ICO Analysis: RightMesh

Rightmesh describes itself as a decentralized mobile mesh networking platform. They seek to remove all barriers for the world to be connected to the internet safely, cheaply, and free from centralized control.

They correctly note that 56% of the global population is unconnected to the internet. They argue that this prevents a huge majority of the population from obtaining the economic benefits that being connected brings. They also argue that even in places where there is some form of infrastructure, data transmission is slow, expensive, or prone to network interference thanks to central control.

Rightmesh describes an ingenious method they have devised to solve all these issues simultaneously.

Essentially, Rightmesh created a software solution that can be easily integrated into any application without additional hardware. The hardware infrastructure powering this initially is the individual users of Android phones. They eventually want to expand this to all smartphones or java enabled devices.

These phones have the ability to form a mesh network that is achieved in a peer to peer fashion using Wifi, Bluetooth, and Wifi Direct. Rightmesh software utilizes patent-pending switching technology to ensure the integrity of user data.

Rightmesh states in their whitepaper that, “RightMesh networks are self-forming, self-monitoring, and self-healing without user intervention. When a client and hotspot node find each other, they form a new mesh for people to join and share, and it grows from there.”

Central to this thesis is that the networks will connect to other nodes using whatever method is available. What this means is that (for example) you could have three android phones. For simplicity’s sake, let’s call them A, B, And C.

Phone A connects to phone B via wifi. Phone C does not have wifi, just bluetooth, so phone B connects to C using bluetooth. This allows data to be exchanged between phone A and C regardless of the transmission method used initially.

Every mesh node (Android phone or Java enabled device) has an Ethereum ID and associated account that provides a unique identity to other users.

Token

RMESH tokens within the platform are described as being transported between content providers and users to reward behavior and pay for goods and services. They claim that this will help the network grow itself, and therefore increase coverage of the network.

RMESH tokens are also the economic incentive paid to nodes for them to provide ‘connectivity’ between devices, and also to manage and sustain the network.

Additional use cases of RMESH presented by Rigthmesh in their white paper are:

  • RMESH can be used by end users to pay for premium services or data from app or content providers, or from other nodes (e.g., sensor data).
  • RMESH can be used by the content providers to incentivize users to consume content
  • RMESH is a specific token that will only work on the RightMesh network when nodes are not connected directly to the Internet.

The Token distribution is as follows:

  • 30% Token generating event
  • 30% Rightmesh GmbH & Community
  • 20% Left and team
  • 10% advisers and TGE costs
  • 10% Airdrop to community

Team

The Rightmesh team is nothing short of extraordinary. Each leadership role is filled by someone with significant business experience. They have several PHD scientists that combine decades of mesh networking experience, as well as several very high-profile advisors. They also have many team members with lots of overall blockchain development experience. In a word, it’s well rounded, with a surplus of the specific qualifications I would want to see in a project this complex.

Although the CEO does not himself have blockchain experience, he has clearly outdone himself in recruiting people who know what they’re doing.

Verdict

Since the long-term goal of the Rightmesh network is to make connecting to the centralized web unnecessary, it’s intelligent of them to design a token that will only be exchangeable between nodes that are both offline from this centralized web.  Although this is unlikely to have a high return quickly, Rightmesh could easily become a great coin to hold long term in anticipation of them meeting the milestones on their roadmap.

Risks

  • This closed access could prove a major barrier to adoption of their network. However since their main growth targets appear to be impoverished countries with low rates of online connectivity, to begin with, this could mitigate the potential effects of that barrier. -3
  • They do not have first mover advantage, Smartmesh does. In addition, Smartmesh already has both an iOS and an android app, whereas Rightmesh has only an android app. -3
  • No working product as of yet. Although they have a detailed roadmap with actionable milestones, a team that seems more than capable of meeting them, nothing has been done yet. -3

Growth Potential

  • Huge Potential Market Segment-targeting 56% of people not connected to the internet. They don’t need to capture a majority share of this to be even remotely successful. +5
  • Low Token Suppy- This means it takes less capital inflows for the price to rise, which could make for great returns for early investors +5
  • Fantastic Team: Every base I would check for in a project like this seems to be covered. They have fantastic advisors with both experience and connections and seem to have hired experienced networking scientists to carry out the vision. +4

Disposition

The main difference between the approach Rightmesh is taking and that of their main competitor Smartmesh, is that Rightmesh nodes only forward data directly on a routing path, whereas Smartmesh broadcasts data omnidirectionally to all devices on their network. This is a very complicated technical topic but essentially boils down to security vs. ease of access.

Rightmesh takes the position that broadcasting to all nodes on the network is naive and would make the network easier to take down. Because only devices not connected to the greater web can talk to each other, one would have to operate within the network to attack it. This severely limits the vulnerability of the overall network to attack.

In reaching out to Rightmesh’s team on Telegram on the differences between Rightmesh and Smartmesh, John Lyotier had this response:

“There are several technology differences, but the biggest difference is in our core values and how we try to conduct ourselves. From the creation of Left, nearly 8 years ago our motto has been “We are Left, we do things Right”, and RightMesh is very much a product of that. In our opinion, the Founder of Smartmesh does not operate to the same high moral code.

An example is in the quality of the team of experts we have assembled to build our mesh network. We are a mesh company through and through. Building an ad hoc mobile mesh network capable of working across multiple hops is not a trivial thing. This is why we have several PhDs with highly relevant, practical and academic experience on our team. It is why we align ourselves with acadamia to ensure that we continue to identify and recruit the best talent in this field.

Prior to their ICO, Smartmesh listed Micha Benoliel, a genuine pioneer in the mesh industry, as their co-founder and CTO. This proved to be a false statement that, in our opinion, may have served to hype and promote their project and deceive potential contributors as to their capabilities in mesh networks. Micha was removed immediately prior to their ICO after the “inaccuracy” was raised. In a separate development, Micha is now an Advisor to RightMesh. In addition Paul Gardner-Stephen of the Serval Project was (but is no longer) listed in a senior role on the Smartmesh site, and we understand that his initial involvement was also greatly exaggerated. The blockchain and crypto industry has had a poor track record of Advisors and Team Members being incorrectly attributed to a project and companies that indulge in this practice should, in our opinion, be called out on their behavior.”

Clearly, he feels that his main competitor is not even worth considering. Although I found his criticisms of Smartmesh valid, (especially after looking into the controversy myself), I found it problematic that he didn’t address the technical differences between the products, merely the integrity of Smartmesh itself and their supposed lack of experience.

Given everything, I give Rightmesh a score of 5/10. While I believe it has massive potential, there are significant obstacles that have to be overcome. If you can stomach this uncertainty, Rightmesh could be a fantastic speculative play.

Investment Details

  • Token Type: Utility
  • Platform: Ethereum
  • Symbol: RMESH
  • Initial Value: the ICO price for one RMESH token will be $1
  • Token Supply: 129,498,559.
  • Hard Cap: US $30,000,000
  • Public Sale: Mar. 27, 2018
  • Jurisdictions Barred From Participating: USA, Canada.
  • Website: https://www.rightmesh.io/
  • Whitepaper: https://www.rightmesh.io/whitepaper

Featured image courtesy of Shutterstock.