Terms & Conditions Staking
Terms & Conditions Staking
ON STORING GHX TOKENS
IN ORDER TO GAIN ADDITIONAL MATERIAL BENEFITS
Administrator, Organizer – CoinAxe Ltd., the company registered under the Maltese law, address: Gzira (post code GZR 1639), Silema Road 14 East Level 5, Malta, Registration No. C 94976, VAT No. MT27120603.
Acceptance of the Regulations – a conscious and voluntary declaration of will to read the provisions of the Regulations and consent to the provisions of the Regulations, submitted by the User on the Panel website.
Annual Percentage Yield (APY) – the amount of the material benefits due to the User when all terms and conditions attached to receiving this benefit are met.
Auto-renew – the functionality available only to Users who have chosen the 30-day Staking option; this functionality enables the automatic extension of the Staking period by consecutive 30 days is activated by the User when he selects the selection box available in the Individual User Account, subject to the condition that the total duration of Staking under the Auto-renew option will not be longer than 180 calendar days counted from the first day of the first 30-day Staking period of a given User.
Daily Prize Pool – a defined period of 30 calendar days when the User has the option to submit a declaration of commitment not to submit orders or instructions that would result in the disposal of Tokens (declaration of joining the Staking) and when he submits such declaration, he will be entitled to receive defined material benefits.
Individual User Account – an individualized part of the Panel, identified by the User’s login corresponding to the Use’s e-mail address and provided with a password set individually by the User.
NFT (non-fungible token) – individually marked utility tokens issued by the Organizer which will not be admitted to an organized trading platform.
Panel – the IT system provided by the Administrator and available on the website https://account.gamerhash.io/en/staking.
Regulations – the Regulations on Storing GHX Tokens in Order to Gain Additional Material Benefits available on the website: http://account.gamerhash.io/en/p/terms-conditions-staking
Staking – voluntary commitment of the User to store the Tokens in the Individual User Account which excludes the possibility of free disposal of these Tokens in order to obtain predefined material benefits.
Tokens – utility tokens with GamerCoin brand name (also GHX) which have been allocated and saved on the Individual User Account in the Panel.
Bonus Tokens – utility tokens with GamerCoin brand name (also GHX) which the Organizer may allocate to the Users who submit a declaration of joining the Staking in the period defined as the Daily Prize Pool for a period of 30 (thirty) or 180 (one hundred and eighty) calendar days without the possibility of its earlier termination while retaining the right to material benefits.
User – an entity with an Individual User Account and who may be a natural person with full legal capacity, a legal person or an organizational unit without legal personality.
§2. [Subject of the Regulations]
The Subject of the Regulations is to define:
principles according to which the User will voluntarily undertake to store the Tokens in the Individual User Account, excluding the possibility of free disposal of the Tokens, in order to obtain specific material benefits (Staking),
principles of obtaining additional material benefits in connection with the commitment specified under a. above,
rights and obligations and the scope of responsibility of the Administrator and the Panel User in connection with the User’s commitment to store Tokens in the Individual User Account for a predefined period of time.
The submission by the User of declarations of will regarding the storage of Tokens in the Individual User Account, excluding the possibility of free disposal of these Tokens, in order to gain specific material benefits is voluntary.
The condition for submitting the declaration referred to in 2 above for the purpose of gaining material benefits is the prior Acceptance of the Regulations. When the User cancels the declaration of Acceptance of the Regulations, the possibility of disposing of the Tokens is automatically restored without the possibility of applying for any material benefits that have not yet been paid/transferred to the User.
§3. [General Principles of the Staking]
The Organizer is entitled to dispose of the Token Pool in a limited total amount of 30,000,000 (say: thirty million) Tokens dedicated to being used as part of taking actions aimed at ensuring adequate liquidity. The Organizer reserves the right to increase the Token Pool in the Staking at any time during the Staking process.
The one-time daily limit of the Token Pool to be used as part of the Daily Prize Pool is no more than 20,000 (say: twenty thousand) Tokens.
The total limit of the Token Pool to be used under the Daily Prize Pool is no more than 600,000 (say: six hundred thousand) Tokens.
