BEFORE STAKING CRYPTOASSETS WITH US OR OTHERWISE USING OUR SERVICES YOU MUST READ THESE TERMS CAREFULLY. TO THE EXTENT ANYTHING IS UNCLEAR YOU MUST DISCUSS THIS WITH US OR AN APPROPRIATE ADVISOR BEFORE AGREEING TO THESE TERMS. IN AGREEING TO THESE TERMS, YOU THEREFORE ACCEPT THAT YOU HAVE OBTAINED SUFFICIENT INFORMATION ABOUT OUR SERVICES TO MAKE AN INFORMED DECISION TO USE THEM.
YOU SHOULD ONLY STAKE CRYPTOASSETS IF YOU CAN AFFORD TO LOSE ALL THE VALUE OF YOUR INVESTMENT AS STAKING CRYPTOASSETS INVOLVES A HIGH DEGREE OF RISK. THE VALUE OF CRYPTOASSETS CAN GO UP OR DOWN, MAY BE VERY VOLATILE AND THERE CAN BE A SUBSTANTIAL RISK THAT YOU LOSE MONEY DEALING IN CRYPTOASSETS.
YOU SHOULD CAREFULLY CONSIDER WHETHER STAKING CRYPTOASSETS IS SUITABLE AND APPROPRIATE FOR YOU IN LIGHT OF YOUR OWN FINANCIAL SITUATION AND ATTITUDE TO RISK, AS EVALUATED BY YOU CAREFULLY. WE DO NOT MAKE ANY REPRESENTATIONS OR RECOMMENDATIONS REGARDING THE ADVISABILITY OR OTHERWISE OF STAKING CRYPTOASSETS. OUR SERVICES ARE NOT CURRENTLY REGULATED BY ANY REGULATOR, AND ARE NOT COVERED BY ANY STATUTORY COMPENSATION SCHEME.
BY STAKING CRYPTOASSETS WITH US OR OTHERWISE USING OUR SERVICES YOU CONFIRM THAT YOU HAVE READ THESE TERMS CAREFULLY, UNDERSTAND THEM, AND ACCEPT AND AGREE TO COMPLY WITH THEM. IF YOU DO NOT AGREE TO THESE TERMS, YOU MUST NOT USE OUR SERVICES.
The Ethereum blockchain allows participants to earn Rewards, on top of their existing holdings of Ether, in return for helping secure the blockchain. This is achieved by participants attesting to the validity of transactions on the Ethereum blockchain by Staking their Ether. These terms and conditions, together with any documents and policies referred to in them (these “Terms”), set out the agreement between users of our Services (“you”, “your”) and Attestant (BVI) Limited (“Attestant”, “we”, “us”, “our”) in relation to your use of our Services, and thereby access Rewards.
1.1 The definitions and rules of interpretation in this clause apply in these Terms.
| “Adequate Procedures” | means in respect of any person, adequate procedures designed to prevent persons associated with it from undertaking conduct causing it to be guilty of an offence under the Bribery Act 2010; |
| “Agreement Personal Data” | means any Personal Data Processed by us for the purposes set out in these Terms; |
| “Anti-Bribery Laws” | means any and all statutes, statutory instruments, bye-laws, orders, directives, treaties, decrees and laws (including without limitation any common law, judgment, demand, order or decision of any court, regulator or tribunal) which relates to anti-bribery and/or anti-corruption and including without limitation the Bribery Act 2010; |
| “Business Day” | means any day other than Saturday or Sunday or a public or bank holiday in the United Kingdom; |
| “Consensus Layer” | means the parts of the Ethereum blockchain that work together to reach agreement on the current head block of the blockchain; |
| “Data Protection Laws” | means all applicable law relating to data protection, the Processing of Personal Data and privacy, including: (i) the General Data Protection Regulation (EU) 2016/679 (“GDPR”); (ii) the Data Protection Act 2018; (iii) the Privacy and Electronic Communications (EC Directive) Regulations 2003 (as may be amended by the proposed Regulation on Privacy and Electronic Communications); and (iv) any legislation that, in respect of the United Kingdom, replaces or converts into domestic law the General Data Protection Regulation (EU) 2016/679, the proposed Regulation on Privacy and Electronic Communications or any other law relating to data protection, the Processing of personal data and privacy as a consequence of the United Kingdom leaving the European Union; |
| “Ether” | means ETH, the native cryptocurrency used on the Ethereum blockchain; the properties of Ether change if it is moved from the Execution Layer to the Consensus Layer and (until such functionality is developed) Ether held on the Consensus Layer cannot be moved back to the Execution Layer, and references to Ether using in these Terms should be interpreted accordingly; |
| “Execution Layer” | means the parts of the Ethereum blockchain that process and broadcast transactions as well as manage Ethereum’s state; |
| “GDPR” | has the meaning set out in Data Protection Laws; |
| “Information” | has the meaning set out in clause 12.1; |
