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The NotaryTRADE Coin Loyalty Rewards Programme

 

Terms and Conditions

Questions? Please email us at LRP@NotaryTRADE.IO

 

IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, DO NOT PARTICIPATE IN THE NOTARYTRADE COIN LOYALTY REWARDS PROGRAMME.

You are advised to frequently check these Terms for updates.

 

Last Updated: June 15, 2017

 

Preamble

The NotaryTRADE Coin Loyalty Rewards Programme (“LRP”) is part of NotaryTRADE – The Automated Smart Contract Blockchain (“NotaryTRADE”).

NotaryTRADE is a decentralised exchange that is not controlled by any person, entity or authority. Instead, NotaryTRADE is designed to run on an automated server Blockchain which is entirely owned by its clients.

By joining LRP, you agree to actively participate in The Client Consortium (“TCC”), a Swiss association that represents the interests of all clients who participate in the NotaryTRADE Server Network (the “Network”), and to provide a NotarySERVER to the Network by purchasing a server that meets all technical specifications from a vendor authorised by NotaryTRADE (see www.NotaryTRADE.IO) and by agreeing to locate your NotarySERVER in one of the high-security data centers selected by NotaryTRADE (“Data Centers”).  NotaryTRADE is designed to automatically verify that newly added servers meet its technical and security requirements.

Through your participation, you are also a co-operator of the Network and agree that you will be solely responsible and liable for all your actions related to NotaryTRADE, that you assume all risks associated with your participation in the Network and LRP (see Exhibit), and that you will not hold any other co-operator or other party liable for any losses you may incur by using NotaryTRADE or any of its components and services.

By participating in the Network and/or LRP, you acquire no rights other than the right to collect the fees that your own server generates on the Network and you agree that you have no additional claims to any of NotaryTRADE’s trademarks, technology, components or revenue. You also agree to the use of NotaryTRADE Coins (“NTC”) for accounting purposes, as described in these Terms and Conditions (the “Terms”).

Once fully operational, NTC issued through NotaryTRADE cannot be destroyed or manipulated by anyone. NTC is designed to prevent any external influence to assure its continued existence. Only NTC holders can transfer NTC to other holders. NTC holders can also trade NTC for other cryptocurrencies or government-issued fiat currencies (“Fiat Currencies”) at market-based exchange rates.

NotaryTRADE is based on Free Software / Open Source Software as recognised by the Free Software Foundation (FSF) and Open Source Initiative (OSI). The NotarySERVER software may also contain third-party components under compatible licensing.

Even if there was an attempt to shut down the Network, anyone can purchase and add new NotarySERVERS to the Network. NotaryTRADE then automatically copies its NTC ledger that contains all NTC transactions and balances to a new NotarySERVER so everyone can verify their existence by checking the ledger.

Please note that LRP and the underlying system of NotaryTRADE is currently under development, therefore these Terms may be subject to necessary revisions which will be published on the NotaryTRADE.IO website. By participating in LRP and /or the Network, you agree to all current Terms and use LRP and the Network at your own risk (see Exhibit). If you want to end your participation in LRP, you may send an email to EndParticipation@NotaryTRADE.IO in which case you will no longer be entitled to any of the benefits of LRP.

 

1. General

LRP rewards the loyalty of NotarySERVER owners (in the following also referenced as “Owner” or “Owners“) who add NotarySERVERS (in the following also referenced as “Server” or “Servers”) to the Network in order to provide storage and transaction capacity to the Network. Only Servers that have been purchased from an authorised vendor (“Vendor”) and that meet NotaryTRADE’s technical specifications for secure hard- and software are eligible to be added to the Network under these Terms.

Participation in LRP carries no rights, express or implied, other than the right to use NTC as a means to obtain services, and to enable usage of and interaction with NotaryTRADE, if successfully completed and deployed. In particular, you understand and accept that LRP does not represent or confer any ownership right or stake, share or security or equivalent rights, intellectual property rights or any right to receive future revenue shares other than fees generated by your own NotarySERVER. NTC is not intended to be a security, commodity or any other kind of financial instrument.