The maximum amount of the pool of material benefits that will be distributed between the Users participating in Staking is the maximum equivalent in Tokens of 18% (say: eighteen percent) of the total limit of the Token Pool.
Example 1: the total Token Pool in the Staking amounts to 30,000,000.
When the User submits a declaration of joining the Staking in relation to the amount of GHX 10,000, the contribution of such User in the Staking will be equal to 10,000 of the entire Staking pool lasting 30 days, which will result in the User will be entitled to receive 12% of the amount deposited per annum.
The User submits a declaration of joining the Staking in relation to the amount of GHX 10,000 for a period of 180 days. As part of the total Token Pool, GHX 10,000 will be blocked, and therefore such User will be entitled to receive 18% of the amount deposited per annum.
Example 2: the total Token Pool in the Daily Prize Pool amounts to 600,000.
When the User makes a declaration of joining the Staking as part of the Daily Prize Pool in relation to the amount of GHX 10,000 for a period of 30 days, the contribution of such User will be equal to 100% of the entire Staking Pool in the consecutive 30 days. As a result, he will be the only one eligible to receive the entire Token Pool equal to GHX 600,000 as part of the Daily Prize Pool.
The User makes a declaration of joining the Staking in relation to the amount of GHX 10,000 for a period of 180 days as part of the Daily Prize Pool. As part of the total Token Pool, GHX 10,000 will be blocked and therefore such User will be entitled to receive 18% of the amount deposited per annum.
When submitting a declaration of joining the Staking, the User will also indicate the length of the period covering either 30 (thirty) or 180 (one hundred and eighty) calendar days for which he submits the above-mentioned commitment.
The User acknowledges that he will be able to change or modify the declaration referred to in 4 above in respect of the selected period of the Staking only until the start of the Staking. After this date, the User will not be able to change this period, understood as either shortening it (from 180 days to 30 calendar days) or extending it (from 30 days to 180 calendar days).
The submission by the User of a declaration of joining the Staking results in automatic blocking within the pool referred to in point 2 (the daily Token Pool) and in point 3 (the total Token Pool) in ratio 1-1, i.e. when the User submits a declaration of joining the Staking, 1 Token means that 1 Token is automatically blocked within each of the pools described above.
Staking periods including periods of 30 or 180 calendar will take place according to the following schedule:
Daily Prize Pool will commence on 11.05.2021,
Staking will commence on 10.06.2021,
Staking will end on 13.12.2021 when the last Staking periods shall expire.
The User has the option of submitting one or more declarations with respect to the Staking in relation to all or part of his Token Pool in the Individual User Account, provided that the maximum quantity of Tokens specified in §4 point 4 of the Regulations below.
The User who has submitted a declaration of joining the Staking for a period of 30 days may take the Auto-renew option available in the Individual User Account. If this option is selected, after each 30-day staking period it will be automatically extended for another 30 days.
If the User cancels the Auto-renew option during the period of the Staking, such declaration will be effective as of the 30th day of the Staking during which it was submitted. The provisions of §6 shall apply accordingly.
§4. [Rules for Joining the Staking]
Only the User who has an active Individual User Account in the Panel on which the Tokens are saved is the User entitled to join the Staking. The Organizer does not provide for the possibility of including Tokens transferred and saved on external wallets in the Stalking.
Before accepting the staking declaration for implementation, the Organizer verifies the User in respect of complying with the obligations arising from anti-money laundering and counter-terrorist financing, and in particular the Organizer verifies the fact that the User has submitted a statement according to KYC guidelines and the result of the User’s risk assessment.
The User may submit a declaration of joining the Staking in the following circumstances:
during the validity of the Daily Prize Pool,
during the Staking period set at either 30 or 180 calendar days.
The minimum number of Tokens entitling the User to participate in the Staking is GHX 10,000 (ten thousand) and the maximum number is GHX 5,000,000 (five million), and the Organizer explains that it may change the minimum number of Tokens entitling to participate in the Staking both to the benefit of the Users (by lowering it) and to the disadvantage (by increasing it). When changes referred to in the preceding sentence are introduced, they will apply to declarations of joining the Staking submitted after the date of announcing such change to the Regulations by the Organizer. The User will be informed about the changes referred to in the preceding sentence by a single message that will be displayed after logging in to the Individual User Account.
