BLOKS Token Terms
Introduction
This document outlines the terms associated with the use of BLOKS tokens within the blokAI ecosystem. BLOKS tokens are integral to the operation and engagement within our innovative platform, designed to leverage blockchain technology for enhancing the growth and support of blockchain startups.
Purpose of the Document
The primary purpose of this document is to provide clear guidelines and legal disclaimers related to the acquisition and use of BLOKS tokens. It is intended to ensure that all users understand the scope, limitations, and nature of BLOKS tokens, particularly emphasizing that these tokens are not financial instruments, do not represent company shares or equities, nor do they confer any rights to dividends or profits from the operations of blokAI.
Overview of blokAI and BLOKS Tokens
blokAI is an innovative platform aimed at democratizing access to resources and support for blockchain startups. Our platform aims to integrate advanced AI algorithms to evaluate and nurture projects, facilitating faster and more effective development cycles and helping innovators bring their visions to life.
BLOKS tokens are designed as utility tokens to be used within the blokAI ecosystem. They facilitate interactions, access to services, and participation in the governance of the platform. These tokens are essential for:
- Participating in decision-making processes through a community-driven governance model.
- Accessing blokAI’s suite of support services, including AI-driven evaluation, technical resources, and market exposure.
It is crucial to note that BLOKS tokens are not created as investments; they are tools within the blokAI ecosystem. They are not designed for speculation and should not be considered as a type of currency or security. Their use is strictly confined to the blokAI platform operations and services.
Key Terms Used in the Document
blokAI
Refers to the blockchain-based platform named blokAI.
BLOKS
Utility tokens used within the blokAI ecosystem to access services, participate in governance, and engage with the platform’s features. These tokens are not to be considered as money, securities, or any other type of financial instrument.
User
Any individual or entity that acquires or uses BLOKS tokens for participating in the blokAI ecosystem. Users must agree to the terms laid out in this document to engage with the blokAI platform.
Ecosystem
The collective network of services, tools, and platforms offered by blokAI, inclusive of the BLOKS tokens that facilitate operations within this network.
Utility Tokens
Tokens designed to provide access to a specific set of functions or services offered by a blockchain-based platform, distinct from security tokens in that they do not confer ownership, dividends, or investment returns.
Governance
The mechanisms and processes through which BLOKS token holders can influence decisions regarding the development and operational procedures within the blokAI ecosystem.
Services
All features, functionalities, and support provided by blokAI, accessible through the use of BLOKS tokens. These include but are not limited to AI-driven project evaluation, technical support, and market exposure facilitation.
General Information
About blokAI
blokAI is a blockchain innovation platform committed to empowering blockchain startups by providing advanced artificial intelligence tools and a robust ecosystem for growth. The platform facilitates the development and acceleration of blockchain technologies, ensuring that startups can focus on innovation with access to the best resources.
Nature and Purpose of BLOKS Tokens
BLOKS tokens are designed as utility tokens within the blokAI ecosystem. Their primary purpose is to enable participation in the platform’s services, such as project evaluations, access to technical resources, and engagement in governance processes. The tokens are intended to streamline interactions and transactions within the ecosystem, enhancing user experience and operational efficiency.
Legal Status of BLOKS Tokens
BLOKS tokens are not currencies, securities, or any form of regulated financial instrument. They are utility tokens with the specific purpose of being used within the blokAI ecosystem as follows:
Not a Currency: BLOKS tokens are not legal tender and are not intended to be used as currency outside the blokAI platform.
Not a Security: BLOKS tokens do not represent an ownership or equity stake in blokAI. They do not entitle holders to dividends, profits, or any form of financial return.
Not a Regulated Instrument: BLOKS tokens are not subject to the regulations governing securities or financial instruments. Their use is strictly limited to providing access and facilitating processes within the blokAI platform.
Acquiring and Using BLOKS Tokens
How to Acquire BLOKS Tokens
BLOKS tokens can be acquired through several methods, each designed to integrate seamlessly within the blokAI ecosystem and comply with legal frameworks:
Participation in blokAI Community Events and Programs: Engage in specific events and community-driven programs that reward active participation and contributions to the ecosystem with BLOKS tokens.
Direct Purchases from the blokAI Platform: Acquire tokens directly during designated distribution periods which are announced and managed by blokAI, subject to specific terms and availability.
Decentralized Exchanges (DEX): Purchase BLOKS tokens through various decentralized exchanges that support the token, allowing for peer-to-peer transactions without the need for traditional intermediaries.
Seed Token Offering (STO): Participate in the initial seed token offering, a pre-sale event providing early supporters with the opportunity to purchase tokens under early-bird terms favorable to contributors who commit early to the project.
Public Token Offering (PTO): Purchase tokens during the public sale phase, which is open to the general public and conducted after the STO, providing broader access to BLOKS tokens.
Accepted Methods of Acquisition
BLOKS tokens may be acquired using the following methods:
Digital Currency Transfers: Transfers using digital currencies that are accepted by the blokAI platform. Specific currencies and procedures will be detailed on the platform.
