Terms of Service
These Terms of Service(“Terms” or “Agreement“) describe and govern the Services provided by Speedy Staking (“Company“) to user (“User“).
By Staking Tokens to Validator Nodes operated by Company, User agrees to be bound by the terms of this Agreement. If User disagrees with, does not understand, or cannot comply with all of the terms of this Agreement, User must not Stake its Tokens to Validator Nodes operated by Company.
Please read this agreement carefully before Staking Tokens to Validator Nodes operated by Company. No signature of either Party is required for this Agreement to be legally binding against each Party, and this Agreement is legally binding on the Effective Date (as defined below).
Please get in touch with us at firstname.lastname@example.org or join the Telegram group by following the link at https://t.me/speedystaking for any questions or issues.
In consideration of the mutual agreements contained below, Company and User hereby agree to the following:
The capitalised terms used in this Agreement have the meanings ascribed to them in this section or where they are elsewhere defined in these Terms. Any term defined in the singular form will have the corresponding definition in the plural form (and vice versa). As used in these Terms:
“Active Set” means those Validator Nodes with sufficient Tokens Staked on the Network to actively participate in consensus block production.
“Applicable Law” means any applicable national, provincial, international, federal, state, county, and local statute, law, ordinance, regulation, rule, code, and order issued by any governmental authority.
“Blockchain“ means a digital ledger in which transactions made with a Cryptocurrency are recorded chronologically.
“Cryptocurrency” or “Token” means a digital currency in which transactions are verified, and records are maintained by a decentralised system using cryptography rather than a centralised authority.
“Channels” means Company’s website, Telegram Group and Twitter.
“Effective Date“ means the date you Stake your Tokens to a Validator Node operated by Company.
“Governmental Agencies” means any nation or government, any state or other political subdivision thereof, and any entity exercising legislative, judicial or administrative functions of or pertaining to government, including, without limitation, any government authority, agency, department, board, commission or instrumentality, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any self-regulatory organisation.
“Network” means any PoS-blockchain on which Company operates a Validator Node.
“Party” means Company or User, as applicable, and “Parties“ means Company and User collectively.
“Rewards”, or “Staking Rewards” means any Tokens granted by the Network to the Validator Node as a result of Validation Operations, including, but not limited to, block rewards and transaction fees granted by the Network and received by Company or User, as applicable, in connection with the performance of the Validation Operations.
“Service Fees” or “Commission” means the amount paid to Validator Nodes by Networks for providing Validation Operations on the Network, usually expressed as a percentage of the total Rewards and Transaction Fees earned.
“Slashing Penalty“ means any penalty applied by the Network to a Validator Node’s staked Tokens for unavailability or slow, incorrect or malicious performance.
“Staking“, “Staked“, “Stakes”, or “to Stake“ means committing Tokens to a Validator Node to support the Network’s security through Validator Node’s Validation Operations.
“Stake” means the total amount of Tokens Staked by User to a Validator Node operated by Company.
“Services” means offering Validation Operations and exercising Voting Rights by Company on behalf of User.
“Telegram Group” means Company’s Telegram group, accessible at https://t.me/speedystaking.
“Transaction Fees” means any amount of digital tokens paid to the Network by users to execute transactions. A part or all of the Transaction Fees paid may be distributed to Validator Nodes, Users or both.
“Twitter” means Company’s Twitter account, accessible at https://twitter.com/speedystaking.
“Unstaking” means removing tokens from a Validator Node operated by Company or stopping the act of Staking.
“User” means a holder of Tokens who Stakes Tokens with a Validator Node operated by Company.
“Validator Node” means a full node that participates in “consensus” on the Network, responsible for verifying, voting on, and maintaining a record of transactions on a Blockchain Network.
“Validation Operations” means operating a Validator Node to which Users can Stake.
“Voting Rights” means the rights User derives by Staking to a Validator Node, which indirectly allows User to participate in Network governance based on the number of tokens staked.
“Website” means Company‘s website, accessible at https://speedystaking.io.
2. Services and Code of Conduct
Subject to the Terms, where Company operates Validator Nodes that are among the Active Set, Company will operate Validator Nodes in a manner considered reasonable by industry standards.