| “Node” | means any computer or other hardware device that connects to the Ethereum network to maintain a copy of the blockchain; |
| “Period” | means each calendar quarter ending on 31 March, 30 June, 30 September and 31 December respectively; |
| “Private Key” | means information which should be known only to the owner, and is used to make instructions to buy or sell cryptoassets such as Ether, or to withdraw them from the scope of Services; |
| “Prohibited Act” | means: (A) directly or indirectly offering, promising or giving any person a financial or other advantage to: (i) induce that person to perform improperly a relevant function or activity; or (ii) reward that person for improper performance of a relevant function or activity; (B) directly or indirectly requesting, agreeing to receive or accepting any financial or other advantage as an inducement or a reward for improper performance of a relevant function or activity in connection with these Terms; and / or (C) committing any offence under Anti-Bribery Laws, legislation creating offences concerning fraudulent acts and / or at common law concerning fraudulent acts relating to these Terms or the Services; |
| “Proof of Stake” | is a method of validating transactions on the Ethereum network, in which participants earn Reward in return for securing the Ethereum blockchain; |
| “Reward(s)” | means all of: (i) rewards paid on Consensus Layer as a result of Staking; (ii) MEV (maximal extractable value); and (iii) Transaction Fees. |
| “Services” | has the meaning set out in clause 2; |
“Stake(s)”, “Staked”, “Staking” | refers to the act of locking up an amount of Ether (in blocks of 32 Ether) in order to participate in using the Services to provide Proof of Stake to the Ethereum platform and receive Rewards; |
| “Termination Date” | means the date on which termination takes effect and the Services are no longer provided in accordance with clause 11; |
| “Transaction Fee(s)” | are fees paid by users of the Ethereum blockchain in return for their transactions being included in a block; |
| “Virus” | means any viruses, bugs, vulnerabilities, glitches, weaknesses, spyware, malware, adware or other harmful or deleterious programs, material, code and / or software; and |
| “Webpage” | https://www.attestant.io/bvi |
1.1 References to clauses and Schedules are to the clauses of and Schedules to these Terms. The Schedules form part of these Terms and shall have effect as if set out in full in the body of these Terms and any reference to these Terms includes the Schedules. Clause and Schedule paragraph headings shall not affect the interpretation of these Terms.
1.2 A reference to these Terms is a reference to these Terms as amended or varied in accordance with its terms from time to time. A reference to a “party” shall include that party's personal representatives, successors and permitted assigns. A reference to “writing” or “written” includes email but not faxes.
1.3 Unless the context otherwise requires, words in the singular shall include the plural and the plural shall include the singular, and a reference to one gender shall include a reference to the other genders.
1.4 A “person” includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns.
1.5 Any words following the terms “including”, “include”, “in particular”, “for example”, “such as” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
1.6 A reference to a statute, statutory provision or subordinate legislation is a reference to it as it is in force from time to time, and includes any statute, statutory provision or subordinate legislation which it amends or re-enacts and subordinate legislation for the time being in force made under it.
1.7 References to “Personal Data”, “Process”, “Processing”, “Data Controller” and “Data Processor” have the meanings set out in, and will be interpreted in accordance with, Data Protection Laws.
1.8 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.
2.1 Attestant use reasonable skill, care and diligence to give you the ability to receive Rewards from the Ethereum platform using our infrastructure and validation software, and to ensure that this infrastructure and validation software is kept up to date and maintained (the “Services”).
2.2 Attestant does not provide the following services under these Terms:
2.2.1 Custody of cryptoassets (including Ether).
2.2.2 Investment advice, and the fact that we provide the Services in no way indicates an endorsement of Ether as an investment.