To protect the interest of all Owners, each Owner is represented as a participant of TCC.

LRP offers potential Owners the opportunity to initially receive 1 NTC per reservation of a NotarySERVER. There may be additional NTC bonus coins offered if Owners reserve a NotarySERVER (“Additional Bonus NTC”) at a Vendor during LRP’s Pre-Initial Coin Offering (“Pre-ICO”) or Initial Coin Offering (“ICO”). The applicable Additional Bonus NTC is shown on the NotaryTRADE.IO website at the time an Owner makes a reservation for a NotarySERVER. Only the NTC bonus shown on the receipt from a Vendor serves as proof for the NTC bonus to be credited to an Owner’s NTC account.

In addition to any NTC that may be issued when an Owner makes a payment for a reservation fee for a NotarySERVER, Owners also receive 7.5 NTC once they have purchased a NotarySERVER from a Vendor and added it to the Network. Future NTC loyalty rewards for NotarySERVER purchases from a Vendor can increase or decrease depending on the type and cost of a NotarySERVER.

LRP operates automatically through the semi-autonomous smart contract Blockchain system of NotaryTRADE. This means no entity, person or authority can change the documented functionality of the NotaryTRADE system except for NTC holders who can assign partial control over their NTC accounts to an attorney from their chosen Law or Notary office (“LNO”). All NotarySERVERS on the Network are hosted at secure data centers and are maintained by an authorised Vendor for the benefit of each Owner. Owners authorise NotaryTRADE to automatically make all payments for maintenance and hosting and to deduct the following percentages from the transaction fees an Owner generates with their Server:

Number of NotarySERVERS: Share of transaction fee deducted for Hosting and Maintenance per Owner

0-1 servers: 40% deduction + 15% server replacement deduction*

2-4 servers: 35% deduction + 15% server replacement deduction*

5-10 servers: 30% deduction + 15% server replacement deduction*

over 10 servers: 25% deduction + 15% server replacement deduction*

All percentages above calculated of the transaction fee.

* NotaryTRADE automatically pays for necessary NotarySERVER replacements and therefore makes a server replacement deduction from the fees each NotarySERVER generates. Owners can request their replaced NotarySERVERS to be uninstalled and delivered to them at their expense, with a 90-day advance notice required. NotaryTRADE will notify an Owner via its appointed LNO before their NotarySERVER is replaced. All communication regarding NotarySERVER administration and replacements can be sent to NotarySERVER@NotaryTRADE.IO.

 

2. Acknowledgment and Assumption of Risks

You acknowledge and agree that there are risks associated with the use and holding of NTC in connection with NotaryTRADE. If you have any questions regarding these risks, please contact us at RISKS@NotaryTRADE.IO. BY PARTICIPATING IN LRP AND BY USING NTC, YOU EXPRESSLY ACKNOWLEDGE AND ASSUME THESE RISKS. Please refer to section 8 and the Exhibit for a detailed list of risks.

 

3. Security

You are responsible for implementing reasonable measures for securing your private key(s) or other credentials necessary to access your NTC coins, with or without the assistance of a participating Law or Notary office. In due time detailed instructions will be published on www.NotaryTRADE.IO and will be sent to your email address or appointed LNO.

 

4. Participation in the NotaryTRADE Loyalty Programme

4.1 Appointment of a participating Law or Notary Office

Prerequisite for participation in the LRP and becoming an Owner is the appointment of a licensed attorney at an Law or Notary Office (“LNO”).