The Organizer explains that the maximum number of Tokens participating in the Staking will be counted in total in relation to all declarations of joining the Staking made by the User, so that the maximum limit of GHX 5,000.0000 (five million) is maintained.
Submitting a declaration of joining the Staking is understood as selecting and confirming the function available in the Individual User Account containing a declaration of will to participate in the Staking along with selecting the following parameters:
the duration of the User’s commitment to the Staking – either 30 or 180 calendar days,
the number of Tokens that will be declared for the Staking with the following values: 25%, 50%, 75% or 100%, or the User has the option to freely define the percentage of Tokens in the Individual User Account.
To select an option under a and b above, the User confirms the selection with 2fa code and receives a confirmation with a summary of key information about the submitted declaration of joining the Staking to the e-mail address provided in the Panel.
After performing the activities referred to above, information about the expected material benefits that the User will receive after the end of the Staking period will be available in the Individual User Account.
When the User submits a declaration of joining the Staking during the Daily Prize Pool, he will be entitled to receive Bonus Tokens calculated as follows:
the Daily Prize Pool of Tokens specified in §3 point 2 will be divided between all Users participating in the Staking on that day on pro rata with regard to the number of Tokens declared by that User in relation to the total pool of Tokens included in the Staking.
Bonus Tokens will be made available to the User and saved in the Individual User Account after the last day of the duration of the Daily Prize Pool for which the User has submitted a declaration of joining the Staking.
An example of the formula for calculating the Bonus Token Pool within the Daily Prize Pool: Staked GHX / Current Pool * 20,000
Staked GHX – the total amount of GHX that the User indicated in the declaration of joining the Staking, calculated as per each calendar day
Current Pool – the amount of GHX that is in the pool at the end of each day as of 11:59 p.m. UTC
When the User selects a 30-day period in a declaration of joining the Staking:
the User may submit a declaration of joining the Staking no later than on the last day of the fifth month of the Staking period, provided that some quota is still available within the pool specified under §3 point 1 of the Regulations.
The tokens in the amount indicated by the User will be included in the Staking the following day after the User submits a declaration in accordance with point 4 above.
If the User selects a 180-day period in a declaration of joining the Staking, the User may submit a declaration of joining the Staking no later than on the last day of the Daily Prize Pool period, provided that an unused quota is still available within the pool specified under §3 point 1 of the Regulations. The Administrator may enable the Users to submit a declaration of joining 180-day Staking later than the last day of the Daily Prize Pool on condition that the Staking will end no later than 13.12.2021.
§5. [Material Benefits Resulting from Joining the Staking]
After successfully submitting a declaration of joining the Staking, the User will be entitled to receive:
NFT in the number of tokens equal to 1 (one),
Bonus Tokens in the amount that will be pro rata calculated in relation to the number of User Tokens included in the Staking in relation to the number of other Users participating in the Staking and the total number of Tokens they have declared and therefore included in the Staking.
NTF shall be different for the Users who joined the different Staking periods (lasting 30 days or 180 days).
If the User shall join both the Staking periods lasting 30 days and 180 days, such the User shall be entitled only to NTF assigned to the Staking period lasting 180 days.
The number of Bonus Tokens due to the Users participating in the Staking on that day will be determined every day at 12:00 p.m. UTC.
After determining the amount of Bonus Tokens due to each User for the participation in the Staking, this information will be archived in the Individual User Account, but Bonus Tokens themselves will be allocated to the Users only after the Daily Prize Pool ends.
Example: Two Users have joined the Staking with 100% of the total Token Pool in the Staking. User 1 declared 60,000 Tokens, while User 2 declared 40,000 Tokens in the Staking. As a result, User 1 will be entitled to receive 60% of the daily pool and User 2 will likewise be entitled to receive 40% of the daily pool to be distributed among the participants in the Staking.
