Frequently Asked Questions
Below are answers to the questions we commonly get asked. If yours are not answered here then please do contact us.
We love talking about what we’re doing!
Does ReMeLife only apply to elder care and dementia?
Yes, at the moment ReMeLife is focused on elder care and dementia and parkinson’s. But we have been working with organisations in relation to learning disabilities, mild cognitive impairment and strokes. And we see relevance in foster care
How long has ReMe been used in the UK?
ReMe has been used for two years in the UK, mainly in care homes and day care centres, as well as in hospitals to establish an evidence base.
We have spent a lot of time getting it right. To achieve the portability of data across multiple care sectors, to achieve adoption by non-tech-savvy carers and to design a UX interface that is also engaging to consumers, has taken significant time, as has gaining NHS validation as a digital therapeutic service and all necessary certifications.
With ReMe now being used in all care sectors and having validated its usability in many international markets, ReMe is now ready to scale — to be discovered and downloaded through the end user engagement portal of ReMeLife.
About the TGE
What are ReMC's
ReMC are ERC-20 tokens designed and used solely on the Ethereum blockchain platform. They follow a list of standards so that they can be shared, exchanged, or transferred between peers and their crypto-wallets
What is a TGE?
A Token Generation Event (TGE) is a business and technical act of limited duration that involves the technical generation of the token in a blockchain-based network, and its launch to the market, normally in the form of a public or private sale.
How does the TGE raise funds?
The TGE in the context of ReMeLife would privately and publicly release a certain amount of ReMC tokens out on the market. There is no inherent promise of profits, though the value of the ReMC tokens may fluctuate based on the supply and demand of the token availability
Is the ReMC token a utility token or both?
The ReMC token (it stands for ReMeLife Care Token) is both a utility and a means to trade in the value of the business through the value that the token represents in relation to the discounts offered by ReMeLife affiliates for the products that they are selling on ReMeLife.
Is there an investor classification required?
The requirements for purchasing tokens are defined by the means of exchange from which the purchaser is seeking to acquire the tokens.
How do you confirm sophisticated investor status?
The investor status is defined by the compliance regulations of the country of residency of the investor. These are used to confirm an investor's status. Many countries like the UK allow for self-certification of sophisticated or similar investor status.
Will there be a secondary market for the ReMC Token?
Yes definitely. A secondary market will be the place for most transactions because of the spread between the buy and sell price and the fact that most investors want to sell their ReMCs when they have achieved a significant profit. We intend to list on Uniswap, the leading Decentralized exchanges (DEX). We expect there will be other exchanges as well that will list and trade ReMC’s.
When there is a secondary market how is investor suitability monitored?
Investor suitability in a secondary market is a function of the requirements of the exchanges being used. There are numerous exchanges that will accept the ReMC token, but we will start with Uniswap. All exchanges will require extensive disclosure and so KYC and AML requirements will be outsourced to third party service providers as discussed in the previous question. The rules of the exchange will also place key limitations on certain trading activities to protect against market manipulation and illegal behaviour.
How do you undertake KYC and AML to ensure no inappropriate secondary market use of RMLs?
ReMeLife will use an established third-party KYC/AML provider to perform the requisite KYC and AML checks. There are several such providers that have international experience in this regard.
This process will be embedded into the ReMeLife Member registration process to ensure optimal protection for Members as they engage in the functionalities available on the ReMeLife Platform.
How will you remove the risk of manipulation by third parties for the purpose of money laundering?
The risks of money laundering are significantly lower than in most traditional investment situations such as real estate and other traditional markets, courtesy of the immutable nature of the process deployed in a blockchain based transaction.
Within a TGE on a Decentralised Exchange (DEX) such as Uniswap (or on any other crypto exchange) one can’t buy or sell tokens without meeting the necessary onboarding process defined by the exchange.
The TGE, its smart contracts and the Exchange (where ReMC is listed) will have rules and limitations on trading (e.g. size of transaction/frequency of transactions, among others) to severely limit the possibilities of market manipulation and illegal activity.
How will you remove the risk of ‘Pump and Dump’ activity whereby large amounts are invested to artificially spike the price? By doing so a third party could manipulate the system to obtain profits?
Firstly, there will be a lock in for early investors and a vesting schedule for the principles in the company that are being remunerated for their unpaid/minimally paid years of work on the project.
There will also be limitations in place on the size of the daily, weekly, and perhaps even monthly transactions possible both in the smart contract and also on the secondary market depending upon the exact exchange rules.
To effectively manipulate the price or significantly profit through a “pump and dump” strategy, you need to be able to “pump” with large transactions and get the market to follow you and “dump” with large transactions within a short period of time. To avoid such activities, ReMeLife will have rules and limitations on trading in the first couple months (e.g. size of transaction/frequency of transactions, among others) to severely limit the possibilities of ‘pump and dump’ manipulation and illegal activity.