Community Contributions and Tasks: BLOKS tokens may also be obtained by completing specific tasks or contributions that directly support the blokAI ecosystem, as approved and announced by blokAI.
Restrictions on Purchase
To ensure compliance and maintain the utility nature of BLOKS tokens:
Verification Requirements: Purchasers may be required to undergo identity and eligibility verification processes to comply with legal and regulatory standards.
Geographical Restrictions: BLOKS tokens are not available for purchase by residents of countries where transactions in or ownership of digital tokens are legally prohibited.
Non-Speculative Use: BLOKS tokens are intended for utility within the blokAI ecosystem and must not be purchased for speculative investment purposes.
Purchase Limitations: Purchase limitations may be applied based on regulatory requirements and at the discretion of blokAI, to ensure fair access and distribution of tokens.
Usage of BLOKS Tokens within the blokAI Ecosystem
Functionality and Utility within the Network
BLOKS tokens serve as a tool within the blokAI ecosystem, designed to enable and enhance user interaction and participation. Key functionalities include:
Access to Services: Tokens provide access to blokAI’s suite of services, including but not limited to AI-driven project evaluation and technical support.
Governance Participation: Token holders can participate in governance decisions, influencing future developments and policies within the blokAI ecosystem.
Platform Engagement: Use of tokens to engage in community activities, voting mechanisms, and feedback submissions to help shape the ecosystem’s evolution.
Non-Financial Uses of BLOKS Tokens
BLOKS tokens are strictly for utility within the blokAI platform and are not intended for financial speculation. Their use includes:
Operational Utility: Tokens are used as a means of exchange for services and functionalities offered by blokAI, facilitating the operational dynamics of the ecosystem.
Community Incentives: Tokens may be awarded as incentives for community participation, contribution to project development, and other non-monetary engagements that benefit the blokAI ecosystem.
Resource Allocation: They facilitate allocation of resources and access within the platform, serving as a method for distributing and accessing computational and network resources.
Token Compliance and Legal Considerations
Compliance with Laws and Regulations
BLOKS tokens are designed to operate within the legal frameworks applicable to utility tokens. blokAI commits to:
Regulatory Adherence: Continuously monitor and adapt to new regulations to ensure that BLOKS tokens comply with current legal standards in jurisdictions where they are available.
Transparency Measures: Maintain high transparency with regulatory bodies by providing necessary documentation and disclosures to demonstrate the non-financial utility of the tokens.
Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT): Implement procedures that comply with AML and CFT requirements to prevent illicit activities within the platform.
User Responsibilities
Users of BLOKS tokens are expected to:
Legal Compliance: Adhere to their local laws and regulations regarding the use of digital tokens. It is the responsibility of the user to ensure that they are in compliance with their jurisdictional legal standards.
Accurate Information: Provide truthful and accurate information when required for transactions and interactions within the blokAI ecosystem.
Security Measures: Take reasonable steps to secure their tokens and personal information associated with their blokAI accounts.
Risks Associated with BLOKS Tokens
Risks of Using Blockchain and Digital Tokens
Technological Risks: The blockchain technology underlying BLOKS tokens can be prone to cyber-attacks, operational glitches, and unforeseen technological difficulties which may affect token functionality.
Market Risks: While BLOKS tokens are not designed for speculative use, general market conditions and perceptions of blockchain technology could affect their utility and functionality within the blokAI ecosystem.
Regulatory Risks: Changes in legislation or regulation governing blockchain technology and digital tokens could impact the usage and functionality of BLOKS tokens. blokAI is committed to regulatory compliance, but new regulations could impose unforeseen operational constraints.
Specific Risks Related to the Non-Financial Nature of BLOKS Tokens
Utility Limitations: BLOKS tokens are strictly utility tokens designed for use within the blokAI ecosystem and do not have intrinsic financial value, speculative value, or any promise of future profits.
No Claim on Assets or Rights: Holders of BLOKS tokens have no claim over the physical or intellectual assets of blokAI, nor do they confer any rights of ownership, such as dividends, equity, or voting rights outside of the specific use cases within the blokAI platform.
Dependence on the Ecosystem: The value and utility of BLOKS tokens are entirely dependent on the functionality and wide adoption of the blokAI ecosystem. Changes to the ecosystem, whether through development choices, community engagement, or external pressures, could impact the usefulness of BLOKS tokens.
Token Management and Governance
Management of the Token Supply
Token Supply Control: blokAI maintains strict control over the issuance and supply of BLOKS tokens to prevent inflation and preserve the utility value of the tokens within the ecosystem.
Transparency in Token Distribution: Details about the total supply, distribution schedules, and any changes in token issuance are transparently disclosed to all token holders and are available in the blokAI whitepaper and official communications.
Security Measures: Advanced security protocols are employed to safeguard the token supply, including regular audits and updates to ensure compliance with the latest security standards.
Governance Mechanisms for Token Holders
Voting Rights: BLOKS token holders are granted voting rights in key decisions affecting the blokAI platform, including updates to the protocol, feature enhancements, and governance rules.