2.2.3 Any form of suitability assessment of Ether as a potential investment.
2.2.4 Brokerage, crypto exchange services or management of cryptoassets.
3.1 In agreeing to these Terms and / or using the Services, you at all times represent that you:
3.1.1 (if you are a body corporate) are duly organised and validly existing under the laws of your jurisdiction and you have full power, authority and right to bind yourself to these Terms and to receive the Services.
3.1.2 (if you are an individual) are at least 18 years old and eligible to agree to these Terms and all related obligations, including as regards any age, residency, legal capacity, competency and all other requirements.
3.1.3 are legally permitted under all applicable laws and requirements to receive and make use of the Services, there is no other reason to prevent you from entering into these Terms.
3.1.4 understand the inherent risks associated with cryptographic systems and their usage and have an understanding of public/Private Key cryptography, native cryptographic tokens such as Ether, blockchain-based software systems such as Ethereum, as well as cryptocurrencies and digital assets generally. A non-exhaustive illustrative list of potential risks is set out at Schedule 1.
3.1.5 have sufficient access to computers, internet and software as may be required to use the Services.
3.1.6 can afford to lose all of your investment as investing in Ether involves a high degree of risk.
3.1.7 have established and maintain reasonable and effective policies and procedures to ensure that you and any related parties comply with all applicable laws and regulations (including as regards anti-money laundering and prevention of terrorist financing procedures).
3.2 You must only use the Services where you have independently (or with the assistance of an independent advisor) determined that the Services are compatible with your requirements.
3.3 In the event that you for any reason cease to be eligible for the Services, you must immediately stop using our Services.
4.1 You will at all times before and whilst using the Services:
4.1.1 on request provide us with any information we may request for the purposes of verifying your identity (including if relevant that of any of your beneficial owners) and checks required in relation to prevention of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information. This includes completing any verification procedures and customer identity checks that we may require in relation to the Services.
4.1.2 authorise us to make any inquiries, whether directly or through third parties, that we consider necessary to verify your identity or to protect you and/or us against fraud or other financial crime, and to take any action we reasonably deem necessary based on the results of such inquiries.
4.2 You acknowledge that your access to the Services may be altered, on an ongoing basis, as a result of the information provided under this clause 4.
4.3 You acknowledge that in carrying out inquiries, your personal information may be disclosed by Attestant to identity verification, credit reference and fraud prevention or financial crime agencies and that these agencies may respond to inquiries in full. This is an identity check only and should have no adverse effect on your credit rating.
5.1 You acknowledge and agree that you are solely responsible for all use you make of any of the Services.
5.2 You agree that they you will:
5.2.1 be fully responsible for all custody and safekeeping of (i) your Ether; (ii) your Private Key(s); and (iii) any exit code allowing you to withdraw Ether from the Services. Attestant shall not be liable for any loss in relation to any issue with or loss of these.
5.2.2 not provide access to Private Keys to any person who is not authorised by you to hold them.
5.2.3 allow us to maintain the Services and any related software as required.
5.2.4 not use the Services to send, request, or receive cryptoassets and / or digital currencies other than Ether.
5.2.5 not interfere with or disrupt the provision of any of the Services or use any of the Services in a way that interferes with anyone else’s use of any Services.
5.2.6 not further any criminal or fraudulent activity or to impersonate another person.
5.2.7 not breach the rights of any person (including, but not limited to rights of privacy and intellectual property rights).
5.2.8 not use or access the Service on behalf of any third party, including (but not limited to) using the Services to hold Ether which belongs to a third party.
5.2.9 not republish, redistribute or re-transmit the dashboard, any software or information provided in relation to the Services, or otherwise copy or store such software or information, other than for your use of the Services as permitted by these Terms and as may occur incidentally in the normal course of such use.
5.2.10 not attempt to circumvent the security of or interfere with the proper working of the Services or any server on which they are hosted, or otherwise introduce, or permit the introduction of, any Virus into any software used in relation to the Services.
5.2.11 not use the Services in a way that might damage our name or reputation or that of any of our affiliates.
5.2.12 ensure that neither you nor any person acting on your behalf in connection with these Terms shall, by any act or omission commit, cause, facilitate or contribute to the commission by any person of a tax evasion offence or facilitation of a tax evasion offence (for these purposes, a tax evasion offence includes cheating a public revenue authority or being knowingly concerned in, or in taking steps with a view to, the fraudulent evasion of tax, and tax includes duties and social security contributions).
5.2.13 comply with all applicable laws with respect to your activities under these Terms (including in relation to anti-corruption and anti-bribery).
