PLEASE READ THESE TERMS OF SALE AND TERMS OF SERVICE (COLLECTIVELY, THE “TERMS”) CAREFULLY. They govern the sale, access to, and use of global sports entertainment tokens (“FanChain Tokens” or “FanChain Tokens”) provided and utilized by SportsCastr International Ltd. , an Exempted Company incorporated in the Cayman Islands, or its legal affiliates (“SportsCastr”, “we” or “us”), through SportsCastr’s decentralized global sports entertainment digital economy and user-rewards program available at https://fanchain.com, and all other network sites and/or mobile applications and any other online services provided under the FanChain domain (“FanChain” or the “FanChain Ecosystem”), including any rights and obligations, content, functionality, features and applications offered in connection with FanChain Tokens (collectively, the “Services”). To the extent these Terms conflict with our separate Terms of Service for any service provided by SportsCastr other than the sale, access to, and use of FanChain Tokens, these Terms shall control with respect to the use of the Services.
NOTE THAT SECTION 18 CONTAINS A BINDING ARBITRATION CLAUSE AND CLASS ACTION WAIVER, WHICH AFFECT YOUR LEGAL RIGHTS. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT PURCHASE FANCHAIN TOKENS.
Please read these Terms carefully before you start to use our Services or purchase FanChain Tokens. By using the Services, you agree to be bound and abide by these Terms. These Terms take effect when you (1) click an “I Agree” button, check box or other indicator of agreement presented with these Terms or, if earlier, (2) by purchasing FanChain Tokens from us during the FanChain Token Sale Period (see Section 6 below). If you do not agree to these Terms, or if you violate them in any way, your right to access or use the Services or FanChain Tokens will be terminated. If you have any questions regarding these Terms, please contact us at [email protected]
1. SportsCastr’s Platform and The FanChain Ecosystem
SportsCastr provides an open, ultra-low-latency live video sports-viewing platform (the “SportsCastr Platform”). The SportsCastr Platform will be the first user-generated-content (“UGC”) platform to accept, use, distribute and support FanChain Tokens via the FanChain Ecosystem, which consists of FanChain Tokens, the FAN-wallet, FAN-exchange, FAN-pay, FAN-prizes and Mints (further described below). The FanChain Ecosystem is subject to the Terms of Service of SportsCastr.
FanChain Tokens are tokens built on the Ethereum blockchain and can be “stamped” with metadata for a specific sports team, league, or event for which a user created content or value for as a reward. FanChain Tokens will be compatible with a digital wallet that will recognize stamped metadata, thereby allowing users to select and send specific stamped FanChain Tokens and see and consume offers available to those who hold specifically stamped tokens (“FAN-wallet”). Users may convert FanChain Tokens to SportsCastr’s In-App Currency, “Tix,” or exchange FanChain Tokens with one specific stamp with other, differently stamped FanChain Tokens, via a web-based trading exchange (“FAN-exchange”), which are subject to the Terms of Service of SportsCastr. Apps, websites, media and other entities will be able to accept FanChain Tokens for goods and services by integrating a software plugin FanChain Token payment gateway to allow third-parties to offer discounts or other offers to holders of specific stamped FanChain Tokens (“FAN-pay”).
Mints are approved partners, including sports-related media publishers, social networks, over-the-top (“OTT”) platforms, leagues, apps or user-generated-content (“UGC”) tools, that have the ability to distribute stamped FanChain Tokens to their users or fans (and modify or remove stamps from FanChain Tokens) via a decentralized application (“DApp”) or a RESTful API. While the number of FanChain Tokens will not change, the metadata of FanChain Tokens may change based on this stamping process. Only Mints will have the ability to distribute new stamps and modify existing stamps of FanChain Tokens. Each Mint may have its own Terms of Service to which users of FanChain Tokens may be subject.
SportsCastr will be the first Mint. After or around the same time as the launch of FanChain, SportsCastr will be launching its platform that will support the FanChain Token. As more Mints are approved or developed, FanChain Tokens will be distributed, stamped, and accepted outside of the SportsCastr Platform.
Further details regarding FanChain, FanChain Tokens, and the release plan are available in the FanChain Whitepaper at https://fanchain.com/whitepaper/.
2. Purpose and Use of FanChain Tokens
- The purpose of the FanChain Token is to reward users for supporting and generating content or value for their favorite sports affiliations, to increase user engagement and other features on FanChain as detailed at https://fanchain.com/
- Purchasers of FanChain Tokens understand, acknowledge and agree that the purchase of FanChain Tokens only entitles the purchaser to access and use aspects of FanChain and does not entitle the purchaser to any rights with respect to SportsCastr, including but not limited to, ownership, voting rights or other rights in any jurisdiction. FanChain Tokens do not confer any rights or any other form of participation in or relating to SportsCastr and its corporate affiliates or its property, other than rights relating to the provision and receipt of the Services (defined in Section 3 below), subject to limitations and conditions described in these Terms. FanChain Tokens are not intended to be a virtual currency, security, derivative or any other kind of financial instrument and these Terms do not constitute an invitation to the public to subscribe to any securities.
3. Scope of Terms and Services
- These Terms govern your purchase of FanChain Tokens from us during the Sale Period (defined in Section 6 below), and any use of FanChain Tokens thereafter.
4. Principles and Prohibited Uses
- By transferring any Ether (“ETH”) or other cryptocurrency converted into ETH (collectively, “Cryptocurrency”) to the unique ETH deposit address provided to you during the Sale Period (the “Wallet”), you understand and accept that the funds resulting from your purchase and your participation in the Services may be used for further development and evolution of the FanChain Ecosystem and related Services. For the White Paper and/or further information within the FanChain Ecosystem, visit our website (https://fanchain.com/). The information contained in the White Paper and on our website is of a descriptive nature only, is not binding and – unless explicitly referred to herein – do not form part of the Terms and Policies.
- You understand and accept that while the individuals and entities involved in the Service (including SportsCastr), will make reasonable efforts to continue to develop the FanChain Ecosystem and related Services, it is possible that such development may fail and your FanChain Tokens may become useless and/or valueless due to technical, commercial, regulatory or any other reasons.
- You are also aware of the risk that due to a lack of public interest, the FanChain Ecosystem and related Services could be fully or partially abandoned, remain commercially unsuccessful or shut down for lack of interest, regulatory or other reasons. You therefore understand and accept that the transfer of Cryptocurrency to the relevant Wallet and the creation of FanChain Tokens carry significant financial, regulatory and/or reputational risks (including the complete loss of value of created FanChain Tokens, if any, and attributed features of the FanChain Ecosystem and related Services).
