BlockchainOS Membership/Public Financing Terms and Conditions

  1. Principles
    1. The purpose of this BlockchainOS Membership/Public Financing Terms and Conditions (“T&Cs”) is to stipulate the requirements relating to BOScoin Membership (as defined below) provided by BlockchainOS Inc. Each member of the BOScoin Membership hereby acknowledges and agrees to the T&Cs.
    2. The capitalized terms used herein shall have the following meanings:
      1. “Public Financing” shall mean a financial business model where the Community issues additional BOScoin by itself as a means for credit creation to procure various assets from real economy without relying on investment from third party outside investors which shall be determined via Congress Voting; once a Public Financing Proposal is suggested which requires the use of a certain volume of BOScoin, the members of the BOScoin Membership decide whether to issue and use additional BOScoin via a Congress Voting, depending on the result of which the additional BOScoin may or may not be issued and used.
      2. “Linking” shall mean the act of linking the General Account which was used to create the Frozen Account exclusively with the relevant transaction upon creation of the Frozen Account.
      3. “Linked Relation” shall mean the linkage between the Frozen Account and the General Account of the open key which was linked at the time of creation of the Frozen Account.
      4. “Frozen Qualities” shall mean the lifting of the freezing after 241,920 block height (approximately 2 weeks) after the unfreezing of the BOScoin in the Frozen Account.
      5. “General Account” shall mean an account without the Frozen Qualities, which can be in the Linked Relation with 0 or more Frozen Accounts
      6. “Frozen Account” shall mean an account with the Frozen Qualities. One Frozen Account may be in the Linked Relation with one General Account.
      7. “Membership Account” shall mean a General Account designated to be used to obtain Pre-membership.
      8. “Freezing” shall mean the act of creating a Frozen Account from a Membership Account and transacting BOScoin to the Frozen Account
      9. “Unfreezing” shall mean lifting freezing with regard to all BOScoin in the Frozen Account; according to the Frozen Qualities, it takes 241,920 block height (approximately 2 weeks) to complete the Unfreezing, and the BOScoin with which the Unfreezing has been completed can be transacted to the linked General Account.
      10. “KYC Verification” shall mean a customer due diligence procedure, which is required to be performed for ensuring the realization of the 1 person-1vote principle and compliance with financial laws of relevant jurisdictions
      11. “Pre-membership” shall mean a qualification granted to a person who has satisfied the requirements to obtain the pre-membership which is in turn required to obtain the Membership that entitles the Member with the right to vote at the Congress Network in accordance with this T&Cs.
      12. “Pre-membership Member” shall mean a holder of BOScoin who has obtained the Pre-membership in accordance with the procedures under this T&Cs.
      13. “Membership” shall mean a membership that a user with Pre-membership obtains upon freezing of not less than 10,000 BOScoin in one or more Frozen Accounts linked to the user’s Membership Account.
      14. “Membership Member” shall mean a BOScoin holder who has obtained the Membership in accordance with this T&Cs.
      15. “Community” shall mean a collective group of the Membership Members.
      16. “Member” shall mean either a Pre-membership Member or Membership Member.
      17. “Congress Voting” shall mean a voting process conducted to determine the execution of a Proposal by the Congress Network that consists of the Community.
      18. “Proposal” shall mean a proposal made in relation to the Public Financing in accordance with this T&Cs.
      19. Unless otherwise defined in this T&Cs, the capitalized terms used herein shall have the same meanings ascribed to them in the BOS Platform Foundation Donation, BOS Allocation Terms and Explanatory Note and Whitepaper 1.0.
    3. This T&Cs shall be applicable to the Pre-membership Member and/or Membership Member in accordance with this T&Cs and Whitepaper 1.0
    4. In the event of conflict between this T&Cs and BOS Platform Foundation Donation and/or BOS Allocation Terms and Explanatory Note, this T&Cs shall prevail.
  2. Pre-membership
    1. A BOScoin holder shall be entitled to obtain the Pre-membership upon confirmation of the BlockchainOS Inc., provided that he/she satisfies the requirements for Pre-membership and agrees to the terms of this T&Cs
    2. The requirements for obtaining the Pre-membership are: (i) the BOScoin holder’s obtaining the KYC Verification; (ii) designation of a Membership Account; and (iii) consignment of node operation.
    3. The Pre-membership is only a preliminary step to becoming a Membership Member; as such, a Pre-membership Member shall not be permitted to exercise the rights of a Membership Member.
    4. A Pre-membership Member loses its Pre-membership by filing a withdrawal application and obtaining the approval of the BlockchainOS Inc.; provided, however, that no Pre-membership withdrawal may be permitted during the Congress Voting period.
