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.
- Will the RIGOBLOCK.COM Software be released under open source software license?
Yes, at the end of its development stage, Rigo Investment Sagl will be releasing the RIGOBLOCK.COM Software it has developed under an open source software license.
- 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 to 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 amoung to 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 will be created at the genesis block. 1,500,000 will be distributed to the public during a public sale for a duration of 30 days. New GRGs are created to reward the wizards.
- Why was this token distribution method chosen?
The project presents itself to the market with a fully functional Minimum Viable Product, an utility token with built-in incentives for contributors to the network, and strong corporate partnerships. The model chosen guarantees that, over time, ownership of the network will belong to who contributes the most to its success: token holders and wizards.
- 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 addon)
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 0.1 ETH. Smaller contribution amounts will be rejected.
- How can I see how much ETH has been contributed during the period of the GRG Token distribution?
The amount of ETH received will be displayed on the rigoblock.com website.
- Is it possible to limit the amount of ETH paid per GRG Token?
No, it is not possible to know the price of a specific period until all ETH is received and final price computed and tokens allocated. 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 of the 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?
At the end of the public contribution period, you may claim any GRG Tokens allocated as an ERC-20 compatible token on the Ethereum blockchain. For more details on how to claim your GRG Tokens, please see 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 wizards 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.