- You furthermore understand and accept that—as the creation of FanChain Tokens as well as the assignment of FanChain Tokens, and related Services may be based on particular Blockchain networks (such as Ethereum)—the terms and conditions applicable thereon are set forth in those Blockchain networks’ code (“Network Code”). SportsCastr reserves the right to migrate from the Ethereum protocol to a future protocol that may or may not currently exist, for any reason. FanChain Tokens issued and outstanding will be exchanged on an equal basis, if the revised protocol requires the underlying token protocol to be different from the currently utilized Ethereum protocol. To the extent the Terms contained herein or in any other document or communication contradict the ones set forth in the Network Code in connection with such network operations, the Network Code shall prevail.
- By transferring Cryptocurrency to the Wallet you expressly agree to all of the terms and conditions set forth in the Network Code existing on the Ethereum blockchain (at the address set forth on our website) and any related Wallet terms and conditions. You further confirm to have carefully reviewed the Network Code, its functions and the Terms set forth in this document and to fully understand the risks and costs of FanChain Tokens and contributing to the FanChain Ecosystem and Services.
- These Terms do not constitute a prospectus of any sort, are not a solicitation for investment and do not pertain in any way to an offering of securities in any jurisdiction. It is a description of the ability to use the FanChain Ecosystem and related Services.
- By transferring Cryptocurrency to the Wallet, and/or receiving FanChain Tokens, no form of partnership, joint venture, agency or any similar relationship between you and SportsCastr, other individuals or entities involved with deployment of the Services on a Blockchain network, or the FanChain Ecosystem and related Services, including any Mints, will be established.
- You acknowledge and understand that SportsCastr, the FanChain Tokens and the related Services are not regulated by any regulatory authority. You will not benefit from protections under the regulatory systems, such as statutory client money protections and access to a financial services compensation scheme.
- The Services are available only to persons that are 18 years of age or older. By using the Services, you represent and warrant that you are 18 years of age or older and meet all of the eligibility requirements in these Terms.
- You agree not to use or access any of the Services:
- In any way that violates any applicable federal, state, local, or international law, rule, or regulation (including, without limitation, any intellectual property laws or laws regarding sanctions, or the export of data or software to and from the US or other countries).
- To post unlawful, infringing, or other inappropriate content.
- To impersonate, attempt to impersonate, or falsely imply that you are associated with SportsCastr, another User, or any other person or entity.
- In any manner that could disable, alter, overburden, damage, or impair the Services or the FanChain Ecosystem or engage in any other conduct that restricts or interferes with any other party’s use, which, as determined by us, may harm SportsCastr or Users of the Services and expose them to liability, including but not limited to by transmitting any worms, viruses, spyware, malware or any other code of a destructive, malicious, intrusive, or disruptive nature.
- To circumvent or disable any content protection system or digital rights management technology used with any Services; decompile, reverse engineer, disassemble or otherwise reduce any Services to a human-readable form; remove identification, or other proprietary notices; or access or use any Services in an unlawful or unauthorized manner or in a manner that suggests an association with our products, services or brands.
- To create accounts or access data (including User information) through unauthorized means, by using an automated device, caching, script, bot, spider, crawler or scraper.
- To substantially replicate products or services offered by SportsCastr, including by republishing SportsCastr content or creating of a separate publishing platform.
- To farm, game, manipulate or spam the FanChain Ecosystem in order to gain FanChain Tokens in an unfair or deceitful manner.
5. Cancellation; Refusal of Purchase Requests
- Your purchase of FanChain Tokens from us during the Sale Period is final, and there are no refunds or cancellations except (i) as may be required by applicable law or regulation, and (ii) if a sales minimum is established and the Sale Period fails to sell a minimum number of FanChain Tokens, then Cryptocurrency sent by you to purchase FanChain Tokens may be returned and the purchase and sale will be considered not made. Should this occur, the value of the Cryptocurrency sent by you may have decreased due to fluctuations in the market rate of such Cryptocurrency or other factors. We reserve the right to refuse or cancel FanChain Token purchase requests at any time in our sole discretion.
- We will provide you web-based support only, in our sole discretion, which support may include email, web forums, and knowledge-based support. We do not intend to provide telephonic or live support. Our support email is [email protected]
6. Token Sale Procedures and Specifications
- Sale of FanChain Tokens. For further description of FanChain Tokens and the parameters of the FanChain Token sale, please consult the FanChain White Paper.
- Sale Period. For the Sale Period, please refer to our website: https://fanchain.com/faq. Once the Sale Period ends, no additional Cryptocurrency added to a Wallet will be credited towards FanChain Tokens absent explicit agreement by SportsCastr.
- Use only SportsCastr-provided information to purchase FanChain Tokens. Only the Blockchain network addresses identified on FanChain websites will issue FanChain Tokens during the Sale Period. To the extent that any third party website, service or smart contract offers FanChain Tokens during the Sale Period or facilitates the sale or transfer of FanChain Tokens in any way during these periods or at any time up to the release of the FanChain Tokens or after the release, such third-party websites or services are (unless explicitly identified as Mints on the FanChain website that can distribute FanChain Tokens) not authorized by SportsCastr and have no relationship in any way with the SportsCastr, and such FanChain Tokens may be invalid and not usable within the FanChain Ecosystem.
- FanChain Tokens will also be distributed by SportsCastr or other Mints in connection with the Services. This includes, but is not limited to, in the form of bounty and user rewards and developer rewards as provided in the FanChain White Paper available at https://fanchain.com/. Users that receive FanChain Tokens from SportsCastr or other Mints for these purposes understand, acknowledge and agree that the FanChain Tokens only entitle the owner to access and use aspects of the FanChain Ecosystem and do not entitle the owner to any rights with respect to SportsCastr, including but not limited to, ownership, voting rights or other rights. Users agree to use FanChain Tokens in accordance with the Terms and Policies and acknowledge and accept the Risk Disclosures set forth in the FanChain White Paper. FanChain Tokens do not confer any rights other than rights relating to the provision and receipt of the Services described above, subject to limitations and conditions described in the Terms and Policies. FanChain Tokens are not intended to be a virtual currency, security, derivative or any other kind of financial instrument.
- Excluded Contributions. The only acceptable payment during the Sale Period is Cryptocurrency. Any other type of payment, including any type of fiat currency or token not converted through our website, will not be accepted.
- Delivery. After completion of the FanChain Token sale, the account you used to purchase FanChain Tokens will be credited with the number of FanChain Tokens you purchased during the sale (the “Resulting Distribution”). All deliveries from the Resulting Distribution will be made electronically. Deliveries will be made directly to the account, address or wallet associated with your FanChain Token purchase. For FanChain Token delivery dates, please refer to our website: https://fanchain.com/.
- Third Party Payment Processor. If you purchase Cryptocurrency, or acquire Cryptocurrency using a third-party payment processor or exchange, that payment processor is your agent, not ours, for the purpose of the payment and purchase. You, not we, are responsible for ensuring that we actually receive the appropriate amount of Cryptocurrency. We are not responsible for any loss of funds due to the use of a third-party payment processor or exchange. If you purchase FanChain Tokens or acquire FanChain Tokens using a third-party payment processor, Mint, or exchange, that Mint, payment processor or exchange is your agent, not ours, for the purpose of the payment and purchase. You, not we, are responsible for ensuring that we actually receive the appropriate amount of Cryptocurrency and that you receive the appropriate amount of FanChain Tokens. We are not responsible for any loss of funds related to the use of any third-party payment processor or exchange.