5.2.14 only use the Services as permitted by these Terms.
6.1 In using our Services, you authorise us to deduct our fees from any Rewards you would otherwise receive. Our fees are as set out in the relevant smart contract(s) you send your ETH to, or as otherwise disclosed by us to you.
6.2 Please note that there may be taxes, fees and costs other than those imposed by or via us, and you are responsible for paying these.
7.1 In the event that any Ether is exited from the Services, such that it is no longer used for the purpose of Staking (an “Exit”), then, due to the current nature of the Ethereum platform, there is no ability to either transfer such Ether across the Ethereum network, nor is there any ability to start Staking that Ether again, until such functionality is developed.
7.2 We can cause your Ether to Exit using validator private keys under our (and not your) control. These validator private keys are private keys used by us to operate the validation software. Notwithstanding this clause 7.2, we shall be responsible for the safekeeping and security of these validator private keys. As such, in the event that we use these validator private key to submit a voluntary Exit without prior authorisation and / or instruction by you, causing you to, without your consent, receive a negative Reward and / or to cease being able to participate in Staking, our liability to you shall be as set out in clause 9.
7.3 You may authorise and / or instruct us to Exit your Ether, in which case we shall not be liable for any loss (of whatever nature and regardless of whether direct or indirect) as a result of such Exit. Furthermore, we may agree that we provide you with a pre-signed exit transaction, which is code that enables you to directly Exit your Ether (the “Exit Transaction”). The exact nature of the Exit Transaction will be as agreed between us from time to time. We reserve the right to encrypt the Exit Transaction for the purpose of helping make it more secure, however we do not provide any guarantee or assurance that such encryption shall ensure, or help ensure, the security of the Exit Transaction.
7.4 In the event that you request an Exit Transaction, you are responsible at all times for keeping the Exit Transaction safe, secure, protected and under your control, and for ensuring that there is no unauthorised use of the Exit Transaction. If the Exit Transaction is lost, destroyed or damaged, then we will assist you with replacing the Exit Transaction. Replacing an Exit Transaction will not invalidate the old version of the Exit Transaction. As such, in the event that a new Exit Transaction is created, you accept the risk that it may be that the old and the new Exit Transactions could both be used to perform an unauthorised Exit, and, as you are responsible for safeguarding all Exit Transactions, this is entirely at your risk and we assume no additional liability as a consequence of creating an additional Exit Transaction.
7.5 We will not be liable for any loss (of whatever nature and regardless of whether direct or indirect) caused by and / or as a consequence of any Exit in the event that you have been provided with an Exit Transaction (including not having any liability to you under clause 9) unless:
7.5.1 you can show beyond any reasonable doubt that we only, and not you, are responsible for the Exit; and
7.5.2 you have not instructed us to Exit your Ether.
8.1 You will provide us with all information required for us to provide the Services in accordance with these Terms. If you do not provide us with the information we request, then we may be unable to provide you with all or any of the Services.
8.2 We may share information concerning you, including personal information: (i) with our professional service providers (including, but not limited to, auditors, attorneys and advisors) to the extent necessary to conduct ordinary business operations; (ii) with appropriate regulatory, government authorities, and / or (iii) as otherwise required by law, rule, regulation, legal process or a court of competent jurisdiction.
8.3 Further information on how we Process personal data and comply with Data Protection Laws is available at https://www.attestant.io/privacy.
9.1 Nothing in this clause 9 or any other term of these Terms shall limit or exclude our liability:
9.1.1 for death or personal injury caused by our negligence;
9.1.2 for our fraud and / or fraudulent misrepresentation; and / or
9.1.3 for any other liability that, by law, may not be limited or excluded.
9.2 We are not liable for any loss (regardless of whether that loss is foreseeable and / or consequential) as a result of:
9.2.1 one or more of the risks set out at Schedule 1 materialising;
9.2.2 you using the Services in relation to any asset or thing other than Ether, or Staking insufficient Ether as required by the Ethereum protocol;
9.2.3 an Exit after you have been provided with an Exit Transaction, as this is further detailed in clause 7;
9.2.4 you breaching the terms of these Terms;
9.2.5 Ether being lost as a result of a determination of the Ethereum protocol, so long as we have taken commercially reasonable steps to prevent this loss;
9.2.6 you using the Services in any way which either causes us to perform a regulated activity for which we are not authorised, or which otherwise results in a breach of applicable law and / or regulation;
9.2.7 exercising any of our rights under these Terms, including any right to suspend or terminate provision of the Services; and / or
9.2.8 events outside our reasonable control.
