Frequently Asked Questions
What does LivingOffset do?
How can I use LivingOffset?
Using LivingOffset could not be easier. Offsetting will be actioned via our mobile app which will be available on the android and apple stores. LivingOffsetters will be prompted to take their part in the fight against climate change via location services prompting from our retail partners and also by gamification and rewards in the LivingOffset community. The offset journey within the app/online widget will be short and concise where the offsetter can pre-ordain what projects are favoured. Those who take emission reduction actions can apply to have those reductions certified within the system. So someone changing from a fossil fuel car to an EV can potentially record and certify this emission reduction over the life of the EV. The forum is designed to get all of societies stakeholders engaged in making a difference.
What happens to my data?
Customer data will be kept securely and data protection will be of paramount importance for the executive of LivingOffset. The system will be built to conform to Directive (EU) 2016/680 of the European Parliament that legislates for the protection of personal data. Members of LivingOffset will have control of their data and the IT team have built the system in a way the requires a minimal amount of data input from our customers. The data we do hold will be securely held and the security protocols will be monitored and updated on a regular basis to protect that data from nefarious intent.
What is your business strategy?
We need to engage and educate individuals; educate them on how their choices have an impact, that the choice to drive to the supermarket instead of walking has a far reaching impact across the globe, especially when aggregated with their peers; engage them to offset the unavoidable carbon cost associated with their lifestyle choices. That will involve a marketing campaign to create the conversation that will breed a community of LivingOffsetters - we have a strong marketing team to build this conversation and community. We will also build relationships with corporate organisations - the executive firmly believe that our ecosystem fits in perfectly for CSR policies, it creates a societal purpose that is an important customer draw for corporates. So corporates who find themselves lagging in their CSR duties will be able to partner with the LivingOffset ecosystem to deliver a material change for good and become part of the community. The white labelling of our app will enable corporates to empower their customers to become climate citizens. They will be able to reward their customers for become participants in the fight for the planet, to become LivingOffsetters.
Is your business already operating?
LivingOffset is not operating at the moment - we decided to hold back on our MVP because we realised that it was a global business that needs to be built to scale and although we have an operational system, it is currently built for a maximum of 10,000 users. We were going to run with a pilot system for the months December 2017 through to June 2018, but because the system is a totally new innovation the important thing was to be able to scale rapidly. The traditional route of piloting and then VC funding a scaling of operations would mean that an app based business would have a time gap in funtionality. App based businesses cannot afford that kind of gap in operations, so the executive decided to seek funding for a full scale build of a global product.
Who is the team?
Chris O’Shea, David Boles, Leonie Khan, Paul Cryan, Ian McKeown, Kevin Gahan, Andreos Klering, Ian McColl (See profiles section)
Will you add more people to the team?
We will add to the team when we achieve our funding targets. IT will add developers and programmers. Operations, under Kevin Gahan will build a team to manage the operations of the business. Ian McKeown will add to the finance division where necessary, but first on the list will be a tax expert to manage the multi jurisdictional element of the business. David will add to the procurement team - an important element is building the inventory of emission reductions that are used to offset against. These will need to be multi jurisdictional for success (an Englishman is more likely to offset against an English GHG reduction project - it is likely to be even more parochial, Kent a Kentish project, Canterbury and Canterbury project — this mindset applies across all geographies). Léonie and Ian will be expanding the marketing team again with a view to a global brand roll out. Assuming a successful ICO, we will employ an experienced treasury experts - we will want an experienced trader team to maintain price liquidity in LOFF, as well as managing the FX exposure from the various countries that LivingOffset develop.
How did you come up with the idea?
Chris O’Shea and David Boles first met when Chris was working for Cantor Fitzgerald. David had come in to talk to about setting up and intermediary business in EUA’s , European Union Allowances – that is the cap and trade system that the EU set up for the industrial sector. Because of the economic recession almost every non-utility company in Europe had ended up with a glut of free allowances – essentially free cash from the EU. But that is going to change in 2020 and Chris & David thought that these companies were and probably still are unprepared to manage that risk.
Out of that discussion and David’s passion to cut GHG emissions in line with the Effort Sharing Decision (EU legislation binding countries to GHG emissions reduction targets), LivingOffset was born. At the heart of the LivingOffset ecosystem is PPP – Polluter must Pay Principle. Chris and David realised that LivingOffset was a global solution to a global problem – everyone has to be involved. So the idea of offsetting the carbon cost of your cup of coffee, the 250g unit that is now at the core of the LivingOffset ecosystem, was born from that journey. LivingOffset was formed in April of 2016 and we set about building the solution of offsetting lifestyle choices.