- Pricing. FanChain Tokens are only for use in connection with the FanChain Ecosystem and related Services under the Terms and Policies and only constitute a transferable representation of the right to use Services within the FanChain Ecosystem.
7. Promotions, Bounty and Rewards
SportsCastr may, from time to time, offer FanChain Tokens through promotional means, such as in a sweepstakes, FAN-prizes, or bounty and rewards. Promotional offers will be governed by their own set of terms and conditions and it is your responsibility to abide by such terms and conditions, however, in the event there is a conflict between any promotion’s terms and conditions and the Terms and Policies, the Terms and Policies shall control.
NO PURCHASE SHALL BE NECESSARY TO PARTICIPATE IN ANY PROMOTIONAL OFFER.
- Offers. SportsCastr reserves the right, in its sole discretion, to cancel or modify any promotional offer if fraud or other failure destroys the integrity of the offer. In addition, SportsCastr reserves the right, in its sole discretion, to extend or modify the time period during which a promotional offer is available. SportsCastr does not assume any responsibility for incorrect or inaccurate capture of registration information, technical malfunctions, human or technical error, seeding or printing errors, lost/delayed/garbled data or transmissions, omission, interruption, deletion, defect, or failures of any telephone or computer line or network, computer equipment, software or any combination thereof. Registration materials that have been tampered with or altered are void. If, in our opinion, any offer is compromised or becomes technically corrupted in any way, electronically or otherwise, we reserve the right to cancel, terminate, or suspend the offer.
- Restrictions. There shall be no substitution, transfer or cash equivalent for FanChain Tokens received through any promotional offer, except that SportsCastr may, at its sole discretion, substitute items or cash of comparable value as applicable. All expenses and costs associated with the acceptance or use of the Tokens that are not expressly specified herein, or in the promotional offer’s official rules, are your sole responsibility. All federal, state and local taxes (as applicable) are your sole responsibility.
- Required Bounty participant disclaimers. Before engaging in any activities in exchange for rewards or FanChain Tokens for participating in the FanChain Ecosystem,, (“Bounty Activities”), participants must disclose the nature of their relationship to FanChain Tokens and/or SportsCastr, similar to the following: “This content is part of my entry into the FanChain Token Bounty for a chance to earn SportsCastr FanChain Tokens. For more information on the bounty and SportsCastr, see https://fanchain.com “ Participants must also include a statement similar to the following text in any Bounty Activity: “SportsCastr is/are in no way sponsoring or paying me to create or distribute this content, however, by entering the FanChain Token Bounty, I’m eligible to receive FanChain Tokens from SportsCastr. Any statements or views expressed in this content are my own and not those of SportsCastr. For more information about SportsCastr and the FanChain Token Bounty, go to https://fanchain.com.”
- Bounty Activity Disclaimers. Any content created for or in connection with any FanChain Token Bounty should contain the following disclaimer: “The content contained in or provided herein is for educational and informational purposes only. The content contained in or provided herein is not intended to be and does not constitute financial advice, legal advice, investment advice, trading advice, tax advice or any other advice. The Information provided from or through this content is general in nature and is not specific to you the User or anyone else. You acknowledge and understand that this content’s creator may take part in promoting crypto projects that involve sales or grants (collectively, “Sales”) of cryptographic tokens (“Tokens”) including FanChain Tokens that appear in content provided from or through SportsCastr. The content creators may be compensated by FanChain Tokens for its crypto project promotional activities. We intend to disclose any material connection that it may have with any FanChain Token Sales. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented on this content without undertaking independent due diligence and consultation with a professional broker or financial or tax advisory. SportsCastr is NOT a professional broker or financial or tax advisory. SportsCastr does not make any guarantee or other promise as to any results that may be obtained from using our content or information. To the maximum extent permitted by law, SportsCastr disclaims any and all liability in the event any information, content, commentary, analysis, and/or opinions prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. You understand that you are using any and all Information available on or through this content at your own risk."
- Release From Liability For Promotions. By accepting the FanChain Tokens received through any promotional offer or by accepting any reward in exchange for FanChain Tokens, you agree to hold harmless SportsCastr, its parents, affiliates, subsidiaries, officers, directors, shareholders, agents, employees and all other associates (“Released Parties”) from and against any and all claims and liability arising out of your acceptance, transfer or use of the FanChain Tokens or acceptance of any SportsCastr offer. You assume all liability for any injury or damage caused, or claimed to be caused by accepting a SportsCastr promotional offer or use, transfer or redemption of the FanChain Tokens. Information collected during registration will be used in accordance with the Terms and Policies, and statements made in any promotional offer materials.
CAUTION: ANY ATTEMPT BY ANY INDIVIDUAL TO DELIBERATELY DAMAGE ANY WEBSITE OR UNDERMINE THE LEGITIMATE OPERATION OF A SPORTSCASTR OFFER IS A VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD SUCH AN ATTEMPT BE MADE, THE RELEASED PARTIES RESERVE THE RIGHT TO SEEK DAMAGES FROM ANY SUCH INDIVIDUAL TO THE FULLEST EXTENT PERMITTED BY LAW.
Disputes. You agree to abide and be bound by the dispute resolution requirements as set forth in these Terms and any additional dispute resolution requirements as outlined in a specific promotion’s official rules.
8. Acknowledgement and Assumption of Risks and Responsibilities
You acknowledge and agree that there are risks associated with purchasing FanChain Tokens, holding FanChain Tokens, and using FanChain Tokens in connection with the Services, as disclosed and explained in the Risk Disclosures section below.
You are responsible for any activity that occurs through your account or Wallet, and all of your activity within the FanChain Ecosystem. You agree you will not sell, transfer, license or assign your account, credentials, or any account rights. With the exception of people or businesses that are expressly authorized to create accounts on behalf of their employers or clients, SportsCastr prohibits the creation of and you agree that you will not create an account for anyone other than yourself. You also represent that all information you provide or provided to SportsCastr upon registration and purchased of FanChain Tokens and at all other times will be true, accurate, current and complete and you agree to update your information as necessary to maintain its truth and accuracy. SportsCastr maintains the ability to reclaim any account username that has been inactive for one year or longer.
You are responsible for keeping your access credentials secret and secure.
You are solely responsible for your interaction with other Users of the Services, whether online or offline. You agree that SportsCastr is not responsible or liable for the conduct of any User. SportsCastr reserves the right, but has no obligation, to monitor or become involved in disputes between you and other Users.
You must not describe or assign keywords to your channel in a misleading or unlawful manner, including in a manner intended to trade on the name or reputation or others, and SportsCastr may change or remove any description or keyword that it considers unlawful or otherwise likely to cause SportsCastr liability.