During such operation of the Validator Nodes, Company will:
- implement industry standard monitoring and alerting tools to prevent downtime and slashing penalties to the maximum extent possible;
- take reasonable steps to protect all private and validator keys necessary for operation;
- give Users open lines of communication directly with Company’s team;
- do their best to provide valuable services, infrastructure, and offerings to Network’s communities;
- share their position on Governance proposals and exercise Voting Rights based on Users’ preferences;
- communicate changes in Service Fees at least one week beforehand through official Channels;
- communicate the termination of Validation Operations for a given Network at least one month beforehand through official Channels;
- provide reimbursement for missed Rewards, except due to force majeure, when Rewards are not received by User for a period longer than stated below; and
- Casper Network; longer than 2 ERAs or 4 hours.
- provide User with the before-mentioned reimbursement up to a maximum of the equivalent of 1 week of Rewards.
There is no guarantee or assurance that, and Company is not making any representation, warranty or promise to that effect, Company will operate Validator Nodes at all or for any particular period. Company’s failure to enter or remain in the Active Set or offer Validation Operations shall not constitute a breach of any provision of these Terms or otherwise give rise to any liability or obligation of Company to User.
Company shall not have any obligation to perform the Validation Operations at any time if any one or more of the following conditions is not satisfied as of such time:
- the representations and warranties of User outlined in Section 3 after this are accurate and complete as of all times on and after agreeing to these Terms while User Stakes with a Validator Node operated by Company;
- Company is included in the Active Set on the Network; and
- neither User’s Stake to a Validator Node operated by Company, nor Company’s performance of Validation Operations for User, constitute or would be reasonably expected to result in (with or without notice, a lapse of time, or both) a breach, default, infringement or violation of any Law applicable to User or Company, or contract or agreement to which User or Company is a party or by which User or Company is bound, including these Terms and Network agreements.
User acknowledges and understands that due to the permissionless, decentralised design of the Networks:
- anyone holding Tokens can anonymously Stake with Validator Nodes operated by Company, and accordingly, Company does not, under ordinary circumstances, have the ability to prevent any such person from Staking with Validator Nodes operated by Company; and
- Company is likely unable to ascertain vital information regarding User, including User’s name, country of origin, country of residence, age, good standing, legal status, affiliations, entity type and criminal history.
Accordingly, there may be periods during which one or more of the conditions described directly above is not satisfied, but Company is unaware of such fact and continues rendering Services to User.
If User reasonably expects that any of these conditions above are not satisfied before Staking to Validator Nodes operated by Company, User shall not proceed with Staking any Tokens to Validator Nodes operated by Company. If, after Staking Tokens to Validator Nodes operated by Company, User could reasonably expect that any of these conditions have ceased to be satisfied, User shall immediately stop Staking to Validator Nodes operated by Company.
3. User Representations and Warranties
User hereby represents and warrants to Company, as of the date of entering into this Agreement and as of each date that User is Staking to Validator Nodes operated by Company:
3.1 If User is an individual, User is of legal age in the jurisdiction in which User resides and is of sound mind and body. If User is a business entity, User is duly organised, validly existing and in good standing under the laws of the jurisdiction in which it is organised and has all requisite power and authority for a business entity of its type to carry on its business as now conducted.
3.2 User has all requisite capacity, power and authority to accept these Terms and to carry out and perform its obligations stated in them. These Terms constitute a legal, valid and binding obligation of User enforceable against User by its terms.
3.3 User entering into this Agreement and User’s Staking to Validator Nodes operated by Company does not constitute and would not reasonably be expected to result in (with or without notice, a lapse of time or both) a breach, default, infringement or violation of any Law applicable to User, or contract or agreement to which User is a party or by which User is bound.
3.4 User is not, and is not owned or controlled by, or acting on behalf of, any other person who is identified on any list of prohibited parties under any Law or by any Governmental Agencies, such as, for example, the lists maintained by the United Nations Security Council, the U.S. government (including the U.S. Treasury Department’s Specially Designated Nationals list and Foreign Sanctions Evaders list), the European Union (EU) or its member states, and the government of User’s home country. User is not, and is not owned or controlled by, or acting on behalf of, any other person who is, located, ordinarily resident, organised, established, or domiciled in Cuba, Iran, North Korea, Sudan, Syria, the Crimea region (including Sevastopol) or any other country or jurisdiction against which the U.S. maintains economic sanctions or an arms embargo. User’s tokens are not derived from and do not otherwise represent the proceeds of any activities in violation or infringement of any Law.