Potential participants can appoint any authorised LNO in countries approved by NotaryTRADE throughout the world. Attorneys of those LNOs must agree to protect their clients’ rights and interests to the fullest extent of the law. For example, your chosen attorney must agree to verify requests for information from any government agency to determine whether they meet all legal requirements and, if required by law, demand a court order prior to releasing any personal information about you. At the request of a client, an attorney may also be able to contest a court order or take other measures to protect the identity and privacy of a client. Some countries prohibit LNOs to notify their clients about information requests from government agencies. In those cases clients may request a daily notification that no information request has been received. This procedure is intended to assist clients in protecting their rights and implementation is at the discretion of each LNO. You are responsible for payment of all LNO fees and for making a retainer payment to the LNO before any services are rendered. LNOs may accept NTC or Fiat at their discretion. If an LNO does not accept NTC, you may notify NotaryTRADE by sending an email to NTCrejected@NotaryTRADE.IO.

In case the chosen LNO is not a participating member of The Notary Consortium (“TNC”) yet, the appointed LNO may request membership in TNC to become an authorised LNO. Any respective application may be emailed to TNC through Notary@NotaryTRADE.IO. Without membership in TNC, an attorney or notary cannot serve NotaryTRADE clients or offer any NotaryTRADE registration and private key recovery services. TNC representatives strive to answer all applications for participation in a timely manner.

In order to become a registered NTC holder, a government-issued identification document (“ID) must be submitted to and verified by the chosen LNO. LNOs must agree not to store a copy of your ID in any computer-based system. Your personal information will also not be shared on the NotaryTRADE system. NotaryTRADE’s system is designed so all requests for information from any government agency will be required to present a Swiss court order which TNC may follow or contest it. If TCC follows the order, it will provide a Swiss court with information about a requested account number and refer them to the client’s registered LNO.

Therefore, only the chosen LNO maintains client records and each LNO is responsible for their own Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) compliance in accordance with the rules and regulations of TNC.

 

4.2 Commencement and Termination of Participation

Assigned NTC will be issued to Owners within 30 days after the end of the ICO. Trading on NotaryTRADE will be available as soon as the system is fully developed and functional as part of the semi-autonomous system of NotaryTRADE. There are no guarantees that the system will work as planned or be completed until a certain date.

Owners may remove their NotarySERVER from the Network with a 90-day advance notice and request delivery of their server at their expense, including expenses for deinstallation. As soon as their NotarySERVER is no longer a participating Server in the Network, Owners will also no longer be entitled to receive any fees from their NotarySERVERS and they must return all NTC that have been issued for their NotarySERVER purchase. Owners who made a reservation during pre-ICO or ICO and a subsequent purchase of a NotarySERVER must return 7.5 NTC but they may still keep their initial 1 NTC and the initial NTC bonus. Upon removal of a NotarySERVER from the Network, all activated functions of NotaryTRADE will no longer be available to an Owner; this applies in particular to the Smart Contracts that pay fees to the Owner and cover hosting and maintenance.

 

5. NTC Coins

5.1 Allocation of NTC Coins

NTC coins are created for an Owner upon reservation and upon purchase of a NotarySERVER. With the exception of 1 NTC and the Additional Bonus NTC  issued for reservations during Pre-ICO and ICO, NTC is asset-backed by all NotarySERVERS. After the ICO, 1 NTC for each NotarySERVER reservation and 7.5 NTC for each NotarySERVER purchase will only be issued if a client makes both the reservation and the remaining payment for a NotarySERVER.

 

NTC holders agree that for computation purposes, NotaryTRADE will distribute the fees generated on all NotarySERVERS based on the NTC coins each client owns.

For example, if all NotarySERVERS generates a total 100,000 NTC in fees in any given period and there are 1,000 server owners who hold 10 NTC each, the fees forwarded to each client is 10 NTC minus any deductions for hosting, maintenance and server replacement cost listed in section 1.

 

5.2 Use of NTC coins

Once the Network is fully operational, NotaryTRADE is designed so NTC can be used for transactions, for example, to send NTC to anyone by email. Owners may also be able to use NTC for notary and legal services at participating LNOs, and any merchants that accept them. After the ICO for NTC, NotaryTRADE is designed to let Owners trade NTC on the Network through a Peer-to-Peer (““P2P”) cryptocurrency exchange without a middleman. Availability of cryptocurrency or Fiat in exchange for NTC depends on the availability of currency holders who are willing to sell their currencies in exchange for NTC. There is no guarantee that an NTC holder can trade NTC at a certain price or that it will be possible to exchange NTC. Even if other currency holders are willing to trade their currency against NTC, availability of such services is not guaranteed and depends on the adoption of NotaryTRADE and the successful deployment of the Network.

