Frequently asked Questions & Answers (FAQ)
Answers aim to provide general guidance, but cannot offer legal advice.
What is NotaryTRADE?

NotaryTRADE is a secure platform for trading, legal and notarised services, asset storage and escrow. It also provides a hardened archive for all kinds of media, and secure information exchange platform.

NotaryTRADE enables clients to trade with each other through Blockchain technology without a middleman but with optional security mechanisms should they authorise a law or notary office to protect their account transaction and digital assets. Only the key recovery function is not optional. Every user is required to select and visit a law or notary office so they can restore their private keys in case they get lost or stolen. Registration takes 15 minutes if a client has no additional requests.

Am I entitled to choose any Law or Notary Office?

You can appoint any Law or Notary Office (“LNO”) in countries approved by NotaryTRADE throughout the world. 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. Requirements for joining offices include full compliance the principles set forth by TNC and ownership of at least one NotarySERVER. 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.

Is NotaryTRADE a private or public blockchain?

NotaryTRADE takes a novel approach: A hybrid blockchain that is publicly owned.

NotaryTRADE is a hybrid blockchain operated by the owners of the NotarySERVERs. It is orchestrated through The Client Consortium and The Notary Consortium with The Notary & Client Consortium as their umbrella organisation. The NotarySERVER soft- and hardware is provided by the authorised vendor for the consortium, appointed by The Notary & Client Consortium. The consortium is also responsible to administrate the contracts between NotarySERVER owners and the data centres and managed service providers that are tasked with day-to-day maintenance of the NotarySERVERS.

What is the difference of NotaryTRADE to other blockchains?

In comparison with public blockchains, NotaryTRADE offers the legal safety of being able to fulfill “Anti-Money Laundering” (AML) and “Know Your Customer” (KYC) requirements. Simultaneously it is not held by a single entity like many private blockchains - so still offers pseudonymity and protection against corruption by individual stakeholders similar to public blockchains. NotaryTRADE therefore combines legal and regulatory requirements with the guarantee of safeguarding the interests of INK holders, in particular their investments and their privacy.

Unlike other approaches to consortium blockchain solutions, NotaryTRADE takes a novel approach in which the involved hardware is completely owned by the INK holders. In a manner of simplification, users of the NotaryTRADE network become their own trustworthy middelmen, represented by Consortiums and appointed Notaries or Lawyers.

Who is responsible for the operation of the NotaryTRADE system?

As a business blockchain infrastructure, NotaryTRADE is a fully autonomous system by design that is not controlled by any single person, entity or authority. Therefore, it is only a means of exchange between its users. Even participating Law and Notary offices, involved consortiums and vendors have no influence over the operation of the autonomous system except for the functions built into the system that they perform on behalf of the users of the network (see also: Is NotaryTRADE a privat or public blockchain?).

Where can I find a complete list of the risks associated with the use of INK and the NotaryTRADE system?

You can find an overview of risks as part of the NotaryTRADE INK Loyalty Rewards Programme.

What is Notary Trade INK?

Much like ink traditionally used by Notaries, INK is the internal utility unit used for your service and ledger interaction as a capacity-backed token that is only issued to clients who reserve or purchase a NotarySERVER.

How many INK will be issued?

1 INK coin will be issued for each NotarySERVER reservation, plus up to 30% Server Pre-Reservation bonus. Additional 6.5 INK (7.5 INK in total) will be issued for each NotarySERVER purchase. The reward may go up or down depending on the cost of a server and related cost. New INK will be offered for as long as there is demand for server capacity on the Notary Trade network.

Will Notary Trade issue INK unrelated to Notary Servers?

No, based on its Blockchain architecture, NotaryTRADE is not designed to issue coins that are not related to the purchase of a NotarySERVER. The reservation bonus will only be offered for the Server Pre-Reservation and Capacity Generation Event which means all future Notary Trade coins will be 100% capacity-backed by servers and even the initial INK and bonus INK require payment of a server reservation fee, with or without subsequent purchase.

What is the price of INK?

INK cannot be purchased directly from Notary Trade because they are only issued as part of a loyalty and rewards programme to Notary Server customers. After the Capacity Generation Event, INK holders can trade INK with one another or use INK to make use of services. The initial price after the launch will be based on the fractional server cost of 1 INK which currently equals CHF 3,000. This exchange rate can then go up or down based on demand for Notary Trade capacity, but the design of INK makes it unlikely to ever gain or lose much in value. It's primary function is to provide a utility unit.

How do I obtain INK?

INK are issued free of charge if you purchase a Notary Server and allocate it to the Notary Trade Cooperative to add it to the network.

Is it likely that INK will increase in value?

No. INK is designed to be much less speculative than most governmentally issued fiat currencies. It's function is primarily as a utility unit for usage of ledger and other services on the Notary Trade Cooperative Network. So there are no guarantees that INK will increase in value or that INK can be exchanged into other crypto or government-issued currencies. As a NotarySERVER owner you also receive INK if there is demand from users for the service that is offered by NotaryTRADE.

How can I use INK?

Once the NotaryTRADE network is fully operational, the system is designed so you can use INK for transactions, for example, to write to the ledger of a blockchain hosted on the Notary Trade infrastructure. You may be able to use INK for notary and legal services at participating law and notary offices, and any merchants that accept it. However, availability of such services is not guaranteed and depends on the adoption of the system and the successful deployment of the network.

Can I exchange INK that I earn into other crypto or government-issued currencies?