Paul, Andreos and Ian joined the team to undertake the IT build. Since then we have designed and built the LivingOffset ecosystem, an app and portal that empowers personal responsibilty but focuses that responsibilty towards improvement in the globes GHG emission profile. Now we need to fund a full scale global system capable of handling billions of transactions on a daily basis.
What is your roadmap?
Nov 2017 - Feb 2018: ICO Preparation. During this phase we have partnered with Chainstarter and Blockwise to further define the detailed tokenomics of the system and how precisely to define the Livingoffset investment security token. We have engaged Blockwise to develop out the underlying blockchain requirements and crypto-currency management.
Mar 2018 – May 2018: ICO Token Sale. In parallel with the ICO phase, we intend completing out the LivingOffset “Carbon Widget”. This widget will allow carbon offsetting to be embedded within mainstream e-commerce websites. Accelerations of partnership discussions with corporates and retailers. Inventory build via purchase and certification.
May 2018 – Aug 2018: Post ICO, we will incorporate a bespoke Ethereum bespoke blockchain as the part of our product handling the crypto wallet needed within the App and needed at the backend. We will also commence development on our Analytics Engine. Operations and sales staffing completion. Marketing to our chosen geographies.
Sep 2018: Launch of system globally including all supporting company processes in Operations/Finance. Simultaneously, we will launch the global brand campaign.
How do you acquire customers?
By sharing the LivingOffset story and showing the power LivingOffsetters can bring when they collaborate. Our marketing drive will be supplemented by a strong online presence that will answer any questions that people have. Our partnerships with retailers and corporates will empower both them and their respective customers to make a difference. 95% of European citizens, according to an EC survey conducted in 2016, understand that collaboration is key to combatting climate change. That number in the USA is 67%. Doubtless people suffering the debilitating effects of smog in the big Asian cities are looking for solutions where they can materially help. These concerned global citizens have been searching for a way to be involved - an easy, simple, low cost and integrous way to get involved. That is what LivingOffset provides for them. Corporate CSR policy creates the backdrop for partnerships with LivingOffset. We will provide widget/white label solutions for corporates that wish to engage with their own customers. They will be able to build community based programmes funded on the offsetting of the carbon cost of the products they sell - together they can have real impact. That is our message, a win for LivingOffset and its members is a win for the world.
What are your main business risks?
Is there a team of people working on this full time?
What is your addressable market?
Our addressable market depends entirely on the ICO phase. We have targetted 8 main markets to harness the power of LivingOffset.
The UK & Ireland, Europe, China, the USA, India, South Korea, the Nordics and Russia. The addressable market is hard to ascertain because we have created a new marketplace, but we are launching our ecosystem at a time when the 2 biggest conversations happening in the world currently are crypto currencies and climate change. The LivingOffset ecosystem is at the centre of both these conversations.
So the addressable market is those people that are involved in either or both conversations. The design of the LOFF tokens (pinned to the business performance) logically implies that buyers of our limited issuance crypto are motivated to become users of the app and active evangelisers within the LivingOffset community - it is in their interest to promote the ecosystem. Depending on the amount of money we raise we will address each of the above mentioned jurisdictions - priority will be ordered depending on the marketing information we receive during the build out phase between March 2018 and our launch in July 2018. Our conversations with the addressable markets will shape where we focus or efforts.
What market share are you aiming for?
Our financials, a snapshot which can be seen in the WP, budget for a percentage of population adoption of 0.20%. The forecast in that scenario is very healthy. However, in a vista where (i) the news conversations revolve around the price of bitcoin and how volatile it is, (ii) the dramatic effects of climate change on global weather and living conditions are becoming more acute and (iii) where the vast majority of developed world citizens agree that we need to collaborate to combat the disastrous effects of global temperature increases, the internal target for the team is to exceed the forecasts. As first movers and creators of a new market place the executive believe it is an achievable goal and are targetting adoption through to a tipping point that will ensure longevity for LivingOffset.
How quickly will you grow?
Who are your competitors?
There is no one with an app that creates our marketplace. Other companies have been moderately active on social media promising a blockchain based solution for offsetting - however they have only promised to offset against developing world emission reductions and have yet to show any IT solution. There are many websites around the world where a person can offset their carbon footprint. However these sites also only use developing world emission reductions and are cumbersome to use and the education tool is not product/lifestyle specific.
How are you differentiated from the rest of the market?
The USP for LivingOffset is the app based delivery of offsetting and the lifestyle & product specific carbon footprints that will inform our customers on the impact of their choices. Also the ability to offset individual products because we have developed algorithms that fractionalise wholesale carbon tonnage into product specific sizes.
In conjunction with offsetting lifestyle items, we have developed a certification process that will enable mitigators (those who take GHG reduction actions) to commercialise their actions; this will help with funding of the mitigation projects.