 

6. Access to the NTC Account

6.1 General

The only way to make any transfers at the expense of your NTC account is through the use of a unique cryptographic key (“Private Key”). This Private Key is handed exclusively to NTC account holders through their chosen lawyers or notaries, and should be kept confidential by all means. Please note anyone in possession of this Private Key will be able to transfer any amount of NTC a NTC holder may have acquired unless attorney or notary co-signature or other protective measures of NotaryTRADE have been activated.

The semi-autonomous system NotaryTRADE offers the technical possibility for the chosen individual Lawyer or Notary to create a new valid Private Key for a registered NTC client. On the other hand, NotaryTRADE provides technical safeguards that no other party except the chosen Lawyer or Notary of trust will be able to create a valid Private Key for an NTC account. Clients can choose many additional authentication methods, ranging from fingerprints to optional IRIS scan and even DNA verification, if requested, especially for a client’s chosen representatives and successors. Note that this authentication will only be used to authenticate the client in addition to a government-issued ID but the key creation is always random and unrelated to any biometric data that could be forged. However, the authentication assures that the LON can positively identify the client even if the chosen attorney or notary is not present. Therefore, in contrast to other cryptocurrencies, NTC offers a comprehensive solution against loss or theft of Private Keys, without compromising the security of the NotaryTRADE system.

 

6.2. Account Balance

Once the system is live, NotarySERVER owners will be able to check the current balance of their NTC through their personal online account.

 

7. Taxes

NTC is comparable to loyalty and rewards programs from hotels, airlines and other companies. Local tax authorities may consider NTC assets and levy capital gains and other taxes. NotaryTRADE plans to deploy a program that will allow you to track capital gains to assist you with your tax reporting requirements. NotaryTRADE is designed to allow you to designate NTC for tax contributions if tax authorities choose to accept NTC in future. You are responsible for reporting your NTC balance in accordance with tax filing requirements in your country of residence and/or citizenship.

If you would like to seek legal advice in your country of residence, you may use any lawyer and tax consultant of your choice. For your convenience you may also use our attorney contact service by sending an email to Attorney@NotaryTrade.IO.

 

8. Your Representations and Warranties

By participating in LRP or by using NTC coins, you represent and warrant that:

8.1. You have read and understand these Terms (including all Exhibits);

8.2. You have a sufficient understanding of the functionality, usage, storage, transmission mechanisms and other material characteristics of cryptographic coins like Bitcoin and other cryptocurrencies, token storage mechanisms (such as token wallets), blockchain technology and blockchain-based software systems to understand these Terms and the risks and implications of participating in LRP and using NTC (also see Exhibit);

8.3. You have carefully reviewed the contents of the entire website of NotaryTRADE.IO and fully understand and accept the functions of LRP and NTC;

8.4. You have obtained sufficient information about LRP and NTC to make an informed decision to use both. 

8.5. You understand the restrictions and risks associated with the creation and use of LRP and NTC by the NotaryTRADE Smart Contract platform as set forth herein, and acknowledge and assume all such risks (see Exhibit).

8.6. You understand, acknowledge and assume the risks associated with the holding and use of NTC coins in connection with the NotaryTRADE platform (see Exhibit). 

