Token Sale Agreement & Terms and Conditions

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Terms of Use and Risk Notifications of the Ryfts Platform

1. Introduction

These terms and conditions (hereinafter the “Terms”) describe information applicable to the use of the https://ryfts.io website and its services, which is owned and operated by Ryfts Group SRL. By using the Website or its related services, including Token sale process, you expressly agree to be bound by all of the terms and conditions set forth. In accepting this agreement, you acknowledge that you have read this agreement, understand it, and had an opportunity to seek independent legal advice prior to agreeing to it. You also warrant that you are at least 18 years old and have full capacity to contract under applicable law; only transacting on https://ryfts.io with legally-obtained funds that belong to you; not furthering, performing, undertaking, engaging in, aiding, or abetting any unlawful activity through your relationship with us or through your use of https://ryfts.io; and, comporting with and obeying all applicable laws. At any point, if you do not agree to any portion of the current Terms, you should not proceed to use the Website or participate in the Token sale. Ryfts has the right to review and amend the current agreement at any time without notice.

2. Terms and Definitions

In the present document, the following terms shall have the meaning specified below:

Bitcoin” or “BTC” means the digital currency and payment system using peer-to-peer transactions verified by network nodes and recording in a public distributed ledger.

Blockchain” - a distributed database that maintains a continuously growing list of ordered records called blocks. By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively.

GitHub” - is a development platform that provides hosting and reviewing code, managing projects, and building software alongside millions of other developers. The Ryfts account is available at https://github.com/ryfts.

Player” (“User”) - a person participating in the Raffle for the purpose of entertainment, including but not limited to winning a prize. Once a Player creates an account on the Ryfts Website and confirms his email, he becomes a “Registered Player”.

Purchaser” - legal or natural person participating in the Initial Coin Offering.

Service” (“System”) - Ryfts blockchain Raffle platform at https://ryfts.io.

Smart contracts” (“Smart contract system”) - are self-executing contractual states, stored on the Ethereum blockchain, which nobody controls and therefore everyone can trust.

RFT Token” – an ERC-20-compatible smart contract on Ethereum blockchain used in the Ryfts ICO. It represents the proof of participation in the Ryfts ICO, as described in these Terms and the Whitepaper.

Ticket” - a record of participation in the System with a range of functionalities programmed in the Smart Contract System.

Token sale” (“Initial Coin Offering”, “ICO”) - a process of capital rising by which funds are raised for a new cryptocurrency venture.

Website” - the website on the Internet at https://ryfts.io.

Whitepaper” – an informational document issued by a Ryfts Group SRL highlighting the features of the Service, available for download at https://ico.ryfts.io.

3. General provisions

The Service provides the Players with opportunity to participate in Raffle by transferring their money to bitcoin wallet and purchasing Tickets. The aforementioned relationships between the Service and Players as well as the development, programming and issuance of the Smart Contract System, managing and executing marketing programs, operation of user interfaces by the company and/or individuals providing services (“Workshop”) and its advisors and affiliates as well as any use and allocation of funds transferred to the Smart Contract System are regulated exclusively by the Smart Contract System to the Workshop and / or third parties and no other terms shall be relevant or can be relied upon.

4. Status of these Terms

4.1. The purpose of these Terms is to explain the functionality Service and to notify the persons who intend to enter into the relations with Service about the risks connected with the use of Service, as well as about the risks connected with participation in Raffle.

4.2. The list of risks specified in these Terms is not comprehensive, as well as it may not contain those risks which cannot be predicted at the present moment. If you are not sure that you can estimate the probability of occurrence of such risks by yourself, you are advised to contact an appropriate specialist (a lawyer, an auditor, an adviser or a programmer) before making a decision about entering into the relations with the Service.

4.3. Reviewing these Terms does not substitute reviewing the Blockchain system. By transferring bitcoins to the Service you confirm that you have read the Blockchain system instructions and fully and unconditionally agree with the conditions hereof.

4.4. You may not take legal actions against any Players and/or the Service connected with using of Service, including, but not limited to claims based on the fact that you did not read nor did not understand the terms and conditions of the Blockchain system.

4.5. These Terms might be amended and/or updated in the future. The relevant Terms are the ones showed on the Site. In order to obtain the most complete and current information regarding the Service you should periodically review this section.

