulations by having clients complete due-diligence procedures to ensure they are not aiding in money-laundering activities. Find out more about the KYC process here.
6) Bitcoin Suisse Registration: The process of becoming a Bitcoin Suisse Client. Potential contributors will need to submit documentation for the KYC and AML review. Registration takes approximately 5–12 business days for Bitcoin Suisse to review and approve. All contributors must be registered with Bitcoin Suisse in order to participate in the RightMesh TGE.
7) Bitcoin Suisse Client: A person who has successfully registered and had their KYC & AML applications approved by Bitcoin Suisse. Only clients of Bitcoin Suisse are able to participate in the RightMesh TGE.
8) Fast-Track Form: A method for Bitcoin Suisse to identify and prioritize the KYC and AML registrations which are specifically being processed for the RightMesh TGE. Submit your Fast-Track from here.
9) Framework Agreement: The Framework agreement is an ‘umbrella agreement’ which sets out the terms (particularly relating to price, quality and quantity) under which individual contracts can be made throughout the period of the agreement.
The Bitcoin Suisse framework agreement specific to RightMesh will be sent to clients from March 8th, and any forms which are returned and approved before March 20th will have guaranteed participation in the Crowd Contribution Period.
10) Whitelist: This is the list of approved Bitcoin Suisse clients who have successfully completed all the steps for registration AND submitted their Framework Agreements. Those on this list are eligible to contribute to the Crowd Contribution Round.
Don’t forget, if you are still unclear about any terminology or have any further questions to ask, please join our Telegram channel.