You must immediately notify SportsCastr of any unauthorized uses of your FanChain Tokens or any other breaches of security.
If you have any questions regarding these risks, please contact us at [email protected] BY PURCHASING FANCHAIN TOKENS, YOU EXPRESSLY ACKNOWLEDGE AND ASSUME THESE RISKS AND RESPONSIBILITIES.
- Your Security. You are further responsible for implementing reasonable measures for securing the wallet, vault or other storage mechanism you use to receive and hold FanChain Tokens you purchase from us, including any requisite private key(s) or other credentials necessary to access such storage mechanism(s). If your private key(s) or other access credentials are lost, you may lose access to your FanChain Tokens. We are not responsible for any such losses. You will implement reasonable and appropriate measures designed to secure access to (i) any device connected with the email address associated with your account, (ii) private keys required to access any relevant Ethereum address, Wallet or your FanChain Tokens, and (iii) your username, password and any other login or identifying credentials. In the event that you are no longer in possession of any device connected with your account or Wallet, or are not able to provide your login or identifying credentials, we may, in our sole discretion, and only if we are able, grant access to your account to any person providing additional credentials to us. We reserve the right to determine the additional credentials required, which may include a sworn, notarized statement of identity.
The purchase price that you pay for FanChain Tokens is exclusive of any applicable taxes. You are responsible for determining what, if any, taxes apply to your purchase of FanChain Tokens, including, for example, sales, use, value added, and similar taxes. It is also your responsibility to withhold, collect, report and remit the correct taxes to the appropriate tax authorities. We are not responsible for withholding, collecting, reporting, or remitting any sales, use, value added, or other tax arising from your purchase of FanChain Tokens.
12. Representations and Warranties
By purchasing FanChain Tokens, you represent and warrant that:
- You are agreeing to participate in the FanChain Ecosystem in some manner, and understand that the FanChain Ecosystem is not solely dependent upon the efforts of SportsCastr, but by Mints other than SportsCastr and holders of FanChain Tokens engaging with the Services;
- You are not a citizen or resident of the United States, or any country, state, or territory where the purchase of FanChain Tokens or similar crypto tokens and/or other aspects of the Terms and Policies may be prohibited;
- You are of a sufficient age to legally obtain and use FanChain Tokens;
- You are not purchasing or obtaining FanChain Tokens from countries or regions comprehensively sanctioned by (i) the United States Federal government; (ii) the United Nations; (iii) the European Union; (iv) the United Kingdom; (v) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the U.S. Office of Foreign Assets Control (“OFAC”) and Her Majesty's Treasury, or on behalf of governments of these countries or regions, nor will you use the FanChain Tokens to conduct or facilitate any transactions with persons or entities located in these countries or regions. You are not (i) a citizen or resident of a geographic area in which access to or use of the Services is prohibited by applicable law, decree, regulation, treaty, or administrative act, (ii) a citizen or resident of, or located in, a geographic area that is subject to U.S. or other applicable comprehensive country sanctions or embargoes, or (iii) an individual, or an individual employed by or associated with an entity, identified on the U.S. Department of Commerce’s Denied Persons, Unverified, or Entity List, the U.S. Department of Treasury’s Specially Designated Nationals or Blocked Persons or Foreign Sanctions Evaders Lists, the U.S. Department of State’s Debarred Parties List, or any sanction imposed by the European Union. You will not use the FanChain Tokens to conduct or facilitate any transactions with such persons described above. 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 the Services. If you are registering to use the Services on behalf of a legal entity, you further represent and warrant that (i) such legal entity is duly organized and validly existing under the applicable laws of a jurisdiction of organization other than the United States, (ii) you are duly authorized by such legal entity to act on its behalf and bind it to the Terms and Policies, and (iii) if you are purchasing FanChain Tokens on behalf of any entity, you are authorized to accept theTerms and Policies on such entity’s behalf and such entity will be responsible for breach of the Terms and Policies by you or any other employee or agent of such entity (references to “you” in the Terms and Policies refer to you and such entity, jointly);
- You have sufficient understanding of cryptographic tokens, token storage mechanisms (such as token wallets), and blockchain technology to understand the Terms and Policies, the Services,, and the risks and implications of purchasing the FanChain Tokens;
- You have read, understood and agreed to the Terms, the Risk Disclosures (set forth below), the FanChain White Paper, and the Terms and Policies, and will periodically check for updates to these documents we provide through the Services including on our website (https://fanchain.com/) or other channels;
- You have obtained sufficient information about the FanChain Tokens to make an informed decision to purchase the FanChain Tokens;
- You understand that the FanChain Tokens confer only the right to provide and receive Services and confer no other rights of any form or nature with respect to the Blockchain network or SportsCastr, including, but not limited to, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property), or other financial or legal rights;
- You are not purchasing FanChain Tokens for any use or purpose other than to use the Services, including, but not limited to, for any investment, speculative or other financial purposes;
- Your purchase of FanChain Tokens complies with applicable law and regulation in your jurisdiction, including, but not limited to, (i) legal capacity and any other threshold requirements in your jurisdiction for the purchase of the FanChain Tokens and entering into contracts with us, (ii) any foreign exchange or regulatory restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) any applicable tax obligations in your jurisdiction arising from your purchase and use of FanChain Tokens and by holding or using the FanChain Tokens, and to the extent permitted by law, you agree not to hold any third party (including developers, auditors, contractors or founders) liable for any tax liability associated with or arising from the creation, ownership or use of the FanChain Tokens or any other action or transaction related to the Services;
- You agree to promptly provide to SportsCastr, upon request, proof of identity and/or source of funds and/or any other documentation or other information that SportsCastr may request from time to time in connection with SportsCastr’s obligations under, and compliance with, applicable laws and regulations, including but not limited to anti-money laundering legislation, regulations or guidance and/or tax information reporting or withholding legislation, regulations or guidance, or any “Know Your Customer” requirements and policies;
- You are legally permitted to receive software and contribute to the continued development of the FanChain Ecosystem and the Services;
- You understand that FanChain Tokens are not intended to be a digital currency, security, derivative or any other kind of financial instrument, and you understand and acknowledge that these Terms shall not be construed as an invitation to the public to subscribe for any securities, you understand and acknowledge that no actions of, or documentation issued by SportsCastr, shall be construed as such, and you understand the creation of the FanChain Token does not involve the purchase of shares or any equivalent in any existing or future public or private company, corporation or other entity in any jurisdiction;
- You understand that SportsCastr and FanChain are not registered with or licensed by any financial regulatory or securities authority. Accordingly, no financial regulatory or securities authority has passed upon the contents of these Terms or the merits of purchasing FanChain Tokens, nor have these Terms been filed with, or reviewed by any financial regulatory or securities authority and you will not benefit from protections under the regulatory systems, such as statutory client money protections and access to a financial services compensation scheme;
- You understand with regard to FanChain Tokens, that we make no guarantees that you will be able to resell FanChain Tokens, or as to their future value, and that no market liquidity may be guaranteed and that the value of FanChain Tokens over time may experience extreme volatility or depreciate in full;
- You understand that you bear the sole responsibility to determine if the creation, ownership or use of FanChain Tokens, the potential appreciation or depreciation in the value of FanChain Tokens over time, and the sale and purchase of FanChain Tokens and/or any other action or transaction related to FanChain Tokens or the Services have tax implications;
- You waive the right to participate in a class action lawsuit or a class wide arbitration against any entity or individual involved with the creation of FanChain Tokens; and
- You understand that you have no right against any other party to request any refund of Cryptocurrency exchanged for FanChain Tokens under any circumstances.
