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Polymath Airdrop Terms and Conditions
Effective Date: JANUARY 12, 2018
PLEASE READ THESE TERMS CAREFULLY. BY PARTICIPATING IN THE POLYMATH AIRDROP, YOU AGREE TO BE BOUND BY THESE TERMS AND ALL TERMS INCORPORATED BY REFERENCE. IF YOU DO NOT AGREE TO THESE TERMS THEN DO NOT PARTICIPATE IN THE AIRDROP.
These Terms (“Terms”) apply to your access to and participation in the Polymath Airdrop (“Airdrop”), which is operated by Polymath, Inc. and its affiliates (“Polymath”, “our”, “us” or “we”). These Terms do not alter in any way the terms or conditions of any other agreement you may have with Polymath for other products and services.
Active new members are the foundation of the Polymath platform. We are using the introduction of Polymath’s POLY token (“POLY”) as an opportunity to attract new members to the community and encourage existing members to increase their engagement. For a limited time, by registering for Airdrop you will have the opportunity to receive POLY. Our aim is to encourage participation on the Polymath platform, and to make more people aware of the exciting uses for POLY on the platform. Consistent with POLY’s status as a non-financial utility token, you represent and warrant to us that your sole use of the POLY is for access to the Polymath smart contract platform and that you do not intend to sell or profit from POLY.
Eligibility and Registration
- be a legal a citizen or legal resident of a geographic area in which purchase, holding or use of POLY is not prohibited by applicable law, decree, regulation, treaty, or administrative act;
- you must not be a citizen or resident of, or located in, a geographic area that is subject to U.S. or other applicable sanctions or embargoes or be an individual, or an individual employed by or associated with an entity, identified on the U.S. Department of Commerce’s Denied Persons or Entity List, the U.S. Department of Treasury’s Specially Designated Nationals List, the U.S. Department of State’s Debarred Parties List or other applicable sanctions lists;
- you must not be resident or domiciled in Belarus, Burundi, Central African Republic, Democratic Republic of Congo, Cuba, Iran. Iraq, Lebanon, Libya, North Korea, Somalia or New York State;
- be at least 18 years of age;
- not be acting on behalf of or for the benefit of, anyone else, unless you acting for and under the direction of the company that employs you or has duly authorized you as their legal representative to participate in the PA in their name and on their behalf; and
- complete the registration process, including the “know your customer” screening (“KYC Screening”). Uploaded documents may be used for additional verification as necessary. We reserve the right to manually reject any participant that was automatically approved. The registration process is mandatory and requires you to (i) provide all information we request during the registration process (“Registration Information”) and have an ERC20-compatible Ethereum wallet (“User Wallet”).
In order to be eligible to participate in the Airdrop, you must:
There are no fees associated with your participation in the Airdrop. You may only register for the Airdrop once, and it is nontransferable.
Eligibility Restrictions. The Airdrop is intended for personal or internal business use only and not for the resale of POLY. Directors, officers, members, managers, and employees of Polymath, and any of their respective parent companies, affiliate companies, subsidiaries, agents, professional advisors, advertising, promotional, public relations, and fulfillment agencies, consultants, legal counsel, website providers, web masters, and immediate family members (spouse, parent, child, sibling, grandparent, and “step” child, wherever they may live) of each are not eligible to participate.
Polymath reserves the right to change, modify or eliminate the Airdrop or all or any portion of these Terms or any policy pertaining to the Airdrop at any time and in its sole discretion, including our right to discontinue or change the benefits received under the Airdrop, or merge the Airdrop with another program. If we make changes, we will post the amended Terms to https://token.polymath.network and update the “Effective Date” above. We may also attempt to notify you in other ways. Unless we say otherwise, the amended Terms will be effective immediately and your continued participation in the Airdrop after the amended Terms are posted will confirm your acceptance of the changes. If you do not agree to the amended Terms, you must stop participating in the Airdrop.
- By completing the registration process and the KYC Screening, you will receive 250 POLY (“Airdrop Amount”).
- Once Polymath determines that you are eligible to receive POLY, we will deliver the Airdrop Amount to User Wallet. Polymath is not responsible for your failure to receive or access POLY at your User Wallet for any reason, including your loss of the requisite private key(s) to control your User Wallet.
Representations and Warranties
- You satisfy all eligibility requirements set forth in Section 2 of these Terms.
- You understand that POLY are intended to be used solely for specific non-financial uses and are not intended to be a digital currency, security, commodity or any other kind of financial instrument.
- Your receipt of POLY through the Airdrop is solely for intended use in connection with Token Utility and not for any other purposes, including, but not limited to, any investment, speculative or other financial purposes.