9.3 Although we will take all reasonable care to ensure all electronic communications and attachments we send to you are free from any known Virus, we are not responsible for any loss or damage resulting from any attack by a third party on our systems, any Virus or any other malicious or technologically harmful material that may infect your computer equipment, computer programs, data or other material due to your use of the Services. You also acknowledge and accept the risks inherent in communicating by email, particularly of its unauthorised interception and of its not reaching the intended recipient.
9.4 To the extent that we may be deemed by any applicable law to owe you any fiduciary duties or to be in a fiduciary relationship, we explicitly exclude and reject any such duties or relationship to the extent permitted by applicable law. We also do not provide, nor accept responsibility for, legal, tax or accounting advice.
9.5 We are in no event liable for any losses, including any loss of Ether, other than where caused directly and reasonably foreseeably by our negligence (and in no event shall we be liable to for any indirect or consequential losses, or for any loss of profit, revenue, contracts, data, goodwill or other similar losses). We shall be under no obligation to inquire into, and shall not be liable for, any losses incurred by you or any other person as a result of the maintenance, transfer, receipt or delivery of fraudulent, defective or otherwise impaired Ether.
9.6 Our total liability for losses under these Terms shall not, in respect of any Period, exceed the fees payable by you for the relevant Services in relation to that Period, and is strictly limited to losses that were reasonably foreseeable. Losses are foreseeable where they could be contemplated by both parties at the time they enter into these Terms.
10.1 Nothing in these Terms shall limit or exclude your liability:
10.1.1 for death or personal injury caused by your negligence;
10.1.2 for your fraud and / or fraudulent misrepresentation; and / or
10.1.3 for any other liability that, by law, may not be limited or excluded.
10.2 You agree to indemnify us for:
10.2.1 actual, reasonable legal costs and expenses directly related to any regulatory inquiry, legal action, litigation, dispute or investigation, whether such situations occur or are anticipated, that relate to you.
10.2.2 any loss directly resulting from breach of any of the terms of these Terms by you.
11.1 You may terminate your agreement with us under these Terms with immediate effect by ceasing to use our Services.
11.2 We may terminate these Terms:
11.2.1 for convenience at any time on 30 days' notice to you, by providing notice in accordance with clause 14;
11.2.2 immediately if you are in material breach of these Terms and fail to remedy the same (if capable of remedy) within 30 days of being required to do so; and / or
11.2.3 immediately if you are unable to pay your debts as they fall due or a petition for winding up is presented or you shall go into liquidation (save for the purpose of solvent amalgamation or reorganisation) or you enter into an arrangement with your creditors generally or an administrator, an examiner or any equivalent has been appointed thereto or has a receiver appointed over all or any part of your assets or you suffer any execution over such assets.
11.3 We may suspend the Services and / or terminate these Terms with immediate effect where:
11.3.1 we are of the reasonable opinion that we are required to do so by applicable law, regulation, any court and / or by other authority to which we and / or you are subject in any jurisdiction.
11.3.2 required to avoid a breach of a legal and/or regulatory requirement.
11.3.3 we suspect that any information provided by you is materially incomplete, inaccurate or misleading.
11.3.4 we suspect you of acting in material breach of these Terms.
11.3.5 we have concerns about the security of your Ether or we suspect the Services are being used in a fraudulent or unauthorised way.
11.3.6 we suspect you of money laundering, terrorist financing, fraud, dealing with the proceeds of crime or any other financial crime or unlawful conduct.
11.3.7 your use of the Services is subject to any (pending) litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your use of the Services.
11.3.8 you abuse promotions which we may offer from time to time.
11.3.9 there is insufficient relevant Ether associated with you to undertake Staking on the Ethereum platform.
11.3.10 an event occurs which is outside our reasonable knowledge and control which impacts the Services.
11.4 We may suspend provision of the Services:
11.4.1 if we do not receive any fees in connection with your use of our Services when they become due, and this will not affect our ability to terminate these Terms.
11.4.2 in order to update and / or maintain the infrastructure and / or validation software used in providing the Services
11.5 On the Termination Date, you will no longer be able to use or have any right to the Services. In addition, you must pay all outstanding amounts owed to us and will not receive a refund for any fees paid in relation to Services received up to the Termination Date.