8.7. You understand that NTC coins confer only the right to receive services and to access the NotaryTRADE platform, and confer no other rights of any form with respect to any company, consortium or LNO involved in LRP and or NotaryTRADE, including, but not limited to, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property), or other financial or legal rights;

8.8. You are using LRP and NTC solely for the purpose of exchanging services, accessing the NotaryTRADE platform, and supporting the development, testing, deployment and operation of NotaryTRADE, being aware of the risks associated with NotaryTRADE (see Exhibit). You are not using LRP or NTC for any other purposes, including, but not limited to, any investment, speculative or other financial purposes;

8.9. Your use of LRP and NTC complies with applicable law and regulation in your jurisdiction, including, but not limited to, (i) legal capacity and any other applicable legal requirements in your jurisdiction for using LRP and NTC, (ii) any foreign exchange or regulatory restrictions applicable to such use, and (iii) any governmental or other consents that may need to be obtained;

8.10. You will comply with any applicable tax obligations in your jurisdiction arising from your use of LRP and NTC;

8.11. If you are using LRP or NTC on behalf of any entity, you are authorised to accept these Terms on such entity’s behalf and that such entity will be responsible for breach of these Terms by you or any other employee or agent of such entity (references to “you” in these Terms refer to you and such entity, jointly);

8.12. You are not (i) a citizen or resident of a geographic area in which access to or use of the Network and LRP is prohibited by applicable law, decree, regulation, treaty, or administrative act, or (ii) a citizen or resident of, or located in, a geographic area that is subject to international sovereign country sanctions or embargoes. You agree that if your country of residence or other circumstances change such that the above representations are no longer accurate, that you will immediately cease using LRP or NTC.  If you are registering to use the Network and LRP on behalf of a legal entity, you further represent and warrant that (i) such legal entity is duly organised and validly existing under the applicable laws of the jurisdiction of its organization, and (ii) you are duly authorised by such legal entity to act on its behalf; and

8.13. You understand and acknowledge that title to and risk of loss of NTC you use passes  to you in Switzerland (see Exhibit).

 

9. Indemnification

9.1. To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless The Notary and Client Consortium (“NCC”) as the umbrella association as well as The Notary Consortium (“TNC”) and The Client Consortium (“TCC”) and its respective past, present and future employees, officers, directors, contractors, consultants, suppliers, vendors, service providers, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns from and against all claims, demands, actions, damages, losses, costs and expenses (including attorneys’ fees) that arise from or relate to: (i) your use of LRP or NTC, (ii) your responsibilities or obligations under these Terms, (iii) your violation of these Terms, or (iv) your violation of any rights of any other person or entity.

9.2. NCC, TNC and TCC reserve the right to exercise sole control over the defense, at your expense, of any claim subject to indemnification under Section 9.1. This indemnity is in addition to, and not in lieu of, any other indemnities set forth between you and NCC, TNC and TCC.

 

10. Disclaimer of Warranty

Except as expressly required by law without the possibility of contractual waiver, (A) NOTARYTRADE, LRP AND NTC IS AVAILABLE ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND. ALL IMPLIED WARRANTIES AS TO NotaryTRADE LRP OR NTC COINS ARE EXPRESSLY DISCLAIMED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT; (B) NOBODY REPRESENTS OR WARRANTS THAT NotaryTRADE, LRP AND NTC IS RELIABLE, CURRENT OR ERROR-FREE,  MEETS YOUR REQUIREMENTS, OR THAT DEFECTS IN NOTARYTRADE, LRP OR NTC WILL BE CORRECTED; AND (C) NOBODY REPRESENTS OR WARRANTS THAT NotaryTRADE, LRP OR NTC OR THE DELIVERY MECHANISM FOR NTC ARE FREE OF ERRORS.

 

11. Legality and Regulatory Requirements

The semi-autonomous system NotaryTRADE has been designed to be in compliance with applicable laws and regulations. However, no government body has yet explicitly approved the methods and technologies used by NotaryTRADE. Therefore, you are strongly advised to seek legal advice in your country of residence and citizenship. You may use any lawyer to determine the legality. If you prefer, you may also use NotaryTRADE’s attorney contact service by sending an email to Attorney@NotaryTrade.IO.

By design, NotaryTRADE is not controlled by any person, entity or authority. NotaryTRADE provides only means of exchange between its users. Therefore each Owner  uses this semi-autonomous system on its own risk and responsibility (see Exhibit).