5. Guarantees of the Player

By using the Service the Player guarantees that:

5.1. By purchase bitcoins in Players wallet or tickets in Service platform the Player expressly agrees to all functionality set forth in Service Code existing on the GitHub (address set forth above) and the notification made in these Terms, which is incorporated by reference herein. The Player further confirms to have carefully reviewed the Service Code and these Terms and fully understand the risks and costs of contributing into the Service;

5.2. The Player has a deep understanding of the functionality, usage, storage, transmission mechanisms and intricacies associated with bitcoin (BTC) and blockchain-based software systems;

5.3. The Player has carefully reviewed the code of the Service located on the GitHub at the addresses set forth above and fully understands and accepts the functions implemented therein;

5.4. The Player waives the right to participate in a class action lawsuit or a class wide arbitration against any entity or individual involved with the creation of Tickets;

5.5. The Player understands that creation of Tokens does not involve the purchase of shares or any equivalent in any existing or future public or private company, corporation or other entity in any jurisdiction;

5.6. The Player understands that the transfer of bitcoins to the Service and the operation of the Services carries significant financial, storage, regulatory and reputational risks as further set forth in the Terms;

5.7. The Player understands that bitcoins transferred to the Service can be transferred to individuals and/or entities which provide services for the development of Services, for marketing and operation of the Services;

5.8. The Player understands that the Player has no right against any party whatsoever to request any refund of the bitcoins submitted to the Service for the creation of the tickets under any circumstance;

5.9. The Player understands that Tickets are not designed to form any form of currency, that no market liquidity may be guaranteed and that the value of Tickets over time may experience extreme volatility or depreciate in full; he/she has sufficient legal capacity in accordance with the law to enter into Service;

5.10. The Player understands that he/she is not going to enter the Blockchain System and/or to use Player`s wallet or Tickets for the purpose of avoidance of bans and/or restrictions put on it by the law, as well as not to use the Blockchain Systems with the aim of creating speculative, misleading and/or fraudulent schemes;

5.11. Player understands that he/she has no right to create more than one account on Service. If Player is found out creating more than one accounts or any other cheating, all his accounts will be blocked and winnings are transferred to the prize Fund.

6. Entry to and Execution of Service

6.1. Tickets do not originate and do not provide any rights for participation in property, joint stock or authorized capital of any associations, partnerships, companionships or any other forms of legal entities of whatever jurisdiction. Tickets cannot be used as any kind of security.

6.2. Tickets do not provide their holders with any additional rights in material, as well as non-material nature, except for those rights that are stipulated by the Service. Tickets allows the holders to participate in Raffle.

6.3. The execution is nominated in Bitcoins and is provided automatically at occurrence of the terms specified in the Blockchain. The Players of the Raffle understand and accept that they are not able to challenge the data in the System or ask for the reimbursement for the Service or any other reimbursement.

7. Player Wallet

7.1. As part of the creation process the Player will generate a wallet seed, need to provide a password and save their private wallet keys. The password will be used to encrypt the Player’s seed and private keys to the Player's Wallet.

7.2. Following the creation of Ticket by the Service, the Tickets will be used to Player`s participation in the Raffle. The Player understands that the Player must keep his seed, password and private keys safe and that the Player may not share them with anybody. The Player further understands that if his seed is lost or stolen, the Player will not be able to generate a new password or recover his private keys, and if the Player also loses his private keys and password, the bitcoins or Tickets associated with the Player's Wallet will be unrecoverable and will be permanently lost. Furthermore, the Player understands that there is no recovery mechanism for lost seeds, and without the seeds there is no recovery mechanism for lost passwords and private keys, so no one will be able to help the Player retrieve or reconstruct a lost seed, password and private keys and provide the Player with access to any lost Tickets or bitcoins. Furthermore, the Player understands that it is not possible to reconstruct a lost or stolen wallet.

8. Notification

About Risks The Player understands and accepts the risks in connection with transferring Bitcoins to the Service and creating Ticket as exemplary set forth above and hereinafter. In particular, but not limited, the Player understands the inherent risks listed hereinafter:

8.1. Risk of software weaknesses: The Player understands and accepts that the Blockchain System concept, the underlying software application and software platform is still in an early development stage and unproven, why there is no warranty that the process for creating tickets will be uninterrupted or error-free and why there is an inherent risk that the software could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of Bitcoins.

