Terms of Use and Risk Notifications

1. Introduction

Hypercube Ventures LP, “Hypercube”, “Company” means each and every current and future affiliate of Hypercube Ventures LP. Please read these Terms of Use carefully before you start to use the website located at www.vnnwallet.com (referred to as “Hypercube web-site”) and any services made available through Hypercube web-site. By using Hypercube web-site, or by clicking the “Sign In”, “I Agree”, “Sign Up” or “Notify me” button, or by using the services, you accept and agree to be bound and abide by these Terms of Use. If you do not want to agree to these Terms of Use, you must not access or use Hypercube web-site.

These Terms of use (hereinafter the “Terms”) describe information applicable to the use of the digital wallet and its services at the Hypercube web-site. By using the Hypercube web-site and/or its related services, you expressly agree to be bound by all of the terms and conditions set forth. In accepting this agreement, you acknowledge that you have read this agreement, understand it, and had an opportunity to seek independent legal advice prior to agreeing to it. You also warrant that you are at least 18 years old and have full capacity to contract under applicable law; only transacting with legally-obtained funds that belong to you; not furthering, performing, undertaking, engaging in, aiding, or abetting any unlawful activity through your relationship with us or through your use of Hypercube web-site and comporting with and obeying all applicable laws. At any point, if you do not agree to any portion of the current Terms, you should not proceed to use the Hypercube web-site. Company has the right to review and amend these Terms at any time without notice.

2. Definitions

In these Terms, the following definitions shall have the meaning specified below:

  • “Blockchain” - a distributed database that maintains a continuously growing list of ordered records called blocks. By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively.
  • “Smart contracts” (“Smart contract system”) - are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust.
  • VNN – digital currency issued by using Blockchain Ventureon.
  • “Web-wallet” – the digital area where the key-file Holders do their transactions using VNN.
  • “Key-file” – the unic file, created by the Company. The key-file gives ability to dispose of all funds of the Holder.
  • “Holder” – the owner of the key-file.

3. General provisions

  • 3.1. Holder uses his/her key-file for entering the web-wallet.
  • 3.2. Company provides identification of the person using key-file.
  • 3.3. Holder may provide any transaction in the web-wallet using VNN.
  • 3.4. The Company is not liable for the consequences resulting from the loss, transfer to the third party of the key-file by the Holder.

4. Status of these Terms

  • 4.1. The purpose of these Terms is to explain the functionality of the web-wallet.
  • 4.2. The list of risks specified in these Terms is not comprehensive, as well as it may not contain those risks which cannot be predicted at the present moment. If you are not sure that you can estimate the probability of occurrence of such risks by yourself, you are advised to contact an appropriate specialist (a lawyer, an auditor, an adviser or a programmer) before making a decision about entering into the relations with the web wallet.
  • 4.3. Reviewing these Terms does not substitute reviewing the Blockchain system. By transferring another cryptocurrency to the Web wallet you confirm that you have read the Blockchain system instructions and fully and unconditionally agree with the conditions hereof.
  • 4.4. You may not take legal actions against any Holders and/or the Company connected with using of web-wallet, including, but not limited to claims based on the fact that you did not read nor did not understand the terms and conditions of the Blockchain system.
  • 4.5. These Terms might be amended and/or updated in the future. The relevant Terms are the ones showed on the Site. In order to obtain the most complete and current information regarding the Platform you should periodically review this section.

5. Guarantees of the Holder

By using the Service of web-wallet the Holder guarantees that:

  • 5.1. The Holder expressly agrees to all functionality set forth in these Terms. The Holder further confirms to have carefully reviewed these Terms and fully understand all the risks.
  • 5.2. The Holder has a firm understanding of the functionality, usage, storage, transmission mechanisms and intricacies associated with blockchain-based software systems.
  • 5.3. The Holder has carefully reviewed these Terms and agrees with all provisions.
  • 5.4. The Holder waives the right to participate in a class action lawsuit or a class wide arbitration against any entity or individual involved with the web-wallet using.
  • 5.5. The Holder understands that he/she is not going to enter the Blockchain System and/or to use Holder’s wallet or VNN for the purpose of avoidance of bans and/or restrictions put on it by the law, as well as not to use the Blockchain Systems with the aim of creating speculative, misleading and/or fraudulent schemes.

6. Notification About Risks

The Holder understands and accepts the risks in connection with transferring VNN according to the Section 3 of these Terms. In particular, but not limited, the Holder understands the inherent risks listed hereinafter:

  • 6.1. Risk of software weaknesses: The Holder understands and accepts that the Blockchain System concept, the underlying software application and software platform is still in an early development stage and unproven, why there is no warranty that the process for creating and transferring tokens will be uninterrupted or error-free and why there is an inherent risk that the software could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of VNN.
  • 6.2. Regulatory risk: The Holder understands and accepts that the blockchain technology allows new forms of interaction and that it is possible that certain jurisdictions will apply existing regulations on, or introduce new regulations addressing blockchain technology based applications, which may be contrary to the current setup of the System and which may, inter alia, result in substantial modifications of the Service, including its termination and the loss of for the Holder.
  • 6.3. Risk of abandonment / lack of success: The Holder understands and accepts that the creation of the Tokens and the development of the Service may be abandoned for a number of reasons, including lack of interest from the public, lack of funding, lack of commercial success or prospects (e.g. caused by competing projects).

7. Taxation

The Holders bears the sole responsibility to determine if the contribution to and receipt from the Smart Contract System, including but not limited to the acquisition of Tokens, change of the Token's value with the course of time and the receive function of the Smart Contract System shall be a taxable event for the Holder. The Holders bear full responsibility for timely and correct calculation and payment of all taxes due in accordance with the legislation applicable to the Holders. The Service is not a tax agent of the Holder, as well as it does not advise the Holder on the order of calculation and/or the payment of taxes.

8. No Liability

  • 8.1. The Holder acknowledges and agrees that, to the fullest extent permitted by any applicable law, the Holder will not hold any developers, auditors, contractors or founders of the Service, the Blockchain System liable for any and all damages or injury whatsoever caused by or related to the use of, or the inability to use, VNN, Services or Blockchain system under any cause or action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence) and that developers, auditors, contractors or founders of the Blockchain System and/or the Services shall not be liable for any indirect, incidental, special, exemplary or consequential damages, including for loss of profits, goodwill or data, in any way whatsoever arising out of the use of, or the inability to use of the Blockchain System and/or Services. The Holder further specifically acknowledges that developers, auditors, contractors or founders of the VNN, Smart Contract System and/or the Services are not liable, and the Holder agrees not to seek to hold them liable, for the conduct of third parties.