Frequently Asked Question
- What is RIGOBLOCK.COM software?
RIGOBLOCK.COM is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications for asset management (the “RIGOBLOCK.COM Software”). This is achieved through an operating system-like construct upon which applications can be built. The software consists of a protocol of smart contracts which makes it easy for developers to create their own asset management application, leveraging a ready-made infrastructure and an innovative rewards mechanism which eliminates management fees and performance fees.
- Who is building the RIGOBLOCK.COM Software?
Rigo Investment Sagl, a Swiss company, is building the RigoBlock Protocol. With employees and advisors based around the world, the company focuses on business-grade technology solutions, including blockchain software development.
- Is the RIGOBLOCK.COM Software open source?
Yes, RigoBlock is an open source project. The code is released under the Apache 2.0 License and available at https://github.com/RigoBlock.
- What are GRG tokens?
GRG tokens are ERC-20 compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract (the “GRG Tokens”). GRG Tokens are needed by the Wizards to participate in the incentives mechanism and by the platform users to unlock access to premium services.
- What features, uses or attributes do GRG Tokens have?
New tokens are generated according to the Proof-of-Performance algorithm and distributed to managers of the token pools as a rewards mechanism. Wizards looking to collect GRG tokens as the Proof-of-Performance rewards must hold a minimum amount of GRGs set by the token holders. Users must hold a minimum amount of GRGs in order to access premium features like performances, analytics. Any platform built on top of the RigoBlock protocol can use GRGs to reward their users.
- How does the GRG Token distribution work?
A total of 10,000,000 GRG Tokens have been created at the genesis block. 3,000,000 will be distributed to the public during a public sale for a duration of 30 days. New GRG tokens are distributed according to the Proof of Performance algorithm.
- Why was this token distribution method chosen?
The RigoBlock protocol is live on the Ethereum mainnet and already integrated in third-party platforms: the RigoBlock frontend portal and Ethfinex Trustless. The protocol has built-in incentives for the contributors of the network. The model aims at distributing the ownership of the network to its most successful contributors: token holders and pools operators.
- Was there any GRG Token pre-sale or ways to obtain GRG Tokens prior to the commencement of the GRG Token distribution?
Yes. The pre-sale was necessary to bring the project to the market at a more mature stage. Early contributors are partners who wanted to accelerate the development of the RigoBlock protocol.
- How can I participate in the GRG Token distribution?
To participate in the GRG Token distribution, you will need an Ethereum compatible wallet or an application where you and only you hold the private keys. Private keys are needed to correctly interact with smart contract functions, like transferring cryptographic tokens. Do not send ether (“ETH”) directly from cryptocurrency exchanges, only an ETH compatible wallet.
For detailed information and suggestions on how to purchase GRG Tokens, click here.
- What ETH compatible wallets are recommended?
We recommend using either:
MetaMask (Chrome browser add-on)
The following wallets are known to be incompatible wallets; this is not a complete list. Do not use any of the following wallets to participate in the GRG Token distribution:
Any other cryptocurrency exchange
- Is there a minimum purchase for GRG Tokens?
The minimum contribution accepted during the public sale is 0.2 ETH. Smaller contribution amounts will be rejected.
- Is it possible to limit the amount of ETH paid per GRG Token?
Yes, the price of 1 GRG is fixed at 0.01856592362 ETH per token. Please review all the risks associated with purchasing GRG Tokens including the technical risks set forth in the Purchase Agreement.
- Why can’t U.S. citizens, residents or entities purchase GRG Tokens?
It was decided that U.S. citizens, residents and entities should be excluded from purchasing GRG Tokens in the token distribution because of some logistical challenges associated with differing regulations in the many states of the United States of America. rigoblock.com does not believe that the distribution of GRG Tokens or the GRG Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The GRG Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase GRG Tokens.
- I have contributed to the GRG Token distribution. When do I receive GRG Tokens?
Tokens will be distributed 30 days after the end of the public contribution period, on the 18th of February. Whitelisted wallets receive 1 GRG immediately, as part of our airdrop program and to enable access to the portal https://beta.rigoblock.com.
- Are GRG Tokens transferable?
While rigoblock.com will not be involved in any way in the transferability of the GRG Tokens, it is possible that GRG Tokens could be transferred on a peer-to-peer basis or on platforms operated by 3rd parties during the GRG Token distribution period.
- Are there network fees when transferring GRG Tokens?
Yes, the GRG Token is an ERC-20 compatible token; therefore, transfers will be subject to ETH gas fees like all other transactions on the Ethereum network.
- What happens if I can’t contribute ETH or don’t receive my GRG Tokens?
The GRG Token distribution contract, GRG Token smart contract and the GRG Tokens are being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by block.one. Prior to purchasing GRG Tokens, you should ensure that you carry out your own examination and investigation and carefully review in their entirety the risks associated with purchasing GRG Tokens as set forth in the Purchase Agreement. Purchases of GRG Tokens are non-refundable and purchases cannot be cancelled. Under no circumstances will you be entitled to receive money or compensation for any GRG Tokens purchased or your inability to purchase GRG Tokens.
- Where do the proceeds from the GRG Token distribution go?
Proceeds from the GRG Token distribution will be used for the further development and scaling of the RigoBlock platform to ensure the long-term success of the project.
- What does rigoblock.com plan to use proceeds from the GRG Token distribution for?
As a private company, proceeds of the GRG Token distribution will be utilized by rigoblock.com in its sole discretion. rigoblock.com intends to use certain of the proceeds for general administration and operating expenses, as well as to grow and evolve the RigoBlock protocol and ecosystem of applications and corporates building applications for asset management using the RIGOBLOCK.COM Software.
- Why are proceeds from the GRG Token distribution not being donated to a foundation or other non-profit organization?
Platforms that adopt the RIGOBLOCK.COM Software do not require a foundation or a non-profit organization to help grow or maintain the network because such platform will be self-funding. Based on the RIGOBLOCK.COM Software, it is intended that any platform that adopts the RIGOBLOCK.COM Software will contribute to an increase the RigoBlock network value and will generate an inflation of GRGs at a rate of 1 to 2 percent per year to be distributed to the platform’s pool operators in connection to the size of the pool and its value relative to its value at the previous timestamp. RIGOBLOCK.COM will receive 5% of such inflation, guaranteeing the long-term sustainability of the project. In this case, such a platform will not be reliant on any one foundation, organization, or individual for its growth, development or maintenance.