8.2. Regulatory risk: The Player understands and accepts that the blockchain technology allows new forms of interaction and that it is possible that certain jurisdictions will apply existing regulations on, or introduce new regulations addressing blockchain technology based applications, which may be contrary to the current setup of the System and which may, inter alia, result in substantial modifications of the Service, including its termination and the loss of Bitcoins or tickets for the User.

8.3. Risk of abandonment / lack of success: The Player understands and accepts that the creation of the Tickets and the development of the Service may be abandoned for a number of reasons, including lack of interest from the public, lack of funding, lack of commercial success or prospects (e.g. caused by competing projects). The Player therefore understands that there is no assurance that, even if the Services are partially or fully developed and launched, the User will receive any revenues through the Tickets held by him.

8.4. Risk of Loss of private key: Bitcoins in account wallet can only be accessed with a wallet seed or combination of private key and password. The private key is encrypted with a password. The Player understands and accepts that if his wallet file or password respectively his private key got lost or stolen, the obtained Bitcoins associated with the Player’s Wallet or password will be unrecoverable and will be permanently lost with the wallet seed.

8.5. Risk of theft: The Player understands and accepts that the Service concept, the underlying software application and software platform may be exposed to attacks by hackers or other individuals that that could result in theft or loss of bitcoins or tickets, impacting the ability to develop the Services.

9. Token sale

9.1 In order to increase the platform backup fund and run a marketing campaign the Ryfts Group SRL is planning to conduct an Initial Coin Offering starting on November 2017.

9.2. By transferring Bitcoin (BTC) or other supported cryptocurrencies to the Ryfts address in exchange for RFT Tokens, the Purchaser confirms to understand and accept that he/she makes a contribution into a Ryfts System for the development of the project, as described in the Ryfts Whitepaper, available at the https://ryfts.io website.

9.3. The Purchaser understands and accepts that while the individuals and entities, including Ryfts Group SRL, assigned to this task will make reasonable efforts to develop the Ryfts System, it is possible that such development may fail and purchaser’s RFT Tokens become useless and/or valueless due to technical, commercial, regulatory or any other reasons.

9.4. The Purchaser understands that there may be serious risks connected with investing in cryptocurrency, such as heavy fluctuations of virtual or actual currency values, which in turn may lead to loss of currency over short or long periods.

9.5. The Purchaser acknowledges and understands that the Tokens have no warranty whatsoever, expressed or implied, to the extent permitted by Applicable Law and accordingly that Tokens are purchased on an "as is" basis.

9.6. The Purchaser also understands that Ryfts will not provide any refund of the purchase price for Tokens under any circumstance.

9.7. The Purchaser further agrees to accept sole and exclusive risk for the purchase of Tokens through the Ryfts Service. The Purchaser recognises that the Ryfts Platform is currently being developed and may undergo significant changes before release.

9.8. In order to reduce the possibility of fraud, phishing attempts and other schemes perpetrated by malicious third parties, the Purchaser agrees not to respond directly to any inquiry regarding its purchase of Tokens, including but not limited to email requests purportedly coming from Ryfts. The Purchaser understands that Ryfts may send the Purchaser emails from time-to-time, but these email notices will never ask for information or require a response from the Purchaser.

9.9. The Purchaser recognises that Ryfts does not warrant the period of time for which the Ryfts Service will be operational. The Ryfts Service may be abandoned by Ryfts for a number of reasons, including a lack of interest from the public, a lack of funding or competing games that seek to develop similar products, and competing non-affiliated games built on the same underlying protocol and open source technology.

9.10. The Purchaser understands that between the time of purchase of Tokens by means of the Token sale and the inception of the Ryfts Service, Tokens will be tradable in the Purchaser's discretion and shall be therefore be a liquid asset class.

9.11. By purchasing the RFT Tokens, the Purchaser confirms that he/she:

  • Is legally permitted to purchase Tokens in the Purchaser’s jurisdiction;
  • Is of a sufficient age to legally purchase Tokens or has received permission from a legal guardian who has reviewed and agreed to these Terms and the Sale Agreement;
  • Will take sole responsibility for any restrictions and risks associated with the purchase of Tokens as set in the Terms;
  • Is not exchanging Bitcoin for Tokens for the purpose of speculative investment;
  • Has a full and complete understanding of the usage and intricacies of Blockchain-based assets, like Tokens, Bitcoins and Blockchain-based software systems.
  • Is not a citizen of the United States of America.