The User will be entitled to receive a material benefit understood as APY defined as follows:
in relation to the Staking period of 30 days – APY will be defined as 12% per annum of the number of Tokens included in the Staking and will be due on the 30th day of the Staking period.
Bonus Tokens will be allocated and made available to the Users only after the end of the Staking period declared by the User in accordance with §4 point 5. a of the Regulations.
in relation to the Staking period of 180 days – APY will be defined as 18% per annum of the number of Tokens included in the Staking and will be due on the 180th day of the Staking period.
Bonus Tokens will be allocated and made available to the Users after each 30 days of the Staking period.
Example: The User submits a declaration of joining the Staking in relation to the amount of GHX 10,000 for a period of 180 days. APY is fixed at 18% per annum. Consequently, after 180 days the User will be entitled to receive GHX 900.
when the User selects the Auto-renew option – APY will be defined as 12% per annum of the number of Tokens included in the Staking and will be due on the 30th day of each Staking period.
Bonus Tokens will be allocated and made available to the Users only after the end of each Staking period under the Auto-renew option declared by the User in accordance with §4 point 5.a of the Regulations.
§6. [Termination of the Staking]
30 calendar days of the Staking period elapse, the User may submit a declaration of joining the Staking for another period of 30 calendar days upon the principles set out above in these Regulations (Auto-renew) no later than within the period specified in §4 point 7a of the Regulations above.
180 calendar days of the Staking period elapse, the User is not able to submit a declaration of joining the Staking in respect of the following period.
In the absence of submission of a declaration of joining the Staking for the following 30 calendar days or the expiry of the Staking period of 180 calendar days:
the User regains the right to place orders or instructions in the Individual User Account in order to dispose of these Tokens,
the Organizer pays the User material benefits due to him for the participation in the Staking by saving them in the Individual User Account within the next five working days at the latest.
The User has no right to terminate the Staking before the expiry of the period specified in a declaration on joining the Staking, i.e. 30 days or 180 days. In the event of resigning from using the Auto-renew option, the Staking ends on the 30th day of the period during which a declaration of resignation from the Auto-renew option has been made via the Individual User Account.
§7. [Expiry of the Staking]
The possibility of participating in the Staking or continuing to participate in the Staking expires upon the first occurrence of either of the above-mentioned events:
withdrawal of the Organizer in cases specified in these Regulations,
in cases when the Organizer has reasonable suspicion that the User is engaged in money laundering or terrorist financing,
the Organizer withdraws from organizing or continuing the Staking as a result of force majeure events.
To avoid any doubt, the Organizer declares that the value of material benefits, Bonus Tokens – if their allocation is provided for in the principles of the Staking – is not converted into the equivalent of Bonus Tokens or material benefits in monetary units and is not refundable. The User is not entitled to make any claims in this respect.
The Organizer is not an entity providing investment advice or giving investment recommendations, including those related to the Staking.
The Organizer is not responsible for:
disruptions of the Panel, including interruptions in its operation or inability to access the Panel, caused by circumstances beyond the Administrator’s control, including, in particular, unlawful actions of a third party or incompatibility of the Panel with the User’s technical infrastructure,
using the Panel in a manner inconsistent with the Regulations, applicable law or good trading practices.
The Organizer and its directors, senior employees, employees and/or agents will not be liable for any acts or omissions in connection with the implementation of the Staking or for any losses incurred by the User in connection with or as a result of participating in the Staking, unless such loss results from fraud or gross negligence on the part of the Organizer and persons acting on its behalf.
The User submits a declaration of joining the Staking on his own account, not as a proxy or agent, and not for the purpose or intent of reselling, and the User currently has no intention of selling, granting any share or otherwise making any payouts thereon. The User has such knowledge and experience in financial and business matters that he is able to assess the advantages and risks of the Staking, is able to incur a total loss without prejudice to his financial condition and is able to bear the economic risk of the Staking for a specified period of time.
The User does not allege any advice or recommendation (in any form). The User participates in the Staking based on his own judgment and advice from such professional advisors he deems necessary to consult.
