CloudK Minting Terms and Conditions
These Terms and Conditions ("Terms") govern the use of the LayerK CloudK Protocol ("CloudK Protocol") provided by LayerK Group LTD ("LayerK", "we", "our", "us"), a company registered under the laws of the British Virgin Islands. By accessing or using the CloudK protocol and its associated functionalities, including but not limited to hardware devices, software applications, and minting services (collectively, the "Services"), you ("User", "you", "your") agree to comply with these Terms and all applicable laws and regulations. If you do not agree with any part of these Terms, you must not use the Services.
Last Updated: October 2024
OVERVIEW AND AGREEMENT
1.1. These Terms apply to your use of the CloudK Protocol, which enables the minting of tokens through various methods, including but not limited to cloud minting, hardware minting, and software wallet minting. Users can access the Services via platforms that support the CloudK Protocol or by directly connecting with our protocol.
1.2. By accessing or using the CloudK Protocol, you enter into a legally binding contract with LayerK. Your use of the Services is governed by these Terms, our Privacy Policy (available at https://docs.layerk.com/legal-docs/privacy), the Terms and Conditions (available at https://docs.layerk.com/legal-docs/terms-and-condition), and any supplementary terms referenced herein or agreed upon during the registration process.
1.3. Certain aspects of the CloudK Protocol and the Services, such as specific functionalities, integrations with third-party services, or promotions, may be governed by additional terms and conditions. These supplementary terms are deemed incorporated into these Terms by reference and will apply in addition to these Terms. If there is a conflict between these Terms and any supplementary terms, the supplementary terms will govern in relation to the relevant service or functionality.
1.4. By clicking "I agree" during the account creation process, or by accessing or using the CloudK Protocol, you acknowledge that you have read, understood, and accepted these Terms, which become effective upon your first use of the CloudK Protocol or the Services.
1.5. If you do not agree to these Terms, or if your use of the LayerK Protocol or the Services is prohibited under the laws of your jurisdiction, you must not provide consent and are not entitled to use the CloudK Protocol nor the Services.
1.6. For detailed information regarding the minting process, rewards calculations, and CloudK Protocol features, refer to the following documentation:
RISKS RELATED TO MINTING
2.1 Using the CloudK Protocol to mint tokens involves a variety of risks, including but not limited to:
2.1.1. Technical Risks: minting involves complex computer systems that may be vulnerable to software bugs, system failures, cyberattacks, and data breaches. Any such issues may lead to the loss of tokens, personal data breaches, or other unforeseen consequences.
2.1.2. Legal and Regulatory Risks: the legal and regulatory landscape governing blockchain technologies and digital assets is continuously evolving. Users are responsible for ensuring compliance with all applicable laws in their jurisdiction, including but not limited to tax laws, Anti-Money Laundering (AML) regulations, and Know-Your-Customer (KYC) requirements. Failure to comply may result in penalties, fines, or other legal liabilities.
2.1.3. Tax Risks: the creation and use of digital tokens through minting may have tax implications in various jurisdictions. You are responsible for determining and fulfilling your tax obligations, including but not limited to income tax, capital gains tax, and any other applicable taxes. LayerK does not provide tax advice, and you should consult with a qualified tax professional to understand your responsibilities. Failure to comply with tax obligations could result in fines, penalties, or other legal consequences.
2.1.4. Market Risks: the value of minted tokens is highly volatile and may fluctuate due to market conditions, regulatory developments, macroeconomic factors, or speculative actions by third parties. Users assume full responsibility for any financial losses resulting from market volatility.
2.1.5. Operational Risks: minting operations may be impacted by external factors beyond LayerK’s control, such as power outages, hardware malfunctions, network congestion, or third-party service disruptions.
2.1.6. Cybersecurity Risks: Despite robust security measures, cloud minting and hardware minting remain exposed to cybersecurity threats. Attacks on your system, the blockchain, or LayerK’s infrastructure could result in loss or theft of minted tokens.
2.2. LayerK does not guarantee the success or profitability of minting efforts conducted through the CloudK Protocol. Users should understand that the value of minted tokens is speculative and may result in losses. LayerK assumes no responsibility for any financial or non-financial damages arising from minting activities.
2.3. By accessing or using the CloudK Protocol, you acknowledge that minting involves complex, speculative, and potentially high-risk transactions. You voluntarily assume all risks associated with these activities and acknowledge that you are participating at your own discretion.
2.4. We implement state-of-the-art security measures to ensure the safety of your transactions. However, due to the inherent nature of blockchain and decentralised systems, certain issues may remain unresolved for extended periods, or indefinitely. By agreeing to these Terms, you acknowledge and accept the possibility of delays, interruptions, or unresolved technical problems. LayerK is not liable for any losses or delays resulting from these issues.