 

12. Limitation of Liability

Liability of NotaryTRADE´s Vendor, LNO and other involved parties shall be subject to the individual contractual relationships concluded between these parties and the Owner or NTC holder.

Regardless of the basis on which Owner or NTC holder is entitled to claim damages from NCC, TNC and TCC, and except as expressly required by law without the possibility of contractual waiver, NCC, TNC and TCC’s entire liability for all claims arising from or related to the software or service or otherwise arising under these Terms shall be excluded. This limitation also applies to any of NCC, TNC and TCC’s subcontractors or other auxiliary persons and to any works performed by such subcontractors or other auxiliary persons. Limitations set forth in this section 12 will not limit or exclude liability for gross negligence or willful misconduct.

 

13. Severability

If any term, clause or provision of these Terms is held unlawful, void or unenforceable, then that term, clause or provision will be severable from these Terms and will not affect the validity or enforceability of any remaining part of that term, clause or provision, or any other term, clause or provision of these Terms.

 

14. Data Protection  

NotaryTRADE does not store any personally identifiable information about individual Owners.

If you order a NotarySERVER, the Vendor may store information about you, including your payment information and any other information you voluntarily provide. This personal data will only be used to fulfill your order. The Vendor for NotarySERVERS will not use your personal data for any other purposes. Even with that information, no NotarySERVERS Vendor is able to connect a NotarySERVER owner with any individual NTC account, which is created by the semi-autonomous system of NotaryTRADE through a random Private Key.

The respective chosen LNO knows the identity of individual Owners and NTC holders and their respective NTC accounts. The LNO of choice must adhere to the rules of NotaryTRADE to keep an Owner’s or NTC holder’s identity and account information securely and confidentially on file for the protection of their digital assets. This way, in case a Private Key is stolen or lost, Owners or NTC holders may show a government ID to their lawyer or notary of choice, in addition to any other chosen authentication methods, and request the issuance of a new Private Key to get access to their NTC accounts.

Please note, further data protection terms and contractual requirements may be included in additional contractual terms issued by NotaryTRADE’s Vendor, appointed LNO or other involved parties. In particular please note, additional e-mail and groupware solutions will be offered under additional contractual terms and data protection requirements. In case of general questions or concerns, please contact dataprotection@NotaryTrade.IO.

 

15. Modifications of these Terms & Conditions

NotaryTRADE Loyalty Program and the underlying system of NotaryTRADE is currently being developed, therefore these terms and conditions may be subject to reasonable necessary revisions. If changes are made, they will be posted on the website www.NotaryTRADE.IO and update the “Last Updated” date above. NotaryTRADE may also attempt to notify you. The amended Terms will be effective immediately. The failure to exercise or enforce any right or provision of these Terms will not operate as a waiver of such right or provision. You will not hold anyone liable for any delay or failure to perform any obligation under these Terms. Using LRP or NTC does not create any form of partnership, joint venture or any other similar relationship between you and NCC, TNC or TCC. Except as otherwise provided herein, these Terms are intended solely for the benefit of you and are not intended to confer other beneficiary rights upon any other person or entity. You agree and acknowledge that all agreements, notices, disclosures, and other communications, including these Terms, will be provided in electronic form.

These Terms constitute the entire agreement for your use of NotaryTRADE, the Network, LRP and NTC. These Terms may change from time to time as reasonably required to comply with applicable law or regulation. If changes are made, they will be posted on the website www.NotaryTRADE.IO and update the “Last Updated” date above. NotaryTRADE may also attempt to notify you. The amended Terms will be effective immediately. The failure to exercise or enforce any right or provision of these Terms will not operate as a waiver of such right or provision. You will not hold anyone liable for any delay or failure to perform any obligation under these Terms. Using LRP or NTC does not create any form of partnership, joint venture or any other similar relationship between you and NCC, TNC or TCC. Except as otherwise provided herein, these Terms are intended solely for the benefit of you and are not intended to confer other beneficiary rights upon any other person or entity. You agree and acknowledge that all agreements, notices, disclosures, and other communications, including these Terms, will be provided in electronic form.