What prevents others from copying you?
The platform we have developed is extremely complex and it would take some time and largescale investment to replicate certain aspects of the system - particularly the IT platform and carbon certification process. A large impediment to a business copying LivingOffset is the available Certified Emission Reductions. The available emission reductions are mostly from the developing world - LivingOffset’s certification process will enable certification in all jurisdictions.
Why are you doing an ICO?
We have exciting plans for the future. We have decided that the best way for us raise money is through an ICO. We need to scale the business to launch globally, that requires significant investment in IT development, operations, inventory build, sales and marketing.
Traditional investment routes, which we were originally pursuing, are cumbersome and slow. Also, the essence, feel and passion of the founders can be lost when VC investors inevitably try to take control. With an ICO, as well as potentially getting significant funding, the core personel in the business remain at its heart and can drive their vision. Finally, because LivingOffset is a collaborative community designed to have far reaching benefits for humanity, an ICO makes sense because we want to build a community; the large number of participants in an ICO feed into the building and broadening of the ecosystem that is LivingOffset.
How is the price determined?
We set the price in Euro so that each LOFF Token is set at €0.20 each with a minimum purchase of €300. It is also possible to purchase LOFF Tokens using ETH, BTC and BCH. The exchange rate will be set on a daily basis.
How do I participate in the pre-sale?
What is the difference between a pre-sale and the ICO?
The Tokens in the pre-sale and the main ICO are the same. We are conducting a pre-sale to give discounts to our existing supporters. Early accessors will be able to participate in our pre-sale from March 19th - April 12th at a discount of 40%.
How do I know where to send my money?
When are the pre-sale and ICOs starting?
Our pre-sale will run from March 19th to April 2nd at a discount of 40%. The pre-sale may finish earlier if the 50 million Tokens allocated at a 40% discount are sold sooner. The main ICO public sale will run from April 9th - May 9th. The main ICO may finish sooner if the hard-cap is reached. The first 25M Tokens sold during the main sale will be discounted by 20%.
Is there a minimum investment?
What is the expected value of LOFF?
What kind of token is LOFF?
What wallet can I store LOFF in?
We will send tokens to any ERC20 token address/wallet which you provide to us in the ICO.
How do I contribute to the ICO?
Where can I see my tokens?
What happens if the ICO doesn't meet its soft-cap?
Is this a scam?
Please only use our ICO website to send funds. Do not send funds to any address provided to you in any other way. Each address is created for the individual purchaser so you cannot use an address given to another person. You can see from our website and whitepaper that we are entrepreneurs with a genuine product. If you have any questions or any doubts about the project, please contact us at [email protected] or on our telegram group.
How do I know my tokens are secure?
We use a state-of-the-art issuance system designed by experienced blockchain developers. We monitor & record all incoming transactions to each address added to the Smart Contract, as well as the amount of each transaction, and all confirmed transactions appear on the Blockchain. This Register of Purchasers is captured and tokens are automatically distributed to purchasers as soon as data is fed into the Smart Contract, even Pre-ICO Tokens.
Is there a bounty program?
Can I send [ETH] from an exchange?
How many LOFF tokens will there be?
There will be approximately 195,000,000 Tokens created, of which 65% will be allocated during the ICO.
Is there a cap on the amount you are raising?
Where can I see the progress of the ICO?
What will you use the proceeds for?
Can I see the smart contract code?
Is LOFF an ERC-20 token?
What blockchain are you using?
What exchanges will list LOFF?
When will the tokens be listed on the exchange?
What is an ICO?
A Token Sale, Initial Coin Offering, Crowdsale or Crypto Crowdfunding are terms used by the Blockchain community to describe issuing a crypto asset or “Tokens” to an audience of interested parties who will support your project by buying tokens with a variety of cryptocurrencies such as Bitcoin or Ethereum. In some instances, you may even be able to use fiat currencies.
What are smart contracts?
What is an ERC20 token?
Where is the company incorporated?
ESD Life Limited trading as LivingOffset is Incorporated in Ireland. Company number 587808.
Do you pay taxes?
Do you operate under a regulatory framework?
We operate under standard EU company law.
What are the company's projected financials?
The financial forecasts are in the associated whitepaper. We can discuss our financial projections in detail with you if you wish. Please contact our CFO Ian McKeown via email at [email protected]
What is the existing capital structure?
The capital structure of LivingOffset, 100% ordinary equity only, split as follows, the founders who hold 87.5% of the ordinary shares and seed capital holding 12.5%.
What are your sources of revenue?
When will you be profitable?
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LivingOffset, Digital Hub, Thomas St., Dublin 8, Ireland.