2.5. You acknowledge that the CloudK Protocol relies on experimental technologies, including smart contracts, blockchain networks, and cryptographic tokens. These technologies are constantly evolving and subject to rapid development, changes, or failure. You assume all risks related to the use of these experimental technologies, including the risk of total loss of tokens, disruptions in the minting process, or vulnerability to newly discovered security flaws.
USE OF CLOUDK PROTOCOL
3.1. The CloudK Protocol offers several minting services, including but not limited to cloud minting, hardware minting, and software wallet minting. To participate, Users must adhere to all technical specifications and ensure their hardware, software, and network infrastructure meets the necessary specifications for minting as outlined in the CloudK documentation.
3.2. To access the CloudK Protocol, Users must create an account by providing accurate, complete, and up-to-date information. Users are responsible for maintaining the confidentiality of their account credentials. LayerK reserves the right to suspend or terminate access to the CloudK Protocol and the Services if we suspect that any User has provided false, misleading, or outdated information.
3.3. By using the CloudK Protocol, Users represent and warrant that:
3.3.1. They are fully aware of the technical and legal risks involved in blockchain transactions, including the speculative nature of digital assets.
3.3.2. They have complied, and will continue to comply, with all applicable laws in their jurisdiction regarding the use and possession of digital tokens.
3.3.3. They are not subject to any regulatory or legal restrictions that would prohibit their participation in token minting or other blockchain-related activities.
3.4. The minting process may involve transaction fees, and rewards will be distributed in accordance with the formulas and processes specified in the CloudK Protocol documentation. Users are responsible for any fees incurred during the minting process, including transaction fees ("gas fees") for blockchain operations. For more information, refer to the Rewards and Calculation Formula documentation as mentioned above in section 1.6.
3.5. To activate the CloudK Protocol, Users may utilise cLFi or LYK tokens. Until October 15, 2024, both cLFi and LYK tokens may be used for activation. After this date, only LYK tokens will be accepted. LayerK reserves the right to modify the token requirements at any time with reasonable notice. LayerK will make reasonable efforts to process any token activations within the usual processing times. However, we are not responsible for delays or failures in processing token activation resulting from issues related to blockchain congestion or system errors. Users acknowledge and accept the risk that fluctuations in token prices may affect the cost of services provided through the CloudK Protocol.
PROHIBITED ACTIVITIES
4.1. By using the CloudK Protocol, you agree not to engage in any of the following prohibited activities:
4.1.1.Illegal Activities: you may not use the CloudK Protocol or minted tokens for any illegal activity, including but not limited to money laundering, terrorism financing, illegal gambling operations, fraud, or activities that violate any applicable local, national, or international laws or regulations.
4.1.2.Circumvention of Regulatory Requirements: you may not use the CloudK Protocol in a manner intended to circumvent or avoid compliance with legal or regulatory requirements, including but not limited to tax laws, anti-money laundering (AML) regulations, and know-your-customer (KYC) obligations.
4.1.3. Abuse of the System: you may not use any automated scripts, bots, or any other similar techniques to manipulate, game, or abuse the minting system, rewards, or any other feature of the CloudK Protocol. This includes any activity designed to artificially inflate transaction volumes, minting rewards, or other metrics.
4.1.4. Unauthorised Access: you may not attempt to gain unauthorised access to any accounts, systems, or networks connected to the CloudK Protocol, or engage in activities that attempt to bypass, disrupt, or interfere with the security and integrity of the platform.
4.1.5. Spamming and Phishing: you may not use the CloudK Protocol to send unsolicited messages, spam, or engage in phishing or other deceptive practices intended to collect personal information or cause harm to other users.
4.1.6. Infringement of Intellectual Property: you may not use the CloudK Protocol to engage in the unauthorised use, distribution, or reproduction of copyrighted materials, trademarks, patents, or other intellectual property owned by third parties without proper authorization.
4.1.7. Harmful Code: you may not upload, transmit, or distribute any code, malware, viruses, or any other harmful software that could damage or negatively affect the functioning of the CloudK Protocol, blockchain infrastructure, or any associated services.
4.2 If LayerK determines that you have engaged in any prohibited activities, we reserve the right to immediately suspend or terminate your access to the CloudK Protocol and the Services without notice. Additionally, you may be subject to legal action, including civil and criminal liability, depending on the severity and nature of your actions.
4.3. If you believe someone is using the CloudK Protocol or the Services in violation of these Terms, please report the activity immediately to [email protected].
4.4. LayerK reserves the right to conduct audits of its smart contracts, transaction records, and financial systems to ensure compliance with applicable regulations. By using the CloudK Protocol and the Services, you acknowledge that you may be subject to routine audits, and any irregularities identified may result in immediate suspension or termination of your account.