 

16. Governing Law and Venue

These Terms will be governed by and construed and enforced in accordance with the laws of Switzerland, without regard to conflict of law rules that would cause the application of the laws of any other jurisdiction.  Any Dispute between the Parties arising will be resolved in the courts of Zurich, Switzerland.

 

 

Exhibit

 

Certain Risks related to the Use of NTC coins

Important Note:  As noted elsewhere in these Terms, NTC coins are not being structured or offered as securities or any other form of investment product. Accordingly, none of the information presented in this Exhibit is intended to form the basis for any investment decision, and no specific recommendations are intended. You expressly assume any and all responsibility for any of your own direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this Exhibit, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting from such information.

By using LRP or NTC coins, you expressly acknowledge and assume the following risks:

 

1. Risk of Losing Access to NTC Coins Due to Loss of Private Key(s), Custodial Error or User Error

A Private Key, or a combination of Private Keys, is necessary to control and dispose of NTC coins stored in your digital wallet or vault.  Accordingly, loss of requisite Private Key(s) associated with your digital wallet or vault storing NTC coins may result in loss of such NTC unless you are properly registered with a participating LNO. Moreover, any third party that gains access to such Private Key(s), including by gaining access to login credentials of a digital wallet or vault service you use, may be able to misappropriate your NTC coins. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault you choose to receive and store BAT, including your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of your NTC coins. Additionally, your failure to follow precisely the procedures set forth for holding NTC coins, including, for instance, if you provide the wrong address for receiving NTC coins, may result in the loss of your NTC coins.

 

2. Risks Associated with the Hyperledger

Because NTC and NotaryTRADE are based on Hyperledger, any malfunction, breakdown or abandonment of Hyperledger may have a material adverse effect on NotaryTRADE or NTC coins.  Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to NTC coins and NotaryTRADE , including the utility of NTC coins for obtaining Services, by rendering ineffective the cryptographic consensus mechanism that underpins the protocol.

 

3. Risk of Attacks by forming a majority

As with other decentralized cryptographic tokens, NTC coins are susceptible to attacks in the course of validating NTC transactions on the Blockchain, including, but not limited, to double-spend attacks. Any successful attacks present a risk to NotaryTRADE and NTC coins, including, but not limited to, accurate execution and recording of transactions involving NTC coins.

 

4. Risk of Hacking and Security Weaknesses

Crackers or other malicious groups or organizations may attempt to interfere with NotaryTRADE, LRP or NTC coins in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing.  

 

5. Risks Associated with Markets for NTC

NTC coins are intended to be used on NotaryTRADE. This restricts the contemplated avenues for using NTC coins to obtain Services or to exchange NTC coins, and could therefore create illiquidity risk with respect to NTC coins you hold.  Even if secondary trading of NTC coins is facilitated by third party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to market-related risks.  Furthermore, to the extent that third-parties do ascribe an external exchange value to NTC (e.g., as denominated in a digital or fiat currency), such value may be extremely volatile and diminish to zero.

 

6. Risk of Uninsured Losses

Unlike bank accounts or accounts at some other financial institutions, NTC coins are uninsured unless you specifically obtain private insurance to insure them.  Thus, in the event of loss or loss of utility value, there is no public insurer, or private insurance arranged, to offer recourse to you.

 

7. Risks Associated with Uncertain Regulations and Enforcement Actions

The regulatory status of LRP, NTC coins and distributed ledger technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to such technology and its applications. It is likewise difficult to predict how or whether legislatures or regulatory agencies may implement changes to law and regulation affecting distributed ledger technology and its applications, including NotaryTRADE, LRP and NTC coins. Regulatory actions could negatively impact NotaryTRADE, LRP and NTC coins in various ways, including, for purposes of illustration only, through a determination that LRP or NTC coins are a regulated financial instrument that require registration or licensing.  NotaryTRADE may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.