9.12. The price of one RFT Token is set at the equivalent of 0.5 USD. There will be maximum 33`000`000 RFT Tokens issued with the following distribution:

  • 90% of the Tokens for sale
  • 10% of the Tokens - allocated for Ryfts development team and bounty

All unredeemed Tokens will be burned.

10. Taxation

The Users bear the sole responsibility to determine if the contribution to and receipt from the Smart Contract System, including but not limited to the acquisition of Tokens, change of the Token's value with the course of time and the receive function of the Smart Contract System shall be a taxable event for the User. The Users bear full responsibility for timely and correct calculation and payment of all taxes due in accordance with the legislation applicable to the Users. The Service is not a tax agent of the User, as well as it does not advise the User on the order of calculation and/or the payment of taxes.

11. No Forward-Looking Statements

11.1. Nothing in the Service, in the Terms or in any statements or information contained on the Site at any moment, or in any means of communication of the Service (including but not limited to the publications in social media, as well as the statements or declarations made by inter alia the representatives of the Service, notwithstanding whether they had been made personally or on behalf of the Service), notwithstanding the time of their occurrence, shall be construed as the guarantee of gaining profit or benefit in any other form. The Players understand that participating in Raffle may result in financial losses.

11.2. The Player understands and accepts that while the individuals and entities assigned to provide certain tasks to develop Service and Raffle will make reasonable efforts to develop, complete these tasks as well as operating the Services under any regulatory scheme, it is possible that such development may fail and Tickets become useless or valueless due to technical, commercial, regulatory or any other reasons.

11.3. Hence, User therefore understands and accepts that the transfer of BTC to the Service may result in a total loss and that Player shall not have any claim whatsoever to reclaim any BTC lost.

12. No Liability

12.1. The Player acknowledges and agrees that, to the fullest extent permitted by any applicable law, the Player will not hold any developers, auditors, contractors or founders of the Service, the Blockchain System liable for any and all damages or injury whatsoever caused by or related to the use of, or the inability to use, Tickets, Services or Blockchain system under any cause or action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence) and that developers, auditors, contractors or founders of the Blockchain System and/or the Services shall not be liable for any indirect, incidental, special, exemplary or consequential damages, including for loss of profits, goodwill or data, in any way whatsoever arising out of the use of, or the inability to use of the Blockchain System and/or Services. The Player further specifically acknowledges that developers, auditors, contractors or founders of the Tokens, Smart Contract System and/or the Services are not liable, and the User agrees not to seek to hold them liable, for the conduct of third parties, including other creators of Token, and that the risk of creating, holding and using Token rests entirely with the User. By creating or holding Token, and to the extent permitted by law, the User agrees not to hold any third party (including developers, auditors, contractors or founders) liable for any regulatory implications or liability associated with or arising from the creation or ownership of Token or any other action or transaction related to the Smart Contract System.

12.2. The Service does not guarantee the permanent and uninterruptible operation of the Site and does not take any responsibility for direct, indirect, accidental, special, circumstantial or punitive damages, including but not limited to the losses in the form of lost profit for the mistakes and/or technical issues in operation of the Site, or restriction of the access to the Site on the territory of any jurisdiction.

13. Miscellaneous

13.1. The User understands and accepts that the network of miners will be ultimately in control of the Smart Contract System. The User understands that a majority of these miners could agree at any point to make changes to the official Smart Contract System and to run the new version of the Smart Contract System. Under such a scenario, Tokens will likely have no intrinsic value.

13.2. The User agrees that if any portion of these Terms is found illegal or unenforceable, in whole or in part, such provision shall, as to such jurisdiction, be ineffective solely to the extent of such determination of invalidity or unenforceability without affecting the validity or enforceability thereof in any other manner or jurisdiction and without affecting the remaining provisions of the Terms, which shall continue to be in full force and effect.

13.3. The Terms govern the creation, transfer and holding of the Tokens and supersede any public statements about the launch of Tokens and/or the Smart Contract System made by anyone in the past, present and future.

13.4. Any dispute arising out of or in connection with the creation of the Tokens and the development of Services shall be finally settled by the ordinary courts of the registered domicile of the defendant.

I hereby confirm that I read and agree to the Token Sale Terms and Ryfts White Paper

I hereby confirm that I am not a US citizen or resident, nor am I signing on behalf of a US citizen or resident.

I hereby acknowledge that the Token Sale will be used to fulfil the workshop mission.

I hereby acknowledge that the Token Sale does not receive equity in Ryfts Group SRL.