3.5 User understands and agrees that neither User’s Staking to Validator Nodes operated by Company nor Company’s provision of Services hereunder:
- means Company will accept, take control of, or custody User’s Tokens;
- represents or constitutes a loan or a contribution of capital to, or other investment in, Company;
- provides User with any ownership interest, equity, security, or right to or interest in the assets, rights, properties, revenues or profits of, or voting rights whatsoever in, Company; or
- creates or implies any fiduciary or other agency relationship between Company or any of its directors, officers, employees, agents and User.
3.6 User is knowledgeable, experienced and sophisticated in using and evaluating the Network and similar technologies. User has conducted its thorough independent investigation and analysis of the Network and the other matters contemplated by this Agreement in determining to Stake any Tokens to Company and enter into this Agreement, and has not relied upon any information, statement, omission, representation or warranty, express or implied, written or oral, made by or on behalf of Company in connection in addition to that.
3.7 User shall be solely responsible for payment of any applicable taxes concerning User’s share of Rewards and for any other taxes resulting from the transactions contemplated herein, as determined by the laws of User’s jurisdiction of residence or citizenship; Company makes no representations in this regard. The Parties agree not to treat this Agreement as giving rise to a partnership for U.S. federal income tax purposes. User hereby agrees to defend, indemnify, and hold harmless us and our officers, directors, managers, employees, and agents from any liabilities, costs, and expenses (including reasonable attorneys’ fees) concerning such taxes and related costs, interest, and penalties.
4. Limitation of Use
The Terms provided govern the User’s access and use of the Website and are incorporated into this Agreement.
User acknowledges and agrees that Company will not accept or take custody over any Rewards on User’s behalf and has no responsibility or control over whether the Network distributes any Rewards to User. That Company’s sole obligation under this Agreement is to perform the Services upon the Terms outlined in this Agreement.
5. No Consequential, Incidental or Punitive Damages
Notwithstanding anything to the contrary contained herein, Company shall not be liable to any person, whether in contract, tort (including under any cause of action alleging negligence), warranty or otherwise, for special, incidental, consequential, indirect, punitive or exemplary damages (including but not limited to lost data, lost profits or savings, loss of business or other economic loss) arising out of or related to this Agreement, whether or not Company has been advised or knew of the possibility of such damages, and regardless of the nature of the cause of action or theory asserted.
6. Limitation of Liability
Company’s liability for damages under this Agreement shall in all cases be limited to, and under no circumstances shall exceed, the portion of Commission received by Company that demonstrably arose by the User’s particular Staking of its particular Tokens to Validator Nodes operated by Company.
User agrees to indemnify, defend and hold harmless Company, its partners, agents, officers, directors and employees from and against any loss, cost, expense, claim, injury or damage (including, without limitation, reasonable attorneys’ fees and expenses) (collectively, “Losses“) incurred due to third party claims arising from any breach by the User of any representation, warranty, or provision in this Agreement. Company shall indemnify, defend and hold User harmless from and against any Losses incurred due to third-party claims arising from any breach by Company of any representation, warranty, or provision contained in this Agreement.
8. Term, Termination, and Suspension
The Services under these Terms will start on the Effective Date.
Either party may terminate these Terms: (a) at any time for any or no reason, (i) on delivery of written notice of termination to the other Party, (ii) in the case of User, by Unstaking their Tokens, or (iii) in the case of Company, by taking steps to shut down the Validator Node or, if technically possible, denying/terminating the Staking of User’s Tokens to Validator Nodes operated by Company, (b) for a good cause, with immediate effect, if the other Party materially breaches a provision of these Terms; in each case, the termination is subject to any restrictions on termination provided in the terms and conditions of the Network.
Upon termination, the User shall (i) cease to use the Services; (ii) initiate Unstaking of User’s Tokens; and (iii) pay to Company all fees and expenses outstanding through the termination date. Upon termination, Company shall pay to User its attributable Rewards minus Commission. Further, the termination of these Terms, for any reason, shall not affect the entitlement of Company to any fees and expenses due.
Upon termination of these Terms, all licenses to access and use the Services will likewise terminate, and User will discontinue all such access and use immediately after that.
Any obligations and duties that by their nature extend beyond the expiration or termination of these Terms will survive the expiration or termination of these Terms, including, without limitation, accrued rights to payment, warranty disclaimers and limitations of liability.
USER ACKNOWLEDGES THAT USER HAS READ THIS AGREEMENT, UNDERSTANDS IT, AND AGREES TO BE BOUND BY ITS TERMS.