- You have a sufficient technical understanding of cryptographic tokens (including POLY and Ether), Ethereum-based protocols, distributed networks, token storage mechanisms (including your User Wallet), and blockchain technology in general to understand these Terms and to appreciate the risks and implications of purchasing POLY;
- You have read and understand the terms and conditions of these Terms;
- You understand, acknowledge and assume the restrictions and risks associated with the holding and use of POLY as set forth herein, including, but not limited to, the risks explained and disclosed in Attachment A;
- You understand that POLY are intended to be used only in connection with the Polymath smart contract platform, and confer no rights of any form with respect to Polymath or its corporate affiliates, including, but not limited to, any ownership, voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property), or other financial or legal rights;
- You understand and acknowledge that these Terms shall not be construed as an invitation to subscribe for any securities, and you understand and acknowledge that no actions of, or documentation issued by Polymath, shall be construed as such;
- All registration information you have provided is complete and accurate;
- You are at least 18 years of age;
- Your receipt of POLY complies with applicable laws and regulations in your jurisdiction, including, but not limited to, (i) legal capacity and any other applicable legal requirements in your jurisdiction for receiving and holding POLY, using POLY, and entering into contracts with us, (ii) any foreign exchange or regulatory or import/export restrictions applicable to such purchase, and (iii) any governmental or other consents that may need to be obtained;
- If you are registering for the Airdrop on behalf of any entity, (i) you are authorized to accept these Terms and to act on such entity’s behalf, (ii) 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), and (iii) such entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
- You will not use POLY or the Polymath smart contract platform in connection with any activity that violates applicable laws in any relevant jurisdiction, including, but not limited to, use of POLY or the Polymath smart contract platform in connection with transactions that violate U.S. federal or state securities or commodity laws;
- You will at all times maintain control of your User Wallet, and you will not share or disclose the account credentials associated with your User Wallet with any other party. If you transfer POLY from your User Wallet into another wallet or vault, you will likewise at all times maintain control of such other wallet or vault, and you will not share or disclose the account credentials associated with such other wallet or vault with any other party;
- You will comply with any applicable tax obligations in your jurisdiction arising from your purchase of POLY; and
- You understand and acknowledge that title to, and risk of loss of, POLY you receive from Polymath passes from Polymath to you.
You represent and warrant that:
Using or Redeeming Airdrop POLY
- POLY received under the Airdrop are personal to you and may not be sold, transferred (by operation of law or otherwise) or assigned to, or shared with, family, friends or others, or used by you for any commercial purpose. You further acknowledge and agree that Polymath has not provided tax advice and you are solely responsible for any taxes related to your participation in the Airdrop.
- Unless otherwise stated herein, these Terms govern only the Airdrop. Polymath will have no responsibility for the use of POLY after it is sent to your User Wallet.
To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless Polymath, and any of its respective parent companies, affiliate companies, subsidiaries, agents, professional advisors, advertising, promotional, public relations, and fulfillment agencies, consultants, legal counsel, website providers, web masters, and fulfillment and marketing agencies (the “Polymath Parties”) from and against all claims, demands, actions, damages, losses, costs and expenses (including attorneys’ fees) that arise from or relate to: (i) your participation in the Airdrop, (ii) any breach by you of these Terms, or (iii) any infringement or violation by you of any rights of, or laws or regulations applicable to, any other person or entity. Polymath reserves the right to exercise sole control over the defense, at your expense, of any claim subject to indemnification under Section 8(a). This indemnity is in addition to, and not in lieu of, any other indemnities set forth in a written agreement between you and Polymath.
Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW: (I) IN NO EVENT WILL POLYMATH OR ANY OF THE POLYMATH PARTIES BE LIABLE FOR LOSS OF PROFITS OR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR OTHER LOSS OF ANY KIND (INCLUDING WHERE RELATED TO LOSS OF REVENUE, INCOME OR PROFITS, LOSS OF USE OR DATA, OR LOSS FOR BUSINESS INTERRUPTION) ARISING OUT OF OR IN ANY WAY RELATED TO THE Airdrop OR THE DELIVERY OR USE OF POLY OR OTHERWISE RELATED TO THESE TERMS, REGARDLESS OF THE FORM OR CAUSE OF ACTION, WHETHER BASED IN CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY (EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF WHETHER SUCH LOSS WERE FORESEEABLE); AND (II) IN NO EVENT WILL THE AGGREGATE LIABILITY OF THE RELEASED PARTIES (JOINTLY) ARISING OUT OF OR RELATING TO YOUR PARTICIPATION IN THE Airdrop EXCEED $10. THE LIMITATIONS SET FORTH IN THIS SECTION WILL NOT LIMIT OR EXCLUDE LIABILITY FOR GROSS NEGLIGENCE, FRAUD OR INTENTIONAL, WILLFUL OR RECKLESS MISCONDUCT OF POLYMATH.
