Testnet 2.0 Terms And Conditions

Thank you for participating in Testnet 2.0!

Please read the below terms and conditions carefully. These terms constitute a binding obligation between you and QuarkChain Foundation (“QuarkChain,” “we”, “us” or “our”). These terms apply to your use of all information and technology to connect to, use, and participate in Testnet 2.0, including bookkeeping and confirmation of transactions (“mining”), submission of bug reports, and all rewards in connection thereto.

NO U.S. PERSONS MAY PARTICIPATE IN TESTNET 2.0. QUARKCHAIN WILL STRICTLY ENFORCE THIS RULE VIA OUR KYC PROCEDURES. IF YOU ARE A CITIZEN OR RESIDENT OF THE UNITED STATES, DO NOT PARTICIPATE IN TESTNET 2.0. YOU WILL NOT RECEIVE ANY REWARDS FOR YOUR PARTICIPATION.


By participating in Testnet 2.0, you agree that you are not a U.S. Person (as defined in Regulation S promulgated under the U.S. Securities Act of 1933, as amended), and you are not participating in Testnet 2.0 for the account or benefit of a U.S. Person. All rewards will only be payable following QuarkChain’s mainnet launch in accordance with procedures to be determined by QuarkChain in its sole discretion. In order to claim or receive any rewards, including mining rewards, you will be required to provide certain identifying documentation and information. Failure to provide such information or demonstrate compliance with the restrictions herein may result in termination of your participation, forfeiture of all rewards, prohibition from participating in future QuarkChain programs, and other actions.

By submitting any bug reports, you hereby grant to us a non-exclusive, irrevocable, perpetual, transferable, worldwide, royalty-free license, with the right to sublicense, to use, copy, modify, distribute, publicly display and publicly perform such report in any form, format, media or media channels now known or later developed or discovered. In the event that such reports contain the name, identity, likeness or other biographical information, or intellectual property rights or proprietary rights of third parties, you represent and warrant that you have obtained the appropriate consents and/or licenses for your use of such information and that QuarkChain and its sublicensees are allowed to use them to the extent indicated herein.

You understand that participation in Testnet 2.0 involves risks, all of which you fully and completely assume, including but not limited to the risks that (a) the technology associated with Testnet 2.0 will not function as intended, (b) the QuarkChain Protocol may not be completed and mainet QKC may never be distributed, (c) any rewards from mining or submission of bug reports may have no value, (d) Testnet 2.0 may be deemed an offering of securities in certain jurisdictions, and (e) QuarkChain and/or third parties participating in the development of the protocol may be subject to investigative and punitive actions from governmental authorities.

TO THE EXTENT APPLICABLE THERETO, THE MINING AND BUG TESTING REWARDS OFFERED IN CONNECTION WITH TESTNET 2.0, AS WELL AS ANY SECURITIES EXCHANGEABLE THEREFOR (COLLECTIVELY, THE “REWARDS”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER LAW OR REGULATION GOVERNING THE OFFERING, SALE OR EXCHANGE OF SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. THIS OFFERING IS ONLY BEING MADE OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS (AS DEFINED IN SECTION 902 OF REGULATION S UNDER THE SECURITIES ACT) (IN JURISDICTIONS WHERE THE OFFER AND SALE OF TOKENS IS PERMITTED UNDER APPLICABLE LAW) IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT.

IN ACCORDANCE WITH REGULATION S, PRIOR TO THE DATE THAT IS ONE YEAR AFTER THE DATE OF THE APPLICABLE TRANSACTION GENERATING THE REWARD, THE REWARDS MAY NOT BE OFFERED OR SOLD (INCLUDING OPENING A SHORT POSITION IN SUCH TOKENS) IN THE UNITED STATES OR TO U.S. PERSONS AS DEFINED BY RULE 902(k) ADOPTED UNDER THE SECURITIES ACT, OTHER THAN TO DISTRIBUTORS, UNLESS THE REWARDS ARE REGISTERED UNDER THE SECURITIES ACT, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. DURING SUCH PERIOD, YOU MAY RESELL SUCH REWARDS ONLY PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR OTHERWISE IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S OF THE ACT, OR IN TRANSACTIONS EFFECTED OUTSIDE OF THE UNITED STATES PROVIDED THEY DO NOT SOLICIT (AND NO ONE ACTING ON THEIR BEHALF SOLICITS) PURCHASERS IN THE UNITED STATES OR OTHERWISE ENGAGE(S) IN SELLING EFFORTS IN THE UNITED STATES AND PROVIDED THAT HEDGING TRANSACTIONS INVOLVING THESE REWARDS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. DURING SUCH PERIOD, A REWARD HOLDER WHO IS A DISTRIBUTOR, DEALER, SUB-UNDERWRITER OR OTHER SECURITIES PROFESSIONAL, IN ADDITION, CANNOT PRIOR TO THE DATE THAT IS ONE YEAR AFTER THE DATE OF THE APPLICABLE PURCHASE RESELL THE REWARDS TO A U.S. PERSON AS DEFINED BY RULE 902(k) OF REGULATION S UNLESS THE REWARDS ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE.

QUARKCHAIN MAKES NO WARRANTY WHATSOEVER WITH RESPECT TO TESTNET 2.0 AND THE REWARDS AVAILABLE THEREUNDER, INCLUDING ANY (A) WARRANTY OF MERCHANTABILITY; (B) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; (C) WARRANTY OF TITLE; OR (D) WARRANTY AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; WHETHER ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE, OR OTHERWISE. YOU ACKNOWLEDGE THAT YOU HAVE NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY QUARKCHAIN, OR ANY OTHER PERSON ON ITS BEHALF.

YOU MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF YOUR PARTICIPATION IN TESTNET 2.0. YOU HEREBY REPRESENT THAT (A) YOU HAVE CONSULTED WITH A TAX ADVISER THAT YOU DEEM ADVISABLE IN CONNECTION WITH YOUR PARTICIPATION, OR THAT YOU HAVE HAD THE OPPORTUNITY TO OBTAIN TAX ADVICE BUT HAVE CHOSEN NOT TO DO SO, (B) QUARKCHAIN HAS NOT PROVIDED YOU WITH ANY TAX ADVICE WITH RESPECT TO YOUR PARTICIPATION, AND (C) YOU ARE NOT RELYING ON QUARKCHAIN FOR ANY TAX ADVICE. YOU AGREE TO BE FULLY RESPONSIBLE FOR ANY TAXES RESULTING FROM YOUR PARTICIPATION, INCLUDING THE RECEIPT OF ANY REWARDS.

The information and documentation provided herein is for informational purposes only, and does not guarantee anyone a right to participate in or receive any rewards in connection with Testnet 2.0.