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 NTC 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 NTC coin 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?

Like other cryptocurrencies, NotaryTRADE is a fully autonomous system by design that is not controlled by any 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 NTC coins and the NotaryTRADE system?

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

What is NotaryTRADE Coin?

NotaryTRADE Coin (NTC) is a capacity-backed cryptocurrency that is only issued to clients who reserve or purchase a NotarySERVER.

How many NTC coins will be issued?

1 NTC coin will be issued for each NotarySERVER reservation, plus up to 50% Pre-ICO bonus. Additional 6.5 NTC Coins (7.5 NTC in total) will be issued for each NotarySERVER purchase. The coin reward may go up or down depending on the cost of a server and related cost. New NTC coins will be offered for as long as there is demand for server capacity on the NotaryTRADE network.

Will NotaryTRADE issue NTC coins unrelated to NotarySERVERS?

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 Pre-ICO and ICO which means all future NotaryTRADE coins will be 100% capacity-backed by servers and even the initial coins and bonus coins require payment of a server reservation fee, with or without subsequent purchase.

What is the price of an NTC coin?

NTC coins cannot be purchased directly from NotaryTRADE because they are only issued as part of a loyalty and rewards programme to NotarySERVER buyers. After the ICO, NTC coin holders can freely sell NTC coins and NTC is expected to trade against a large number of government-issued Fiat and cryptocurrencies. The initial price after the ICO will be based on the fractional server cost of 1 NTC which currently equals CHF 3,000. This exchange rate can then go up or down based on demand (NTC buyers) and supply (NTC sellers).

How do I obtain NTC coins?

NTC coins are issued free of charge if you purchase a NotarySERVER and add it to NotaryTRADE’s network.

Is it likely that NTC coins will increase in value?

There are no guarantees that NTC coins will increase in value or that NTC coins can be exchanged into other crypto or government-issued currencies. NTC coins are designed to be used for services on the NotaryTRADE network. As a NotarySERVER owner you also receive NTC coins if there is demand from users for the service that is offered by NotaryTRADE.

How can I use NTC coins?

Once the NotaryTRADE network is fully operational, the system is designed so you can use NTC coins for transactions, for example, to send NTC coins to anyone by email. You may be able to use NTC coins 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 NTC coins that I earn into other crypto or government-issued currencies?

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

Will there be a cost to trade other cryptocurrencies on NotaryTRADE?

For fee-based services (see below), NotaryTRADE collects a fee and forwards it to NotarySERVER owners for compensation of their services. Hosting and maintenance costs are deducted from collected fees which is a fully automated process through a Smart Notary Agreement on the Blockchain. These hosting and maintenance costs range from 25% to 40% of the transaction fee depending on the number of NotarySERVERS a client owns. To enable hardware upkeep as required, an additional 15% of the transaction fee is reserved for hardware replacement to protect the value of the investment and enable continued operation. However, please note there is no absolute guarantee that the retained amount is sufficient to purchase a replacement server.

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

Free services include:
Exchanging Fiat and cryptocurrencies into NTC coins
Sending NTC coins to any email address
Accepting NTC coins received by email

Fee-based services include:
Exchange of NTC coins into Fiat and cryptocurrencies
Exchange between other currency pairs
The exchange cost ranges from 0.00% - 0.10% for makers and 0.10% - 0.20% for takers, dependent on monthly trading volume.

Other services are added as the capacity of the NotaryTRADE network and its software grows, and will be priced within the network by the umbrella Notary & Client Association.

Do I have to pay taxes if I own NTC coins?

NTC coins are comparable to loyalty and rewards programs from hotels, airlines and other companies. Local tax authorities may consider NTC coins assets and levy capital gains and other taxes. NotaryTRADE will 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 coins for tax contributions if tax authorities choose to accept NTC coins in future. You may want to consider to report 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 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 NotaryTRADE coins from a NTC coin holder?

Not necessarily. Once the NotaryTRADE network is fully operational, you may receive NTC coins from any NTC coin 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 NTC coins you received for your NotarySERVER purchase 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.

How can I find out if NTC coins are legal to use in my country?

In case of doubt, you are strongly advised to seek legal advice in your country of residence. 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.

However, please note NTC has been designed to mitigate legal concerns and includes many improvements in comparison to other cryptocurrencies, in particular:
NTC are not mined like other coins and therefore does not charge a fee for its issuance. NTC coins are issued under a loyalty program for buyers of NotarySERVERS. It is comparable to frequent flyer miles, hotel points and other loyalty programs which you earn as a reward for using a service or purchasing a product from a specific brand. If your country permits loyalty and rewards programs, it is likely that NTC coins are legal to use.

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 NTC from hacking, theft and criminal activity. The most important step NotaryTRADE takes is that it requires registration of your NTC account 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 NTC coins.

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 NTC 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 NTC 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 Notary & Client Consortium in association with KOLAB.
© 2017 The Notary & Client Consortium, Switzerland. All rights reserved.
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