12.1 We license, but do not sell, the Services and any related software or provided information (including the dashboard, documents, text, graphics, photographs and other images, videos, sound, trademarks and logos (all together, “Information”)) to you for your own personal use.
12.2 We and our licensors (if any), are at all times the owner of all intellectual property relating to the Services and any related software or provided Information. Nothing in these Terms gives you any rights in respect of any intellectual property owned by us or our licensors (if any) and you do not acquire any ownership rights by using or receiving any software or any provided Information in relation to the Services.
12.3 You shall not, except as may be allowed by applicable law which is incapable of exclusion by agreement between you and us:
12.3.1 except to the extent expressly permitted under these Terms, attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of any software and / or Information used and / or provided in relation to the Services in any form or media or by any means;
12.3.2 attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of any software and / or Information used and / or provided in relation to the Services;
12.3.3 access all or any part of the Services, including any software and / or Information used and / provided in relation to the Services, in order to build a product or service which competes with the Services;
12.3.4 (except and solely to the extent specifically permitted by us in writing) License, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services, and any software and / or Information provided in relation to the Services, available to any third party; and / or
12.3.5 attempt to obtain, or assist third parties in obtaining, access to the Services (including any software and / or Information provided in relation to the Services) other than as permitted by these Terms.
12.4 Software may contain code, commonly referred to as open source software, which is distributed under any of the many known variations of open source licence terms, including terms which allow the free distribution and modification of the relevant software’s source code and/or which require all distributors to make such source code freely available upon request, including any contributions or modifications made by such distributor (collectively, “Open Source Software”). To the extent that the Services or related software use or contain any Open Source Software, that element only is licensed to you under the relevant licence terms of the applicable third party licensor (“Open Source Licence Terms”) and not under these Terms, and you accept and agree to be bound by such Open Source Licence Terms. A reference to the source code for any Open Source Software contained in any software used to deliver the Services and the relevant Open Source Licence Terms will be made available to you upon request.
13.1 We may revise these Terms at any time by amending this page. We will give you reasonable advance notice of any changes, or we may make changes with immediate effect if they are in your favour. We will notify you of changes by putting an alert on our Webpage.
13.2 You will be treated as accepting any change that we make to these Terms unless you tell us that you do not agree to the change, in which case you have the right to terminate these Terms and stop using our Services in accordance with clause 11.
14.1 Communications to us may be made by email to bvi-contact@attestant.io.
14.2 Communications to you may be made either by using the contact details provided to us, or by making a notification on our Webpage.
14.3 Communications:
14.3.1 by email will be deemed received on the earlier of the time at which it is accessed or 2 Business Days after receipt (except as regards emails sent to us, if there is a bounce-back stating the communication has not been delivered, the communication shall be deemed not sent); and
14.3.2 via notification on our Webpage will be deemed delivered when the notification is visible on our Webpage.
14.4 Communications between the parties shall be in English. Should we receive a communication which purports to be on your behalf we are entitled, but not obliged, to rely on and conclusively presume that such communication or instruction has been given by you.
15.1 You may not assign, transfer, charge or create third party interests over any of your rights or responsibilities in relation to these Terms, nor may you agree to do any of the same, without our prior written consent (which may by withheld at our sole discretion).
15.2 We may delegate the provision of any aspects of the Services, so long as we take due skill and care in selecting and overseeing our delegee.
15.3 Each of the provisions of these Terms are separate, severable and enforceable. If any provision of these Terms is found by any court or body or authority of competent jurisdiction to be illegal, unlawful, void or unenforceable, such term will be deemed to be severed from these Terms and this will not affect the remainder of these Terms which will continue in full force and effect.
15.4 No waiver or variation of any part of these Terms shall be effective unless in writing. No failure or delay by us to exercise any right, power or remedy under these Terms shall operate as a waiver or variation of that right, or any other right, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise of that right or any other right, power or remedy.
15.5 We shall be entitled to set off any amount owed to us by you for any reason whatsoever from time to time against any sum which we owe to you, and payment of the net amount shall discharge both sums due.
15.6 These Terms constitute the entire agreement between you and us as the parties to it and supersedes any prior agreement or arrangement in respect of its subject matter. Neither party has entered into these Terms in reliance upon, and will have no remedy in respect of, any misrepresentation, representation or statement which is not expressly set out in these Terms, and the only remedies available for any misrepresentation or breach of any representation or statement which was made prior to entry into these Terms and which is expressly set out in these terms will be for breach of contract.