Governing Law and Venue
These Terms will be governed by and construed and enforced in accordance with the laws of Barbados, without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction.
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.
Relationship of the Parties
You are acting as an independent contractor and these Terms will not create the relationship of employer and employee, a partnership, joint venture or other relationship between you and Polymath. You will have no authority to bind, obligate or commit Polymath by any promise or representation without the prior written approval of Polymath.
Our failure to exercise or enforce any right or provision of these Terms will not operate as a waiver of such right or provision. We will not be liable for any delay or failure to perform any obligation under these Terms where the delay or failure results from any cause beyond our reasonable control. We may assign our rights and obligations under these Terms. Except as otherwise provided in herein, these Terms are intended solely for the benefit of you and us and are not intended to confer third-party beneficiary rights upon any other person or entity. You agree and acknowledge that all agreements, notices, disclosures, and other communications that we provide to you, including these Terms, may be provided in electronic form.
Certain Risks Relating to POLYImportant Note: As noted elsewhere in these Terms, POLY are not being designed or sold as securities or any other form of investment product. Accordingly, none of the information presented in this Attachment A is intended to form the basis for any investment decision, and no specific recommendations are intended. Polymath expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this Attachment A, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting from such information.
By receiving holding and using POLY, you expressly acknowledge and assume the following risks:1. Risk of Losing Access to POLY 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 POLY stored in your User Wallet or other digital wallet or vault. Accordingly, loss of requisite private key(s) associated with your User Wallet or other digital wallet or vault storing POLY will result in loss of such POLY. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of your User Wallet or other digital wallet or vault service you use, may be able to misappropriate your POLY. Any errors or malfunctions caused by or otherwise related to your User Wallet or other digital wallet or vault you choose to receive and store POLY, including your own failure to properly maintain or use such User Wallet or other digital wallet or vault, may also result in the loss of your POLY. Additionally, your failure to follow precisely the procedures set forth in the Terms for receiving POLY may result in the loss of your POLY.2. Risks Associated with the Ethereum Blockchain
Because POLY and the Polymath smart contract platform are based on the Ethereum blockchain, any malfunction, breakdown or abandonment of the Ethereum blockchain may have a material adverse effect on the Polymath smart contract platform or POLY. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to POLY and the Polymath smart contract platform, including the use of POLY on the Polymath smart contract platform, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum blockchain.3. Risk of Mining Attacks
As with other decentralized cryptographic tokens based on the Ethereum blockchain, POLY are susceptible to attacks by miners in the course of validating POLY transactions on the Ethereum blockchain, including, but not limited, to double-spend attacks, majority mining power attacks, and selfish-mining attacks. Any successful attacks present a risk to the Polymath smart contract platform and POLY, including, but not limited to, accurate execution and recording of transactions involving POLY.4. Risk of Hacking and Security Weaknesses
Hackers or other malicious groups or organizations may attempt to interfere with the Polymath smart contract platform or POLY in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, because the Polymath smart contract platform is based on an open-source protocol, there is a risk that a third party or a member of the Polymath team may intentionally or unintentionally introduce weaknesses into the core infrastructure of the Polymath smart contract platform, which could negatively affect the Polymath smart contract platform and POLY, including POLY’s use on the Polymath smart contract platform.5. Risks Associated with Markets for POLY
POLY are intended to be used solely in connection with the Polymath smart contract platform, and Polymath does not support or otherwise facilitate any secondary trading or external valuation of POLY. This restricts the contemplated avenues for using POLY, and could therefore create illiquidity risk with respect to POLY you hold. Even if secondary trading of POLY 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 POLY (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, POLY 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, such as the Federal Deposit Insurance Corporation, or private insurance arranged by us, to offer recourse to you.7. Risks Associated with Uncertain Regulations and Enforcement Actions
The regulatory status of POLY 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 the Polymath smart contract platform and POLY. Regulatory actions could negatively impact the Polymath smart contract platform and POLY in various ways, including, for purposes of illustration only, through a determination that the purchase, sale, delivery or use of POLY constitutes unlawful activity, or that registration or licensing is required for POLY or for some or all of the parties involved in the purchase, sale, delivery or use of POLY. Polymath 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 approvals to operate in such jurisdiction.8. Risks Arising from Taxation
The tax characterization of POLY is uncertain. You must seek your own tax advice in connection with purchasing POLY, which may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.9. Risk of Competing Protocols
It is possible that alternative platforms could be established that utilize the same open source code and protocol underlying the Polymath smart contract platform. The Polymath smart contract platform may compete with these alternative platforms, which could negatively impact the adoption of the Polymath smart contract platform and POLY, including POLY’s use on the Polymath smart contract platform.10. Risk of Insufficient Interest in the Polymath Smart Contract Platform or Distributed Applications
It is possible that the Polymath smart contract platform 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 protocols and decentralized applications, more generally. Such a lack of use or interest could negatively impact the development of the Polymath smart contract platform and the potential utility of POLY, including its use on the Polymath smart contract platform.11. Risks Associated with New and Evolving Laws Impacting Decentralized Application Technology
The distributed ledger and decentralized application ecosystem, and by extension the Polymath smart contract platform, may be subject to a variety of federal, state and international laws and regulations, including those with respect to consumer privacy, data protection, consumer protection, content regulation, network neutrality, cyber security, intellectual property (including copyright, patent, trademark and trade secret laws), and others. These laws and regulations, and the interpretation or application of these laws and regulations, could change. In addition, new laws or regulations affecting the Polymath smart contract platform could be enacted, which could adversely impact Polymath, the Polymath smart contract platform and POLY, including POLY’s use on the Polymath smart contract platform.