Yes. After the launch of the network, INK is designed to let you trade it directly with other currency holders through a P2P network. However, availability of crypto or government-issued currencies in exchange for INK depends on the availability of currency holders who are willing to trade. There is no guarantee that you can trade INK at a certain price or that you will be able to sell INK at all.

What kind of transactions require my chosen Law or Notary Office?

There may be certain legal transactions in your country of origin which generally require a validation of a notary and/or law office. As far as these are to be executed via the NotaryTRADE network, they need to be executed through your chosen Law or Notary Office. In addition you may want to require additional security parameters, such as co-signing of large transactions, or double verification of proxy authorisation. When and to which extent to require your Law or Notary Office is a matter of choice and personal preference.

Which NotaryTRADE services are free and for which services does NotaryTRADE collect a fee?

Free services include:
Identity Services

Fee-based services include:
Secure DocSafe with Notarisation
Law and Notarisation Services
Usage of business blockchain capacity
Hosting of institutional applications

Other services are added as the capacity of the NotaryTRADE network and its software grows, and will be priced within the network by the Notary Trade Cooperative.

Do I have to pay taxes if I hold INK in my wallet?

INK are comparable to loyalty and rewards programs from hotels, airlines and other companies.

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

Do I need a NotarySERVER to receive INK from a INK holder?

Not necessarily. Once the NotaryTRADE network is fully operational, you may receive INK from any INK holder without previously acquiring a NotarySERVER yourself.

Do I have any guarantees that I will earn a specific amount if I purchase a NotarySERVER?

No. Although the NotaryTRADE network is designed to automatically forward fee revenue to NotarySERVER owners, there is no guarantee that you will earn a specific amount or generate any revenue at all.

Can I sell my NotarySERVER if I no longer wish to participate in the NotaryTRADE network?

Yes. You can return the INK you received for your NotarySERVER provision and then offer the server for sale. However, all software will be deinstalled for security reasons and you may lose a significant portion of your purchase price. It is also not guaranteed that you will find a buyer for your NotarySERVER and you will incur fees for deinstallation at a colocation data center as well as the cost to ship the server to your chosen destination address.

Will my NotarySERVER retain its value if it remains in the NotaryTRADE network?

The NotaryTRADE network is designed use part of its fee to automatically replace your server after 4-7 years. However, there is no guarantee that those fees are sufficient to purchase a replacement server. The cost to recycle your server at the end of its life cycle is included in your purchase price.

Do I have a warranty for my NotarySERVER?

Yes, all NotarySERVERS come with a six year warranty by default, doubling the IBM hardware warranty for Power8 servers and NotaryTRADE automatically coordinates repair or replacement of your server.

Can I purchase multiple NotarySERVERs?

Yes. And purchasing multiple servers will also give you benefits of scale once the NotaryTRADE network goes into operation. But due to Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA) we can only offer this opportunity to qualified investors during the pre-ICO. Please contact bulkorders@notarytrade.io for this purpose.

Is it legal in my country of residence to use NotaryTRADE?

The 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 or notary to determine the legality. If you prefer, you may also use NotaryTRADE’s attorney contact service by sending an email to Attorney@NotaryTrade.IO.

What steps does NotaryTRADE take to prevent money laundering and why should I care?

Money laundering affects everyone because it enables criminal activities that include ransomware, theft, human trafficking and other violent crimes. Legal obligations to combat money laundering exist to protect families and communities.

NotaryTRADE is designed to protect its users hacking, theft and criminal activity. The most important step NotaryTRADE takes is that it requires verification of your INK account all the way to registration with a law or notary office of your choice in order to protect your digital assets.

NotaryTRADE does not guarantee that it can prevent all types of misuse but it is designed to be in compliance with all anti-money laundering rules and to provide users with the highest possible security. For more information regarding its security, please check NotaryTRADE’s Security Principles.

How does NotaryTRADE protect my identity?

NotaryTRADE does not store any personally identifiable information about you. Only your chosen attorney knows you and keeps your records safely on file for the protection of your digital assets in case you lose your private keys or if you report that your private keys are stolen and require the issuance of a new private key to get access to your INK.

If you order a server, NotaryTRADE’s vendor for NotarySERVERS stores the 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. NotaryTRADE’s vendor for NotarySERVERS will not use your personal data for any other purposes.

How does NotaryTRADE handle requests from regulators and law enforcement?

NotaryTRADE is an autonomous system that keeps track of NotaryTRADE Coin transactions and stores the Law or Notary office that an INK holder chose to protect her/her digital assets. This way regulators and law enforcement officials can submit legal requests for information to the respective office that has a record of the INK holder.

Attorneys of NotaryTRADE clients will protect their rights and interests to the fullest extent of the law. Your selected attorney will verify requests 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 information. 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.

Enquiries from regulators and authorities about the mechanism and functionality of the NotaryTRADE and NotaryTRADE Coin may be sent to The Client Consortium at compliance@NotaryTRADE.IO. All enquiries will be answered in a timely manner. Additional information can be found in the NotaryTRADE Coin Loyalty Rewards Programme.

How can I contact you if I have additional questions?

Please send your question by email to Legal@NotaryTRADE.IO.

NotaryTRADE.IO has been created by the Vereign AG, Zug on behalf of and in trusteeship for the Notary Trade Cooperative in founding.
© 2017 The Notary Trade Cooperative, Crypto Valley, Switzerland. All rights reserved.
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