- You understand that certain information in these Terms and the FanChain White Paper may constitute ‘forward-looking statements’, as may be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, or “believe” or the negatives thereof or other variations thereon or comparable terminology, and you understand that due to various risks and uncertainties, including those described under the section headed “Risk Disclosures,” actual events or results or the actual performance of the FanChain Ecosystem and the FanChain Tokens may differ materially from those reflected or contemplated in such forward-looking statements. Undue reliance should not be placed on any such statements.
13. Security and Backup
You are responsible for properly configuring any software you use in connection with your access to, or use of, FanChain Tokens. You are responsible for any person’s use of your credentials.
14. Proprietary Rights
- Suggestions. If you provide any suggestions to us or our affiliates, we will own all right, title, and interest in and to those suggestions, even if you have designated the suggestions as confidential or proprietary. We and our affiliates will be entitled to use, transfer and hypothecate the suggestions without restriction. You irrevocably assign to us all right, title, and interest in and to the suggestions and agree to provide us any assistance we may require to document, perfect, and maintain our rights in the suggestions.
- Hardware and Software. Under no circumstances will you gain any proprietary rights in any computer hardware or software (except the value of the FanChain Tokens in your Resulting Distribution) used by us or our affiliates.
- Intellectual Property. We grant you a limited, non-exclusive, non-sublicensable, non-transferable license to access and use the Services for lawful purposes in accordance with the Terms and Policies. The Services contain materials owned or licensed by SportsCastr, including name, logo, source code and executable code, text, images, audio/visual works, icons and scripts and other intellectual property rights (“SportsCastr Content”). SportsCastr Content is protected by copyright, trademark, patent, trade secret and other laws, and, as between you and SportsCastr, SportsCastr owns and retains all rights in SportsCastr Content and the Services. We retain all right, title and interest in all of our intellectual property, including inventions, discoveries, processes, marks, methods, compositions, formulae, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyrights or patents based thereon. You will not remove, alter or conceal any copyright, trademark, service mark or other proprietary rights notices incorporated in or accompanying SportsCastr Content and you will not reproduce, modify, adapt, prepare derivative works based on, perform, display, publish, distribute, transmit, broadcast, sell, license or otherwise exploit SportsCastr Content or the Services without the prior written permission of SportsCastr, which may be granted by us in our sole discretion and, if granted, thereafter revoked by us at any time. You will own all intellectual property rights in materials you create using the Services except to the extent they incorporate SportsCastr Content or other intellectual property rights owned or licensed by SportsCastr (“User Content”). You hereby grant SportsCastr a limited, non-exclusive, non-sublicensable, non-transferable license to access and use User Content for the purpose of providing the Services to you. SportsCastr reserves the right to display attribution text or links in your site footer or toolbar, denoting attribution to SportsCastr or the theme author, for example. The toolbar may not be altered or removed. Attribution text or links may only be hidden if you are subscribed to an enhanced level of service that permits the User to do so.
- To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless SportsCastr and our respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns (the “SportsCastr Parties”) on demand from and against all claims, demands, actions, damages, losses, costs and expenses (including attorneys’ fees, court costs, investigative costs, amounts paid in settlement and other costs and expenses) that arise from or relate to: (i) your purchase or use of FanChain Tokens, (ii) your responsibilities or obligations under the Terms and Policies, (iii) your violation of the Terms and Policies, (iv) your violation of any rights of any other person or entity, or (v) your violation of applicable law. This indemnity is in addition to, and not in lieu of, any other indemnities set forth in any other written agreement between you and SportsCastr and in the Terms and Policies.
- SportsCastr reserves the right to exercise sole control over the defense, at your expense, of any claim subject to indemnification under the foregoing section.
- TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT AS OTHERWISE SPECIFIED IN A WRITING BY US, (A) THE FANCHAIN TOKENS ARE SOLD ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND, AND WE EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES AS TO THE FANCHAIN TOKENS, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT; (B) WE CANNOT AND DO NOT REPRESENT OR WARRANT THAT THE FANCHAIN TOKENS ARE RELIABLE, CURRENT OR ERROR-FREE, MEET YOUR REQUIREMENTS, OR THAT DEFECTS IN THE FANCHAIN TOKENS WILL BE CORRECTED; AND (C) WE CANNOT AND DO NOT REPRESENT OR WARRANT THAT THE FANCHAIN TOKENS OR THE DELIVERY MECHANISM FOR FANCHAIN TOKENS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.
- WE DO NOT AND WILL NOT PROVIDE YOU WITH ANY SOFTWARE OTHER THAN THE FANCHAIN TOKENS IN YOUR RESULTING DISTRIBUTION.
- YOU UNDERSTAND THAT TOKENS, BLOCKCHAIN TECHNOLOGY, THE ETHEREUM PROTOCOL, ETHER, BITCOIN AND OTHER CRYPTOCURRENCY ARE NEW AND UNTESTED TECHNOLOGIES OUTSIDE OF OUR CONTROL AND ADVERSE CHANGES IN MARKET FORCES, LAW OR TECHNOLOGY WILL EXCUSE OUR PERFORMANCE UNDER THESE TERMS.
- TRANSACTIONS USING BLOCKCHAIN TECHNOLOGY, SUCH AS THOSE INVOLVING THE TOKEN SALE, ARE AT RISK TO MULTIPLE POTENTIAL FAILURES, INCLUDING HIGH NETWORK VOLUME, COMPUTER FAILURE, BLOCKCHAIN FAILURE OF ANY KIND, USER FAILURE, TOKEN THEFT, AND NETWORK HACKING. WE ARE NOT RESPONSIBLE FOR ANY LOSS OF DATA, ETHER AND OTHER CRYPTOCURRENCY, TOKENS, FIAT CURRENCY, HARDWARE OR SOFTWARE RESULTING FROM ANY TYPES OF FAILURES, THEFT, OR HACK.
- Some jurisdictions do not allow the exclusion of certain warranties or disclaimer of implied terms in contracts with consumers, so some or all of the exclusions of warranties and disclaimers in this Section may not apply to you.
17. Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW:
i. IN NO EVENT WILL SPORTSCASTR OR ANY OF THE SPORTSCASTR PARTIES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES OF ANY KIND (INCLUDING, BUT NOT LIMITED TO, LOSS OF REVENUE, INCOME OR PROFITS; UNREALIZED GAIN OR SAVINGS; LOSS OF USE OR DATA; OR DAMAGES FOR BUSINESS INTERRUPTION) ARISING OUT OF OR IN ANY WAY RELATED TO THE SALE OR USE OF, OR INABILITY TO USE, FANCHAIN TOKENS OR OTHERWISE RELATED TO THESE TERMS, REGARDLESS OF THE FORM OF ACTION, WHETHER BASED IN CONTRACT, TORT (INCLUDING, BUT NOT LIMITED TO, SIMPLE NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), 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 DAMAGES WERE FORESEEABLE); AND
ii. IN NO EVENT WILL THE AGGREGATE LIABILITY OF SPORTSCASTR AND THE SPORTSCASTR PARTIES (JOINTLY), WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE TERMS AND POLICIES OR THE SALE OR USE OF, OR INABILITY TO USE, THE FANCHAIN TOKENS, EXCEED THE AMOUNT YOU PAY TO US FOR THE FANCHAIN TOKENS IN US DOLLARS AT THE TIME OF SALE.
To the fullest extent permitted by applicable law, you release SportsCastr and the other SportsCastr Parties from responsibility, liability, claims, losses, demands and/or damages (actual and consequential) of every kind and nature, known and unknown (including, but not limited to, claims of negligence), arising out of or related to (i) disputes between you and third parties, or (ii) the acts or omissions of third parties. You expressly waive any and all rights which you may have under any statute or common law principles that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favor at the time of agreeing to this release.
19. Dispute Resolution; Arbitration; Jurisdiction
PLEASE READ THE FOLLOWING SECTION CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE CERTAIN DISPUTES AND CLAIMS WITH SPORTSCASTR AND LIMITS THE MANNER IN WHICH YOU MAY SEEK RELIEF FROM US.
- Binding Arbitration. Any dispute, controversy or claim arising out of or in connection with these Terms or their formation, existence, validity, interpretation, performance, breach or termination shall be referred to and finally determined by arbitration.
- The Party requesting arbitration shall do so by written notice to the other Party. Notice to SportsCastr shall be sent by email to SportsCastr at [email protected] Notice to you shall be by email to the then-current email address in your Account.
- The arbitral tribunal shall be composed of three arbitrators.
The arbitrators shall be appointed as follows:
(i) each party shall nominate an arbitrator, and the two arbitrators so appointed shall appoint a third arbitrator who shall act as president of the arbitral tribunal;
(ii) if either party fails to nominate an arbitrator within 30 days of receiving notice of the nomination of an arbitrator by the other party, such arbitrator shall at the request of that party be appointed by the Grand Court of the Cayman Islands;
(iii) if the two arbitrators to be nominated by the parties fail to agree upon a third arbitrator within 30 days of the appointment of the second arbitrator, the third arbitrator shall be appointed on the nomination of Grand Court of the Cayman Islands at the written request of either party;
(iv) should a vacancy arise because any arbitrator dies, resigns, refuses to act, or becomes incapable of performing his functions, the vacancy shall be filled by the method by which that arbitrator was originally appointed.
- The seat of the arbitration shall be the Cayman Islands.
- The language to be used in the arbitral proceedings shall be English.
- The arbitration shall be conducted under the International Arbitration Rules of the Judicial Arbitration and Mediation Services (JAMS), which Rules are deemed to be incorporated by reference into this clause.
- Any dispute arising out of or in relation to these Terms is personal to you and SportsCastr and will be resolved through arbitration and will not be brought as a class action or any other type of representative proceedings. There will be no class arbitration or arbitration in which an individual attempts to resolve a dispute as a representative of another individual or group of individuals. For the avoidance of doubt, the arbitrator does not have the authority to conduct aclass arbitration or a representative action, which is prohibited by these Terms. The arbitrator may only conduct an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual.
- All awards shall be final and binding on the parties. By agreeing to arbitration under this clause the Parties waive irrevocably their right to any form of appeal, review or recourse to any state court or other judicial authority, insofar as such waiver may be validly made.
- In the event that this arbitration clause is unenforceable, the parties hereby agree that the courts of the Cayman Islands shall have exclusive jurisdiction to settle any dispute, controversy or claim arising out of or in connection with these Terms or their formation, existence, validity, interpretation, performance, breach or termination.
- To you: We may provide any notice to you under these Terms by: (A) posting a notice on our website; or (B) sending an email to the email address then associated with your account. Notices we provide by posting on our website will be effective upon posting and notices we provide by email will be effective when we send the email. It is your responsibility to keep your email address current. You will be deemed to have received any email sent to the email address then associated with your account when we send the email, whether or not you actually receive or read the email.
- To us: To give us notice under these Terms, you must contact us by email at [email protected] We may update this email address for notices to us by posting a notice on our website or sending an email to you. Notices to us will be effective when received by us.
- Language: All communications and notices to be made or given pursuant to these Terms must be in the English language.
- Confidentiality and Publicity. You may use SportsCastr Confidential Information (as defined below) only in connection with your purchase of FanChain Tokens and pursuant to these Terms. You will not disclose SportsCastr Confidential Information during or after the Sale Period. You will take all reasonable measures to avoid disclosure, dissemination or unauthorized use of SportsCastr Confidential Information, including, at a minimum, those measures you take to protect your own confidential information of a similar nature. You will not issue any press release or make any other public communication with respect to these Terms or your purchase of FanChain Tokens. You will not misrepresent or embellish the relationship between us and you (including by expressing or implying that we support, sponsor, endorse, or contribute to you or your business endeavors), or express or imply any relationship or affiliation between us and you or any other person.
- “SportsCastr Confidential Information” means all nonpublic information disclosed by us, our affiliates, business partners and our or their respective employees, contractors or agents that is designated as confidential or that, given the nature of the information or circumstances surrounding its disclosure, reasonably should be understood to be confidential. SportsCastr Confidential Information includes: (a) nonpublic information relating to our or our affiliates or business partners’ technology, customers, business plans, promotional and marketing activities, finances and other business affairs; (b) third-party information that we are obligated to keep confidential; and (c) the nature, content and existence of any discussions or negotiations between you and us or our affiliates. SportsCastr Confidential Information does not include any information that: (i) is or becomes publicly available without breach of this agreement; (ii) you can show conclusively by documentation to have been known to you at the time of your receipt from us; (iii) is received from a third party who did not acquire or disclose the same by a wrongful or tortious act; or (iv) you can show conclusively by documentation to have been independently developed by you without reference to the SportsCastr Confidential Information.
- Force Majeure. SportsCastr and its affiliates 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, including acts of God, labor disputes or other industrial disturbances, electrical, telecommunications, hardware, software or other utility failures, earthquake, storms or other elements of nature, blockages, embargoes, riots, acts or orders of government, acts of terrorism, war, changes in blockchain technology, changes in the Ethereum or FanChain protocols or any other force, event or condition outside of our control.