 

8. Risks Arising from Taxation

The tax characterization of LRP and NTC coins is uncertain. You must seek your own tax advice in connection with using LRP or holding NTC coins, which may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.

 

9. Risk of Alternative Platforms

It is possible that alternative platforms could be established that utilize the same open source code and protocol underlying NotaryTRADE and attempt to facilitate services that are materially similar to the Services. NotaryTRADE may compete with these alternative platforms, which could negatively impact NotaryTRADE and NTC coins, including NTC coin’s utility for obtaining Services.

 

10. Risk of Insufficient Interest in the NotaryTRADE Platform

It is possible that NotaryTRADE will not be used by a large number of individuals, companies and other entities or that there will be limited public interest in the creation and development of distributed platforms (such as NotaryTRADE) more generally. Such a lack of use or interest could negatively impact the development of NotaryTRADE and the potential utility of LRP and NTC coins, including its utility for obtaining Services.

 

11. Risks Associated with the Development and Maintenance of NotaryTRADE

NotaryTRADE is still under development and may undergo significant changes over time. Although NotaryTRADE, LRP and NTC coins are intended to follow the specifications set forth in this Exhibit A, and will take reasonable steps toward those ends, there could be changes to the specifications of NotaryTRADE, LRP or NTC coins for any number of legitimate reasons. This could create the risk that LRP, NTC coins or NotaryTRADE, as further developed and maintained, may not meet your expectations. Furthermore, despite good faith efforts to develop and maintain NotaryTRADE, it is still possible that NotaryTRADE will experience malfunctions or otherwise fail to be adequately developed or maintained, which may negatively impact NotaryTRADE, LRP and the potential utility of NTC coins, including its utility for obtaining Services.

 

12. Risk of an Unfavorable Fluctuation of Other Currency Value

TCC intends to use fees to fund the maintenance and development of NotaryTRADE, LRP and NTC coins. These fees will be denominated in multiple currencies, and may, at the discretion of TCC, be converted into other cryptographic and fiat currencies. If the value of certain currencies fluctuates unfavorably, TCC may not be able to fund development, or may not be able to develop or maintain NotaryTRADE in the manner that it intended.

 

13. Risk of Dissolution of TCC

It is possible that, due to any number of reasons, including, but not limited to, an unfavorable fluctuation in the value of exchange rates of cryptographic and fiat currencies, decrease in NTC’s utility (including its utility for obtaining Services), the failure of commercial relationships, or intellectual property ownership challenges, NotaryTRADE may no longer be viable to operate and TCC may dissolve.

 

14. Risks Arising from Lack of Governance Rights

Because LRP or NTC coins confer no governance rights of any kind with respect to NotaryTRADE, all decisions involving NotaryTRADE will be made by TCC at its sole discretion, including, but not limited to, decisions to discontinue NotaryTRADE, or to liquidate NotaryTRADE. These decisions could adversely affect NotaryTRADE, LRP and the utility of NTC coins that you hold, including NTC’s utility for obtaining Services.

 

15. Unanticipated Risks

Cryptographic tokens such as NTC coins are a new and untested technology. In addition to the risks included in this Exhibit, there are other risks associated with your holding and use of NTC coins, including those that NCC cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the risks discussed in this Exhibit.

 

16. Risks Associated with Exchange Business Models

NotaryTRADE’s growth and adoption may depend on its ability to maintain and expand its existing relationships with existing partners and its ability to develop new relationships with other partners. As the cryptocurrency market generates and develops new concepts and technology, NotaryTRADE may incur additional costs to implement a more effective platform and may have to adjust to new tracking and unforeseeable technologies that could diminish the effectiveness NotaryTRADE and LRP. Continuing to develop and improve NotaryTRADE to keep up with these changes may require economically not feasible investments. If NotaryTRADE cannot be continued in an economically viable way in light of above mentioned  changes, it  could negatively impact LRP and NTC coins.

 

Questions? Please email us at LRP@NotaryTRADE.IO

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