15.7 Except as set out in these Terms, we do not make or give any representation or warranty as to the accuracy, completeness, currency, correctness, reliability, integrity, quality, fitness for purpose or originality of any information provided regarding the Services and, to the fullest extent permitted by law, all implied warranties, conditions or other terms of any kind are excluded and we accept no liability for any loss or damage of any kind incurred as a result of you or anyone else relying on such information.
15.8 The parties do not intend that the provisions of these Terms shall be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 (the "1999 Act") or otherwise by any person not a party to them.
15.9 Nothing in these Terms is intended to or shall operate to create a partnership between the parties to them, nor authorises either party to act as agent for the other. Neither party shall have the authority to act in the name of or on behalf of or otherwise to bind the other in any way (including the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
15.10 We will always endeavour to act in your best interests as our client. However, circumstances can arise where we or one of our other clients may have some form of interest in business being transacted for you. If this happens or if we become aware that it could happen, we will take appropriate steps to manage the conflict of interests fairly.
15.11 The terms of these Terms, its subject matter and their formation, and any non-contractual obligations arising out of or in connection with them are governed by the laws of England and Wales, subject to any mandatory provisions of the applicable law of your place of residence. The courts of England and Wales have exclusive jurisdiction to determine any dispute arising out of or in connection with these Terms, including in relation to any non-contractual obligations.
15.12 These Terms shall not prevent us from entering into similar agreements with third parties, or from independently developing, using, selling or licensing documentation, products and/or services which are similar to those provided under these Terms.
15.13 These Terms take effect and binds the parties to them with effect from the date on which you start using the Services.
STAKING ETHEREUM INVOLVES A HIGH DEGREE OF RISK. SET OUT BELOW IS AN OVERVIEW OF SOME OF THESE RISKS, HOWEVER THIS LIST IS NOT EXHAUSTIVE AND YOU MUST ONLY USE THE SERVICES AFTER TAKING AN INDEPENDENT ASSESSMENT OF THE POTENTIAL RISKS INVOLVED. IN USING THE SERVICES YOU CONFIRM THAT YOU UNDERSTAND AND ACCEPT THE RISKS INVOLVED.
We will not to our knowledge provide you with any Virus, however you accept that the nature of the Services provided means that there is a risk of software containing Viruses. As such, by using the Services you agree to act reasonably in performing your own checks for potential Viruses and to provide us with reasonable assistance in identifying and remedying any Virus. To the extent that you interact with software provided by or on behalf of a third party, you accept that we cannot check such software for Viruses and as such we cannot take responsibility for checking any such software.
The Execution Layer and Consensus Layer blockchains will run in parallel, however if you transfer Ether to the Consensus Layer, there is no way to transfer it back to the Execution Layer.
Whilst we believe that the ability to transfer Ether across the Consensus Layer and Execution Layer will be developed, until this functionality is available, you will not be able to transfer Ether across the Ethereum network, for example to another person’s wallet. As such, Ether held on the Consensus Layer will be illiquid until the ability to transfer is developed, and the timeline for this functionality being developed is not guaranteed. Furthermore, if there is an Exit of your Ether, then this Ether cannot be used for Staking until this functionality becomes available, and again the timing of this functionality being developed is not guaranteed. As such, if you are provided with an Exit Transaction, and you do not keep this Exit Transaction safe and secure, leading to an unauthorised Exit of your Ether, then you will not be able to transfer this Ether or use it for Staking until additional functionality is developed on the Ethereum network.
Whilst we believe that the ability to earn Rewards on Staked Ether cumulatively will be developed, until this functionality is available, you will not be able to earn Rewards cumulatively on Staked Ether. As such, until the functionality is developed, you will not be able to reinvest any Reward until the ability to do so is developed, and the timeline for this functionality being developed is not guaranteed.
We neither own nor control the underlying software protocols which govern the operation of Ethereum or Ether. We are not responsible for the operation of the underlying protocols and cannot guarantee their functionality, security, or ongoing availability.