- Independent Contractors. SportsCastr and you are independent contractors, and neither party, nor any of their respective affiliates, is an agent of the other for any purpose or has the authority to bind the other.
- No Third Party Beneficiaries. These Terms do not create any third party beneficiary rights in any person except for any of our affiliates or licensors or other SportsCastr Parties as provided in these Terms.
- Import and Export Compliance. In connection with these Terms, you will comply with all applicable import, re-import, export, and re-export control and laws, regulations, guidance and programs, including the Export Administration Regulations, the International Traffic in Arms Regulations, and country or individual-specific economic sanctions programs implemented by OFAC. You are solely responsible for compliance related to your use of FanChain Tokens.
- Assignment. You will not assign these Terms, or delegate or sublicense any of your rights under these Terms, without our prior written consent. Any assignment or transfer in violation of this section will be void. We may assign these Terms or any of its provisions without your consent. Subject to the foregoing, these Terms will be binding upon, and inure to the benefit of the parties and their respective successors and permitted assigns.
- No Waivers. The failure by us to enforce any provision of these Terms will not constitute a present or future waiver of such provision nor limit our right to enforce such provision at a later time. All waivers by us must be in writing to be effective.
- Entire Agreement. These Terms together with the referenced Terms and Policies constitute the entire agreement among the parties and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and thereof.
- There is no assurance that at any time in the future the FanChain Token (i) may be exchanged for goods or services, (ii) may have any known uses outside the FanChain Ecosystem, or (iii) may be traded on any known exchange.
- FanChain Token is intended to be used by the purchaser on https://fanchain.com/and other affiliated sports platforms or venues. It is possible that the user population of https://fanchain.com/will change and/or decline over time, which may affect the functionality of FanChain Token within the FanChain Ecosystem.
- FanChain Tokens will be stored in a wallet (either a standard Wallet or a FAN-wallet that will recognized stamped metadata of FanChain Tokens) which can be accessed with a password selected by the purchaser. If a purchaser of FanChain Tokens does not maintain an accurate record of his or her password, this may lead to the loss of FanChain Tokens. If a purchaser’s password protection is weak and it is cracked or otherwise obtained by a third party, this may also lead to the loss of FanChain Tokens. As a result, purchasers must safely store the passwords in one or more backup locations that are well separated from the primary location. SportsCastr is not responsible for any purchaser’s loss of password or other credentials.
- The purchaser recognizes that some of the services that SportsCastr anticipates to offer in the future are currently under development and may undergo significant changes before release. The purchaser acknowledges that any of its expectations regarding the form and functionality of the SportsCastr Platform, the FanChain Ecosystem, and/or FanChain Tokens may not be met for any number of reasons.
- The purchaser understands that while SportsCastr will make best efforts to launch its anticipated services on time, it is possible that the official release may be delayed or that certain services may not be developed or enabled as currently anticipated.
- While the FanChain Token is not an investment, as with other crypto tokens, the value of the FanChain Token may fluctuate significantly and decline in value for any number of reasons, including but not limited to, supply and demand, overall crypto token market conditions, political and geographical reasons, changes to laws and/or regulations in any jurisdiction, and technical reasons.
- There is no guarantee that other current or future solutions or technology will not render the SportsCastr business plan, platform and FanChain Token obsolete.
- FanChain Tokens will be issued and distributed on the Ethereum blockchain. As such, any malfunction or unexpected functioning (including as a result of insufficient bandwidth) of the Ethereum blockchain may impact the purchaser’s ability to transfer or securely hold FanChain Tokens. In addition, the Ethereum blockchain may be susceptible to mining attacks including, but not limited to, double-spend attacks, majority mining power attacks and ‘selfish-mining’ attacks. Further, as an open source protocol, anyone may clone the source code of Ethereum and develop a diverging blockchain protocol, acceptance of which by some faction of the Ethereum community could result in a ‘fork’ in the Ethereum blockchain, which may undermine the usability and sustainability of the FanChain Tokens. Transactions over the Ethereum blockchain, including the transfer of FanChain Tokens, incur a transaction fee (“gas”). Whilst at the date of these Terms, gas prices for basic transactions were nominal, there is no certainty that gas prices will not increase, making processing transactions over the Ethereum network prohibitively expensive and commercially unfeasible. Each of the foregoing risks associated with the Ethereum blockchain could adversely affect the value of FanChain Tokens.
- Third parties may bring intellectual property claims against SportsCastr. Such claims may result in litigation and could impair SportsCastr’s operations or implementation of its business plan.
- It is possible that, due to any number of reasons, including without limitation, the failure of the business relationships, or competing intellectual property claims, SportsCastr may no longer be a viable platform and may dissolve.
- Sales of crypto tokens have been known to come under malicious attacks from hackers and criminal parties resulting in theft of tokens, which may result in massive losses to purchasers and SportsCastr.
- The offer of FanChain Tokens through promotional means, such as in a sweepstakes or bounty and rewards programs may subject FanChain Token purchasers to additional terms and conditions as well as risks that promotions may be incorrectly advertised by parties outside of SportsCastr’s control, and it is your responsibility to abide by the terms and conditions of any promotion and conduct your own due diligence on promotional offers involving FanChain Tokens.
- Many crypto tokens fluctuate in value in tandem with the market price of bitcoin and other tokens. It is possible that FanChain Tokens will be affected by events that cause bitcoin or other tokens or cryptocurrencies to increase or decrease in value.
- Regulators continue to provide guidance with respect to ambiguities in existing laws and regulations in the context of token sales. Lawmakers and regulators are also considering and may approve new laws and regulations that govern the offering of crypto tokens. It is possible that a government or regulatory agency will pursue SportsCastr and require it to suspend or cease its business operations and the platform in light of new interpretation of existing laws or regulations, or passage of new laws and regulations.
- The tax characterization of the FanChain Tokens is uncertain. The ownership of FanChain Tokens may fall under existing and/or new and unprecedented taxation laws that will erode the benefits of FanChain Tokens. Your purchase of FanChain Tokens may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements. New or future changes to U.S. and non-U.S. tax laws could also adversely affect us and could affect our ability to develop and/or maintain the FanChain Ecosystem. The U.S. Internal Revenue Service and the U.K. HM Revenue and Customs has issued guidance through Notice 2014-21 and Brief 9: 2014 (Bitcoin and other cryptocurrencies) respectively, which describes how existing general tax principles may apply to transactions using virtual currency. Such guidance may or may not assist a prospective purchaser in determining the tax characterization of FanChain Tokens. Prior to acquiring FanChain Tokens, a prospective purchaser should consult with his/her/its own investment, legal, tax and/or accounting advisors and/or other consultants to determine the potential tax consequences of such a transaction.