The User is aware that joining the Staking and purchasing Tokens or Bonus Tokens or material benefits on the basis of the Staking may, in some jurisdictions, result in tax obligations or other obligations of a public law nature. The User is obliged to verify the existence of such obligation and the method of its payment to a competent authority on his own and at his own expense. The Organizer does not provide tax advisory services.
The User is obliged to:
ensure the lawfulness of any activities undertaken as part of or in connection with the Staking,
use the Panel in a manner consistent with the Regulations, the provisions of mandatory law and good trading practices, in particular in accordance with the purpose and functionalities of the Panel,
not to disclose the Individual User Account to unauthorized persons or entities, including by properly protecting the password and not providing it to anyone,
immediately inform the Organizer of each use of the Individual User Account by an unauthorized person or entity or of any attempted use.
The User is obliged to hold the Organizer harmless from any liability towards third parties arising on the part of the Organizer as a result of the User using the Panel in a manner inconsistent with its Regulations, provisions of mandatory law and good trading practices, in particular by repairing the damage or taking other actions to shut down third party claims.
§10. [Personal Data]
The personal data of the User or of the representative of the User are processed for the purposes described in the Regulations and in accordance with generally applicable law, including, in particular, the Regulation of the European Parliament and of the Council (EU) 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC.
The User has the right to access his personal data, rectify it, delete it, restrict the processing of, transfer, object to data processing on the basis of the legitimate interest of the administrator and withdraw consent at any time, with the reservation that the withdrawal of this consent will not affect compliance data processing that has been carried out prior to that withdrawal.
The information on the processing of personal data of the User or of the representative of the User is available at https://account.gamerhash.io/p/information-clause
The information referred to in point 1 above constitutes an integral part of the Regulations.
The User may report to the Administrator reservations or irregularities regarding the functioning of the Panel (complaint) in electronic form, to the e-mail address: [email protected] or in writing to the Administrator.
A complaint should contain at least:
name, surname and e-mail address identifying the Individual User Account,
description of circumstances justifying the submission of a complaint, in particular incorrect operation of the Panel, lack of its full functionality, etc.,
the User’s request in connection with the submission of a complaint.
The Administrator will deal with a complaint that meets the requirements set out in paragraph 2 above within 14 days of its delivery to the Administrator.
The Administrator will inform the User about resolving a complaint in a form likewise to the form of filing a complaint (reporting a complaint in the form of an e-mail message = information about the resolution of a complaint in the form of an e-mail message; reporting a complaint in writing = information about the resolution of a complaint in writing).
§12. [Final Provisions]
Unless the Regulations provide otherwise, the Administrator and the User may communicate using the Individual User Account or using e-mail, while the User may only use the e-mail address provided when setting up the Individual User Account. Queries regarding the operation of the Panel may be sent by the User to the e-mail address: [email protected].
The Administrator and the User are responsible for protecting their own interests in the field of electronic data transmission, having regard to the fact that it is not possible to guarantee complete security or error-free electronic transmission of data that may be intercepted, damaged, lost, destroyed or may arrive late or be incomplete. In particular, the Administrator is not responsible for the consequences of the User’s failure to exercise due diligence in terms of ensuring the security of data transmitted from the end device belonging to him.
The Administrator reserves the jurisdiction of the substantive law of the Republic of Malta in respect of the validity, effectiveness and interpretation of the Regulations and the Staking.
Any disputes that may arise from the Regulations or the Staking are submitted by the Administrator to the jurisdiction of the courts of the Republic of Malta unless the User is a consumer within the meaning of the provisions of the country of origin, then the competent court will be the court of his place of residence.
The Administrator reserves the right to amend the Regulations owing to important legal, organizational or technical reasons. The amendment to the Regulations is effective on the date indicated by the Administrator, but not less than within 14 days from the date of making the Regulations available on the website of the Panel – https://account.gamerhash.io or the Administrator sends a message to the e-mail address provided during Registration. The User may close his account if he does not consent with amendments to the Regulations. By continuing to use the Panel, the User accepts the amendment to the Regulations.
The Regulations take effect as of 10.06.2021.