Community Proposals: Token holders can propose changes or new features to the blokAI ecosystem. Proposals that meet pre-defined criteria (as detailed in the whitepaper) will be put to a vote.
Decentralized Governance: The governance model is designed to be increasingly decentralized, allowing a higher degree of control and influence by the community over the platform’s development and management practices.
Limitations of Liability
Disclaimer of Warranties
No Warranties Provided: BLOKS tokens are provided “as is” and “as available” without any warranties of any kind, either express or implied, including, but not limited to, implied warranties of merchantability or fitness for a particular purpose.
No Guarantee of Continuous Service: blokAI does not warrant uninterrupted or error-free operation of the BLOKS tokens or that blokAI will correct all defects or prevent third-party disruptions or unauthorized access.
Limitations on the Project’s Liabilities
General Limitations: blokAI, including its affiliates, officers, directors, employees, agents, and successors, will not be liable for any indirect, incidental, special, consequential, or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses (even if blokAI has been advised of the possibility of such damages).
Loss Limitations: In no event will blokAI’s total liability to a token holder for all damages, losses, and causes of action related to the BLOKS tokens, whether in contract, tort (including negligence), or otherwise, exceed the amount you have paid to blokAI specifically for acquiring the BLOKS tokens.
Regulatory Actions and Force Majeure: blokAI will not be liable for any failure or delay due to matters beyond their reasonable control, including changes in law, regulations, or government policies, acts of God, acts of terror, civil disorder, or technological failure.
Amendments to the Token Terms
Process for Changes to the Document
Authority to Amend: blokAI reserves the right to modify, add, or remove parts of these token terms at its sole discretion without prior notice to ensure compliance with legal, regulatory, or operational requirements.
Stakeholder Involvement: Before implementing significant changes, blokAI may engage with stakeholders, including token holders, through consultations or feedback mechanisms to gather input on proposed amendments.
Final Decisions: Following stakeholder engagement, the final decision on any amendments rests with blokAI management, ensuring decisions align with the strategic goals and legal obligations of the blokAI ecosystem.
Notification Methods for Amendments
Official Communications: Amendments will be announced through official channels, which include the blokAI website, official social media accounts, and email notifications to registered users.
Update Periods: Users will be given a reasonable timeframe to review the changes before they take effect. This period will typically be no less than thirty (30) days from the date of the announcement.
Continuous Access: Updated terms will be accessible on the blokAI platform and may be reviewed at any time to ensure transparency and ongoing user awareness of the governing terms.
Miscellaneous
Intellectual Property Rights
Ownership: All intellectual property rights related to the BLOKS tokens, the blokAI platform, and any associated services, including but not limited to software, algorithms, design, branding, and documentation, are owned by blokAI. Users are granted a limited, non-exclusive, non-transferable license to use BLOKS tokens within the blokAI ecosystem under the terms set forth.
Restrictions: Users are prohibited from copying, modifying, distributing, selling, or leasing any part of blokAI’s services or included software, nor may they reverse engineer or attempt to extract the source code of that software, except to the extent that laws prohibit these restrictions.
Protection of IP: blokAI actively protects its intellectual property rights to the fullest extent of the law. Any unauthorized use or reproduction of blokAI’s intellectual property without explicit permission is strictly prohibited.
Contact Information for Queries and Official Communications
General Inquiries: Users can contact blokAI for general inquiries or assistance related to the use of BLOKS tokens or services through the official email address provided on the blokAI platform.
Official Notifications: For receiving official communications regarding terms changes, service updates, or other essential information, users should refer to the contact methods listed on the blokAI website. It is the user’s responsibility to ensure that they maintain up-to-date contact information in their user account to receive these notifications.
Dispute Resolution: Any concerns or disputes related to the use of BLOKS tokens should be directed to the contact information provided, with a detailed description of the issue and any relevant documentation to support the claim.
Closing Statements
Summary and Final Legal Disclaimer
Summary: This document outlines the terms associated with the acquisition, use, and management of BLOKS tokens within the blokAI ecosystem. It is intended to inform users of their rights and responsibilities, the non-financial nature of the tokens, and the legal considerations associated with their use.
Legal Disclaimer: BLOKS tokens are utility tokens designed for participation in the blokAI ecosystem and are not intended for use as financial instruments. blokAI makes no representations or warranties of any kind, express or implied, regarding the tokens or the blokAI platform beyond the descriptions provided in this document. Users are responsible for their legal compliance related to the acquisition and use of BLOKS tokens.
Affirmation of Understanding and Acceptance of Terms
Affirmation Requirement: By acquiring and/or using BLOKS tokens, users affirm that they have read, understood, and agreed to be bound by these terms. Users acknowledge that they are acquiring BLOKS tokens solely for use within the blokAI ecosystem and not as an investment or financial asset.
Continued Agreement: Continued use of BLOKS tokens constitutes ongoing agreement to these terms as they may be updated or amended, updates will be announced by official announcement channels.