    5. In the case where a Pre-membership Member engages in any of the following acts, the BlockchainOS Inc. may immediately suspend or forfeit its Pre-membership:
      1. the Pre-membership Member provides or registers false information upon the KYC Verification;
      2. the Pre-membership Member disrupts the order of the Community in an unjustifiable manner by, e.g., interfering the exercise of rights by other Members or illegal use of information of other Members;
      3. the Pre-membership Member obtains the Pre-membership for an illegitimate purpose such as money-laundering and concealing the proceeds from criminal activities;
      4. the Pre-membership Member obtains the Pre-membership to violate the good public order and customs;
      5. the Pre-membership Member engages in any activity that is prohibited by or contrary to this T&Cs (including the activities set out in Article 32);
      6. it is otherwise reasonably recognized that the maintenance of its Pre-membership by a Pre-membership Member brings harm to the BlockchainOS Inc. and/or Community.
    6. Each Pre-membership Member acknowledges the possibility that its Pre-membership may be deleted due to force majeure events or events beyond the control of the BlockchainOS Inc. equivalent to force majeure events and damage or loss may be incurred in regard thereto; each Pre-membership Member further acknowledges that the BlockchainOS Inc. shall not be liable for any such damage or loss.
  3. Membership
    1. A Pre-membership Member shall be entitled to become a Membership Member upon freezing not less than 10,000 BOScoin.
    2. A Membership Member shall automatically lose its Membership in any of the following cases:
      1. the Membership Member loses or withdraws from its Pre-membership or any equivalent case; or
      2. there is no Frozen Account with not less than 10,000 BOScoin linked to a Membership Account
    3. In the case where a Membership Member engages in any of the following acts, the BlockchainOS Inc. may immediately suspend or forfeit its Membership:
      1. the Membership Member provides or registers false information upon the KYC Verification;
      2. the Membership Member disrupts the order of the Community in an unjustifiable manner by, e.g., interfering the exercise of rights by other Members or illegal use of information of other Members;
      3. the Membership Member obtains the Membership for an illegitimate purpose such as money-laundering and concealing the proceeds from criminal activities;
      4. the Membership Member obtains the Membership to violate the good public order and customs;
      5. the Membership Member engages in any activity that is prohibited by or contrary to this T&Cs (including the activities set out in Article 32);
      6. it is otherwise reasonably recognized that the maintenance of its Membership by a Membership Member brings harm the BlockchainOS Inc. and/or Community.
    4. Each Membership Member acknowledges the possibility that its Membership may be deleted due to force majeure events or events beyond the control of the BlockchainOS Inc. equivalent to force majeure events and damage or loss may be incurred in regard thereto; each Membership Member further acknowledges that the BlockchainOS Inc. shall not be liable for any such damage or loss
  4. Congress Voting
    1. Each Membership Member shall have the right to participate in the Congress Voting.
    2. Each Membership Member shall have one vote per person with regard to the Congress Voting.
    3. The period during which the Congress Voting is conducted shall be determined separately in the Proposal.
    4. A Membership Member shall be entitled to agree/disagree to or abstain from a Proposal, each of which shall have the following implications: (i) “agree” shall mean consenting to the execution/application of the Proposal; (ii) “disagree” shall mean rejection to the execution/application of the Proposal; and (iii) “abstain” shall mean participation in voting without agreeing/disagreeing.
    5. The referendum for the Congress Voting shall be announced in the Proposal in accordance with Article 27 of this T&Cs; unless otherwise determined, based on the number of Membership Members, the Congress Voting will require the number of consents should be 10% greater than the number of refusals.
    6. A Membership Member acknowledges that the result from the Congress Voting may differ from its intention (i.e., agree/disagree, as the case may be), and, as a Member, shall accept and not object to such result.
    7. The BlockchainOS Inc. shall not be liable for any impact by the result of the Congress Voting on the Community or damage/loss incurred in connection therewith, except in cases where such impact/damage/loss has been incurred due to willful misconduct or gross negligence by the BlockchainOS Inc.
  5. Consignment of Node Operation
    1. A Membership Member shall have the authority to operate node.
    2. Pursuant to Article 6 of this T&Cs, in order for a BOScoin holder to obtain the Pre-membership, he/she shall be required to consign the operation of the node to the BlockchainOS Inc., through which the BlockchainOS Inc. shall be granted the authority to operate the node entirely. However, even if a Membership Member consigns the authority to operate the node, its right to vote in the Congress Voting shall not be consigned.
    3. In the case where a Membership Member’s Membership is forfeited, its authority to operate the node will also be forfeited; provided that the suspension of Membership under Article 13 of this T&Cs shall affect the operation of the node.
    4. Consignment of node operation shall be permitted prior to the open node operation; upon the commencement of the open node operation, the consignment of node operation in accordance with Article 23 shall be terminated.
    5. Each Membership Member agrees that this Section of this T&Cs (i.e., consignment of node operation) may be deleted or modified, in the case where the regulations on node operation are amended.