- In addition to risks related to potential regulatory enforcement action, we may also be subject to private suits brought by aggressive plaintiffs’ attorneys on behalf of investors. The explosion of interest in initial coin or token offerings and in blockchain technology has attracted the plaintiffs’ bar. In late 2017, plaintiffs’ attorneys filed the first private investor class action lawsuits involving these offerings, with more lawsuits subsequently filed or threatened. While we believe and have taken steps to ensure that our FanChain Tokens are not “securities” as defined by the Securities Act, this token offering may be scrutinized by both the SEC and aggressive plaintiffs’ attorneys. Any such litigation or regulatory action could result in substantial costs and diversion of resources, even if we are found not to be at fault, and could ultimately prevent us from developing and/or maintaining the FanChain Ecosystem.
- In the event of a major earthquake, hurricane or other catastrophic event such as fire, power loss, telecommunications failure, cyber-attack, war, terrorist attack or disease outbreak, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our product development, breaches of data security, or loss of critical data, any of which could have an adverse effect on and affect our ability to develop and/or maintain the FanChain Ecosystem.
- The blockchain industry is subject to rapid change and the FanChain Ecosystem may face competition from alternative platforms providing materially similar services. The FanChain Ecosystem’s underlying protocol will be based on open-source coding, which may restrict a claim or copyright or any other type of intellectual property right with respect to its source code. Such competition may have access to greater financial, technical or marketing resources and may ultimately become more successful than the FanChain Ecosystem. Such competition may have an adverse effect on the value of the FanChain Token and the viability of the FanChain Ecosystem.
- No one can guarantee the source code used in the FanChain Ecosystem to be flaw-free. Flaws, errors, defects and bugs may disable functionality for users, expose users’ information or otherwise negatively impact users. This could compromise the usability, stability, and/or security of the FanChain Ecosystem and consequently adversely impact the value and utility of FanChain Tokens.
- Cryptography is constantly evolving, and current systems cannot guarantee absolute security going forward. Advances in cryptographic methods, code-cracking or algorithms, or with technology, such as with quantum computing, could present risks to all cryptography-based systems, including FanChain Tokens and the Ethereum protocol, by rendering ineffective the cryptographic consensus mechanism upon which they are based. These advances could result in the theft, loss, disappearance, destruction or devaluation of FanChain Tokens. It is impossible to pre-empt the future of cryptography and there can be no guarantee that the value or security of FanChain Tokens will not be destroyed or negatively impacted by the future developments in this field.
- The FanChain Ecosystem relies on representations, warranties and other safeguards in an attempt to ensure that SportsCastr does not accept funds from purchasers in certain jurisdictions, that such funds are not the proceeds of criminal acts and that purchasers do not misuse the platform (including to farm, game, manipulate or spam the FanChain Ecosystem in order to gain FanChain Tokens in an unfair or deceitful manner or to post unlawful, infringing, or other inappropriate content). These safeguards may fail or otherwise be found to be inadequate. This could result in violations of applicable laws or regulations or these Terms. Any claims or other consequences in respect of any such violations could damage the reputation of the FanChain Ecosystem and force the FanChain Ecosystem to incur legal and other costs and possibly financial penalties, any of which could have a material and adverse effect on operations, financial performance, and prospects of the FanChain Ecosystem.
- SportsCastr, the other SportsCastr Parties and its and their service providers may collect and retain personal information from purchasers of the FanChain Tokens or users of the FanChain Ecosystem. The collection and retention of such information is subject to applicable laws and regulations. Further, databases holding such information are vulnerable to breaches and other forms of unauthorised access. If there are any failures to comply with applicable laws or regulations or if any such unauthorised access occurs, SportsCastr, the other SportsCastr Parties and its and their service providers could face liability, lose the goodwill of its customers and suffer reputational damage, which may have an adverse effect on its operations, financial performance and prospects and the value of the FanChain Tokens.
- Tax laws and regulations are highly complex and subject to interpretation, especially when cross-border transactions and multiple tax jurisdictions are involved. Consequently, SportsCastr and its affiliates are subject to changing tax laws, treaties and regulations. If any tax authority successfully challenges the operational structure of the FanChain Ecosystem, or if any of SportsCastr or any other SportsCastr Party loses a material tax dispute, tax liabilities could increase substantially. This could negatively affect the ability to manage and grow the FanChain Ecosystem, which could negatively impact the utility and value of FanChain Tokens.
- The development and prospects of the FanChain Ecosystem are dependent upon training and retaining qualified mathematical, engineering, programming, and technical employees. The loss of the services of any of the senior management team or key personnel or the failure to continue to attract and retain employees with the appropriate expertise may have an adverse effect on the FanChain Ecosystem and the value and viability of the FanChain Tokens.
- Unless you specifically obtain private insurance to insure them, purchases of FanChain Tokens are uninsured, unlike bank and other accounts at certain financial institutions.
- We may add new Terms and Policies in our sole discretion, and may update the existing Terms and Policies from time to time. It is your responsibility to check the Terms and Policies posted on the Services periodically so that you are aware of any changes, as they are binding on you. Any changes in the Terms and Policies may have an adverse effect on the value of the FanChain Tokens. There is no guarantee that any revised or new Terms and Policies will be acceptable to you.
- Crypto tokens are a new and untested technology. In addition to the risks set forth herein, there are risks that SportsCastr cannot anticipate. Risk may further materialize as unanticipated combinations or variation of the risks set forth above.
20. Governing Law
These Terms and any dispute, controversy or claim arising out of or in connection with these Terms will be governed by and construed and enforced in accordance with the laws of the Cayman Islands,
If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions of these Terms will remain in full force and effect. Any invalid or unenforceable provisions will be interpreted to effect the intent of the original provisions. If such construction is not possible, the invalid or unenforceable provision will be severed from these Terms, but the rest of these Terms will remain in full force and effect.
22. Modifications to the Terms
We may modify the Terms and Policies at any time by posting a revised version on our website, another channel we make available or, only if you have provided us with an email address, by email. The modified provisions will become effective upon posting or the date indicated in the posting, or if we notify you by email, as stated in the email. It is your responsibility to check our website and other channels regularly for modifications. Your continued use of FanChain Tokens or the Services after any modification becomes effective constitutes your acceptance of the modification. We have the right to refuse, terminate, or suspend your access to all or part of the Services for any or no reason, including, without limitation, any violation of the Terms and Policies, but excluding the seizure of FanChain Tokens that you already own. Upon termination, all licenses and other rights granted to you in the Terms and Policies, including your ability to purchase, sell, or use FanChain Tokens in the FanChain Ecosystem subject to the Terms of Service of SportsCastr, will immediately cease. You may still be able to purchase, sell, or use FanChain Tokens outside the FanChain Ecosystem subject to the Terms and Conditions of individual Mints distributing them or as otherwise permitted.
We last modified these Terms on the date listed at the end of these Terms.
Last Updated May 25, 2018.
Last Updated May 25, 2018.