Additionally, the users and developers of the Polymath smart contract platform may be subject to industry specific laws and regulations or licensing requirements. If any of these parties fails to comply with any of these licensing requirements or other applicable laws or regulations, or if such laws and regulations or licensing requirements become more stringent or are otherwise expanded, it could adversely impact the Polymath smart contract platform and POLY, including POLY’s use on the Polymath smart contract platform.12. Specific Risks Relating to Value and Function of POLY
POLY does not limit in any respect Polymath’s or its corporate affiliates’ power to participate in other projects, operate other networks or issue other tokens that may compete with POLY or the Polymath smart contract platform.
No promises of future performance or value are or will be made with respect to POLY, including no promise of inherent value, no promise of continuing payments, and no guarantee that POLY will hold any particular value.13. Unanticipated Risks
Cryptographic tokens such as POLY are a new and untested technology. In addition to the risks included in this Attachment A, there are other risks associated with your holding and use of POLY, including those that Polymath cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the risks discussed in this Attachment A.
Last Updated: January 12, 2018
Collection of Information
Information You Provide to Us
We collect information you provide directly to us. For example, we collect information when you register for our Airdrop through the Site. The types of information we may collect include, as applicable, your name, entity name, email address, physical address, date of birth, gender, Ethereum address, and driver’s licence, passport or other government identification.
Information We Collect From Other Sources
We may also obtain information from other sources and combine that with information we collect through the Site. When you access or use the Site, we may automatically collect information about you, including:
We collect log information about your use of the Site, including the type of browser you use, access times, pages viewed, your IP address, and the page you visited before navigating to the Site.
We collect information about the device you use to access the Site, including the hardware model, operating system, and version, unique device identifiers, and mobile network information.
Information Collected by Cookies and Other Tracking Technologies:
We use various technologies to collect information, including cookies, and web beacons. Cookies are small data files stored on your hard drive or in device memory that help us improve the Site and your experience, see which areas and features of the Site are popular, and count visits. Web beacons are electronic images that may be used on the Site or in emails to help deliver cookies, count visits, and understand usage and campaign effectiveness. Most web browsers are set to accept cookies by default. If you prefer, you can usually choose to set your browser to remove or reject browser cookies. Please note that if you choose to remove or reject cookies, this could affect the availability and functionality of the Site.
Use of Information
- Conduct our Airdrop;
- Evaluate and determine your eligibility to participate in our Airdrop;
- Send you technical notices, updates, security alerts, and support and administrative messages;
- Respond to your comments, questions, and requests and provide customer service;
- Detect, investigate, and prevent fraudulent transactions or other unlawful activities, and protect the rights and property of Company and others; and
- Carry out any other purpose described to you at the time the information was collected.
We may use information about you for various purposes, including to:
Sharing of Information
- With service providers who need access to such information to carry out work on our behalf;
- In response to a request for information if we believe disclosure is in accordance with, or required by, any applicable law, regulation, or legal process;
- If we believe your actions are inconsistent with our terms or policies, or to protect the rights, property, and safety of Company or others;
- In connection with, or during negotiations of, any merger, sale of Company assets, financing, or acquisition of all or a portion of our business by another company;
- Between and among Company and our current and future parents, affiliates, subsidiaries, and other companies under common control and ownership;
- With your consent or at your direction.
We may also share aggregated or de-identified information, which cannot reasonably be used to identify you.
Company takes reasonable measures to help protect information about you from loss, theft, misuse, and unauthorized access, disclosure alteration, and destruction.
You may request that Company update or correct information about you at any time by contacting us at https://polymath.zendesk.com . We may retain certain information as required by law or for legitimate business purposes. We may also retain cached or archived copies of information about you for a certain period of time.