  6. Proposal
    1. The referendum shall be announced individually in the Proposal; in the case the referendum is not announced, it shall be determined in accordance with Article 19.
    2. A Proposal passed via the Congress Voting shall be executed/applied directly by the Community. The execution or application of the Proposal cannot be consigned to a third party; however, the BlockchainOS Inc. may provide assistance in regard thereto, to the extent necessary.
    3. The execution/application of the Proposal may be postponed or cancelled in the case where the occurrence of a critical error with regard to the execution/application of the Proposal is anticipated or it becomes impossible to execute/apply the Proposal due to legal issues, etc.
    4. If the execution/application of the Proposal is conducted differently from the content of the Proposal, the BlockchainOS Inc. shall inform the Community of such disparity, and the Community shall take the necessary measures to execute/apply the Proposal in the intended manner.
    5. A Proposal in execution may be modified/suspended/disposed of either by way of issuing ”modification/suspension/disposition Proposal” or without such latter Proposal, in the case the execution/application of the Proposal becomes impossible due to circumstances such as legal issues, etc.
    6. In the case where a Member commits an act prohibited by or contrary to the Proposal as reasonably determined by the Community, the BlockchainOS Inc. shall immediately suspend or forfeit the Member’s Pre-membership and/or Membership, except where the Member’s such act is committed due to the execution/application of the Proposal in violation of or contrary to the content of the Proposal.
    7. The BlockchainOS Inc. shall not be liable for any impact on the Community by the execution/application of the Proposal or postponement/cancellation thereof or damage/loss incurred in connection therewith, except in cases where such impact/damage/loss has been incurred due to willful misconduct or gross negligence by BlockchainOS Inc.
  7. Disclaimer
    1. The BlockchainOS Inc. shall not warrant that the wallet service shall not have any errors, although the wallet service has passed the beta test and has been improving through feedback from the open source users and developer community.
    2. A Member shall be obligated to safely maintain and manage its security key, recovery key and password, and BlockchainOS Inc. shall not be liable in connection therewith. In the case where damage or loss is incurred due to a Member’s failure to safely manage its security key, recovery key and password or due to loss thereof which result in failure to access the Member’s wallet or loss of BOScoin, etc., the BlockchainOS Inc. shall not be liable for such loss or damage.
    3. In the case where a Member loses its security key, recovery key or password, the BlockchainOS Inc. shall not guarantee confirmation of such Member’s transactions, as the Member shall not be able to maintain control over the network.
    4. If a transaction is performed using BOScoin, such transaction shall not be cancelled.
    5. The BlockchainOS Inc. shall not be liable for any failure, restrictions on service or damage/loss to a Member unavoidably occurring due to the qualities of cryptocurrency.
    6. The BlockchainOS Inc. shall not be liable for any failure, restrictions on service or damage/loss to a Member unavoidably occurring due to force majeure events or any equivalent events beyond the control of the BlockchainOS Inc.
    7. The BlockchainOS Inc. shall not be liable for any failure, restrictions on service or damage/loss to a Member unavoidably occurring due to an illegal access to the BlockchainOS Inc.’s server, interference with normal operation of the server by a third party, or unauthorized usage of Members’ information, to the extent permitted under the relevant laws.
    8. The BlockchainOS Inc. shall not be liable for any failure, restrictions on service or damage/loss to a Member unavoidably occurring due to the risks expressly addressed in this T&Cs.
    9. The BlockchainOS Inc. shall only provide assistance regarding the execution and management of the matters determined via the Congress Voting where it is required and shall not guarantee any result from the Congress Voting or any profit therefrom. Further, in the event the execution of the matters determined via a Congress Voting is interrupted or becomes impossible due to an unforeseeable event, the BlockchainOS Inc. shall not guarantee the execution thereof or compensate for the loss incurred in connection therewith.
    10. The decision-making via the Congress Voting shall be proceeded independently from the BlockchainOS Inc., and the BlockchainOS Inc. shall under no circumstances be involved in the Congress Voting process or the result thereof or compensate for any result therefrom.
  8. Amendment of this T&Cs
    1. In the event the BlockchainOS Inc. makes an amendment to this T&Cs, it shall announce the date on which the amendment becomes effective and reason for the amendment with the existing T&Cs on the start-up screen of its website at least 7 days prior to the effective date of the amendment; provided, however, that if the amendment concerns material changes to the rights and obligations of the Members the announcement shall be made publicly in the said manner at least 30 days prior to the effective date. In the case of amendment to the benefit of the Members, the amendment may become effective immediately upon announcement
    2. Unless expressly objected to by a Member during the aforementioned announcement period, the amendment shall be deemed to have been accepted by all Members.
  9. Supplementary Provision
    1. This T&Cs shall become effective on November 19th, 2018.