Current Business, Project Runway & Funding Partners
The key to this project is that ReMeLife is not an MVP but a project that’s already commercialised. Further innovative tech is being built as a means to capitalise on the opportunity that blockchain and tokenisation offers, when coupled with the DAT funding model, to address key healthcare, social and data issues in society.
ReMe is being used in the NHS (see here) and in some of the largest home care and care home groups in the UK, in Italy, India and Australia. Not yet at scale, but in a proven and effective manner. Our funding to date has been raised through crowdfunding, intentionally so since we’re a ‘people business’. The DAT (Decentralised Autonomous Trust) funding that is to be launched at the Malta Blockchain Summit, followed by a utility token, will enable ReMeLife to better become a business that decentralises and democratises data, and rewards its members for their engagement in the care process.
The Next Phase
It became apparent that ReMe’s unique ELR data set needed to be rendered secure to ensure trust, to validate identity and to enable consent-based use of the highly personal data held about each person using the system. The blockchain is the ideal means to achieve this, having at last come of age, being used by governments, banks, airlines, etc.
And with growing numbers, loyalty, partnerships and organisational participation, with a data set in demand from the NHS and researchers, and with our partners and affiliates offering products to ReMeLife’s members (ie Sharp, Amazon ), ReMeLife provides a means for them to own and control their personal and health data, and to gain rewards when they provide their data for research or commercial use.
The deck presented to the left presents an overview of the business strategy.
Blockchain Funding History
The last few years have been a roller coaster for blockchain funding. An inevitable bubble of creativity, excitement and opportunity, coupled with regulatory concern and disappointment. But however, you view it, much has been learnt and the previous years have been the test bed for what is to come. This video provides a very, very brief overview of the lead up to what we believe is the next phase in the blockchain funding story; the DAT.
Network Society Lab
ReMeLife is working with David Orban and Randy Boyer of Network Society Lab (NSL) to deploy a new token-based funding mechanism, the Decentralised Autonomous Trust (DAT), a method that is considered to be the natural next evolution of blockchain project funding. ReMeLife will be one of the first companies ever to deploy this method, courtesy of our relationship with NSL; for ReMeLife is the perfect configuration for such a funding style. And, simply because the timing is perfect.
We suggest you read the creators white paper, which can be found in our Data Vault or at Github or read our summary as follows;
The launch of the ReMeLife DAT at Malta Blockchain Summit
Overview of the DAT
The DAT seeks to promote a new paradigm that better supports the relationship between business, its employees and its consumers, one that is more efficient and sharing in its reward structure. The Continuous Organization (CO) is a new type of organization designed to align the stakeholders’ interests significantly better than in traditional organizations. A Continuous Organization is any kind of organization that issues fully digital securities called FAIR Securities (Frictionless Agreement for Investments and Returns securities) by funneling part or all of its cash-flows to a Decentralized Autonomous Trust (DAT). A DAT is a smart-contract that automatically mints, burns and distributes FAIR Securities (FAIRs) according to the organization’s cash-flows and predefined rules. Continuous Organizations present very beneficial properties for all stakeholders’ (Ref: Thibauld Favre – See FAQ section).
The essence of the DAT (decentralized autonomous trust) is a smart contract that implements a contractual financing arrangement which can be thought of as a digital promissory note in which the company continuously issues the note to investors who buy very small pieces of the note in tiny increments called “FAIRs” (Frictionless Agreement for Investment and Returns). Precise audited rules embedded in the smart contract, based on bonding curves, automatically define the buy and sell price of FAIRs.
A small portion of the principal (investor’s investment in the company) combined with a small but significant portion of the company’s revenues are directed by the smart contract into a buy-back reserve to ensure that the note’s terms and investor’s liquidity needs are met. The investors typically have a one-year holding period in part to assure appropriate compliance with key jurisdictions and to ensure the buy-back reserve is properly funded before any potential liquidity is needed.
The DAT-based ReMeLife FAIR tokens will have liquidity after the one-year holding period.
The Malta Blockchain Summit
Malta has established itself at the forefront of blockchain and AI innovation, with the Maltese government having introduced at the Malta Blockchain Summit 2018 event, three new bills to support the growth of the sector and promote Malta as the “Blockchain Island”. On November 7-8th at the Winter Edition of the Summit, its regulators are again looking to take a lead in defining the way forward, with the announcement of further legislation and regulation for the blockchain and AI sectors. ReMeLife will be presented by Network Society Lab at the as one of the its three first businesses to deploy the DAT funding model, whilst several members at the Network Society and SingularityNET family (including David Orban, Ben Goertzel, and Brad Yasar will be taking to the main stage.
The Outcomes of Funding
Use of Funds
The DAT-based fundraise will enable ReMeLife to continue the international growth of the existing RemindMecare business (with its ReMe app being used in both b2c and b2b care sectors) and to create the tokenised ReMeLife Membership community (the healthcare focused community where consumers can meet like minded persons and brands to engage, exchange, upcycle, earn and trade utility tokens to unlock benefits and value).
The result will be rapid scaling and the substantial expansion of the existing business.