As the Ethereum software is still being developed, there could be unforeseen Viruses in the software that might result in events which lead to you losing Ether. In addition, there may be further changes to the Ethereum blockchain which we may, at our sole discretion, choose not to support through the Services (for example, if there is a fork of Ethereum protocol leading to the creation of a new digital asset, we reserve the right at our sole discretion to determine whether we will provide Services in relation to the new digital asset, and shall not be liable for loss as a result of such decision).
Hackers or other malicious groups or organizations may attempt to interfere with Ethereum or Ether in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Set out below are illustrative examples of some of the ways in which a blockchain protocol can be attacked:
7.1 Sybil attacks: this involves creating multiple (Sybil) identities would theoretically allow for malicious attackers to gain a disproportionately large influence over the blockchain.
7.2 The 51% attack: this is the ability to control an overwhelmingly large amount (at least 51%) of power in a decentralized system, which then grants the attacker the ability to manipulate data.
7.3 Byzantine faults: these are faults caused by Nodes to deliver supply chain graph data either by being unavailable or having an incorrect data response.
7.4 Eclipse attack: this is isolating a Node or a multitude of them from the blockchain network by having all outbound connections reach malicious Nodes.
7.5 Hostage data attacks: this is where a malicious Node refuses to deliver certain graph data in order to extort data owners for additional Ether.
A Private Key (or combination of Private Keys), is necessary to control and dispose of Ether. Accordingly, your loss of requisite Private Key(s) associated with your digital wallet or vault storing Ether will result in loss of such Ether. Moreover, any third party that gains access to such Private Key(s), including by gaining access to the login credentials of a hosted wallet service you use, may be able to misappropriate your Ether. Any errors or malfunctions caused by or otherwise related to the wallet you chose to receive and store Ether in, including your own failure to properly maintain or use such wallet, may also result in the loss of your Ether.
Where you interact with other software providers you accept that there may be additional risks in relation to such other software, that it is your responsibility to assess the suitability and appropriateness of any such software and any loss caused by such use is not our responsibility.
Generally, there is a chance that Ethereum might be unsuccessful and your Ether may consequently become valueless.
Ether is a high-risk investment. Risks include but are not limited to: hacking, fraud, glitches, malfunctions, breakdown, abandonment of Ether and / or Ethereum, volatility, information asymmetry, illiquidity, general economic risks, and unanticipated changes. The value and liquidity of Ether may be subject to large fluctuations, and is affected, for example, by the willingness of persons to participate. In addition, fraud or cyber-attacks can result in technical difficulties which could prevent the access to or use of your Ether.
Advances in cryptography, or technical advances such as the development of quantum computing, could present risks to Ether by rendering ineffective the cryptographic consensus mechanism that underpins Ethereum.
The size of any Reward is variable and dependent upon a number of factors, including how much total Ether is Staked across the entire Ethereum network. The more Ether is Staked by persons generally, the less you in Staking Ether will receive as a Reward.
In order to participate in Staking, you will need to lock up Ether in tranches of 32 Ether, due to the nature of the validation protocol which supports Ethereum. As such, you should not lock up more than 32 Ether in each tranche (as there will not be a greater Reward as a result), and Ethereum does not support locking up of less than 32 Ether in a tranche.
It is possible to lose Ether as a result of Staking. If you Stake Ether and the Staking software goes offline, you will lose some Ether. If you Stake Ether and the Staking software vouches for an invalid transaction, you will lose substantially more Ether.
As the release of Ethereum software is happening in stages, the initial release will not allow for transfers of Ether. If you participate in Staking before transfers are available, your Ether will essentially be locked up until the transfer functionality is made available by the Ethereum network.
As Ether and Ethereum is still developing, there is a risk of loss due to fraud or simple human error. For example, if you input incorrect information when sending an instruction, there is a risk that the relevant Ether will be lost and not be recoverable. It is your responsibility to ensure that all information supplied by you in connection with the Services is correct and complete.
Regulation of Ether and Ethereum is rapidly evolving. Regulation varies significantly between different jurisdictions and is subject to uncertainty. Regulators may in the future adopt laws, regulations, guidance or other actions that may severely impact the Services and / or reduce the value of Ether. For example, regulators could determine that Ether is a financial instrument requiring some form of registration, authorisation or other licencing, and we have the right, at our sole discretion, to limit / cease providing Services within the jurisdiction of such regulators, and shall not be liable for any loss as a result of such decision.
Please note that there may be other risks in addition to those outlined above in relation to holding or participating in Ether, Ethereum and / or the Services, and there may be further risks that arise in the future.