INTELLECTUAL PROPERTY OWNERSHIP AND LICENSING
All intellectual property rights in the CloudK Protocol, including software, hardware, and associated documentation, are owned by LayerK or its licensors. By using the CloudK Protocol, you are granted a limited, non-exclusive, non-transferable licence to use the services in accordance with these Terms. You may not copy, reverse-engineer, modify, or distribute any software or hardware components of the CloudK Protocol without LayerK’s express written permission.
LIABILITY, DISCLAIMER AND INDEMNIFICATION
6.1. The CloudK Protocol and related Services are provided on an "as is" and "as available" basis. LayerK makes no warranties, express or implied, regarding the functionality, performance, or availability of the CloudK Protocol. This includes, without limitation, warranties of merchantability, fitness for a particular purpose, and non-infringement.
6.2. LayerK does not warrant that (i) the CloudK Protocol will function uninterrupted, secure, or available at any particular time or location, or will be error-free or free of harmful components; (ii) any errors or defects will be corrected; (iii) the CloudK Protocol is free of viruses or other harmful components; (iv) any content and data will be secure or not otherwise lost or damaged; (v) the results that may be obtained from the use of the Services will be accurate or reliable; or (vi) the results of using the CloudK Protocol will meet your requirements or expectations. You assume all risks associated with the use of the CloudK Protocol or the Services, including but not limited to the risk of data loss or exposure due to security breaches or software bugs.
6.3. LayerK will not offer refunds for tokens lost due to user errors (e.g., sending tokens to the wrong address) or blockchain errors (e.g., network congestion, failed transactions). Users are solely responsible for ensuring the accuracy of their token transactions before confirming any minting or payment activities.
6.4. To the maximum extent permitted by applicable law, LayerK, its officers, directors, employees, affiliates and service providers shall not be liable for any direct, indirect, incidental, consequential, or special damages, including loss of minted tokens, interruption of services, loss of profits, or legal liabilities arising from the use or inability to use the CloudK Protocol or the Services, even if LayerK has been advised of the possibility of such damages.
6.5. You agree to indemnify and hold harmless LayerK, its officers, directors, employees, affiliates and service providers from any claims, damages, or liabilities arising from your use of the CloudK Protocol or the Services, your breach of these Terms, or your violation of any applicable laws or rights of third parties.
FORCE MAJEURE
7.1 LayerK shall not be held liable for any failure to comply with these Terms due to circumstances beyond our reasonable control, including but not limited to governmental actions, acts of terrorism, war, fires, disruptions in telecommunications or internet services, network provider issues, software malfunctions, network-wide compromises, hacking, strikes, labour disputes, accidents, civil or military disturbances, or other catastrophic events. In no Force Majeure event shall LayerK be responsible for inaccuracies, errors, delays, omissions, service disruptions, or interruptions in the CloudK Protocol or the Services, whether in transmission or delivery of information as required by these Terms.
7.2 In addition to the circumstances outlined above, LayerK shall not be liable for any failures or delays resulting from blockchain-specific events such as network congestion, blockchain forks, decentralised governance decisions, or any other events unique to decentralised systems that impact the functionality of the CloudK Protocol.
TERMINATION
8.1 LayerK reserves the right, at its sole discretion, to terminate or suspend access to the CloudK Protocol or the Services at any time, with or without notice, if we determine that you have violated these Terms, engaged in illegal activities, or breached applicable laws.
8.2. Users acknowledge and agree that having their access to the CloudK Protocol and the Services terminated for any reason may lead to loss of assets without any rights and/or reparations against the LayerK, its shareholders, directors, employees, partners or any associated entity.
8.3. LayerK retains the right to report individuals to the appropriate authorities, and invoke remedies as permitted by applicable laws in cases where prohibited activities are identified.
8.4 Upon termination, you must immediately cease all use of the CloudK Protocol and the Services. Any rights and licences granted under these Terms will terminate immediately, and any outstanding fees or liabilities will remain due.
AMENDMENTS TO THE TERMS
LayerK reserves the right to unilaterally amend or modify these Terms at any time. Any changes will be posted on the LayerK website (available at https://docs.layerk.com/legal-docs), and such modifications will become effective upon posting. It is your responsibility to review these Terms periodically for updates. Continued use of the CloudK Protocol and the Services after changes are posted constitutes acceptance of the revised Terms.
SEVERABILITY
If any provision of these Terms is found to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions will continue to be in full force and effect.
GOVERNING LAW AND JURISDICTION
11.1. These Terms are governed by and construed in accordance with the laws of the British Virgin Islands without regard to conflict of law principles
11.2. Any disputes arising from or relating to these Terms shall be subject to the exclusive jurisdiction of the courts of the British Virgin Islands. By agreeing to these Terms, you waive your right to participate in any class actions or class-wide arbitration. All claims must be brought in your individual capacity.
CONTACT INFORMATION
If you have any questions or concerns about these Terms, you may contact us at [email protected].
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