The following Terms and Conditions (“Terms”) govern the Main Sale of cryptographic tokens – Kolin Tokens (“KOLIN”) – that are required to transact on the Kolinplatform ("Platform”) described in this KOLIN whitepaper (“Whitepaper”) to Users (“Users” collectively, and “User” individually). The information contained in the WHITEPAPER and on the Kolin website (https://kolin.io) is of descriptive nature only, are not binding and do not – unless explicitly referred to herein – form part of the Terms or the agreement between the parties. By participating in the Main Sale of KOLIN, the User expressly acknowledges and represents that he/she has carefully reviewed the Terms and fully understand the risks, costs, and benefits of purchasing KOLIN and agrees to be bound by the Terms. As set forth below, the User further represents and warrants that, to the extent permitted by law, he/she is authorized to purchase KOLIN in his/her relevant jurisdiction, is of a legal age to be bound by these Terms, and will not hold Kolin, its parent and affiliates, and the officers, directors, agents, joint ventures, employees and suppliers of KOLIN or affiliates, now or in the future and any other member of the Kolin Team (“Team”) liable for any losses or any special, incidental, or consequential damages arising out of, or in any way connected to the Main Sale of KOLIN. The user understands and accepts that while the individuals and entities, including Kolin, assigned to this task will make reasonable efforts to develop and complete the PLATFORM and Kolin project (“Project”), it is possible that such development may fail and User’s KOLIN may become useless and/or valueless due to technical, commercial, regulatory or any other reasons. The User is aware of the risk that even if all or parts of the PLATFORM are successfully developed and released in full or in parts, due to a lack of public interest, the project could be fully or partially abandoned, remain commercially unsuccessful or shut down for lack of interest, regulatory or other reasons. The User therefore understands and accepts that purchasing KOLIN carries significant financial, regulatory and/or reputational risks (including the complete loss of value of purchased KOLIN, if any, and attributed features of the project). This document does not constitute a prospectus of any sort, is not a solicitation for investment and does not pertain in any way to an initial public offering or a share/equity offering and does not pertain in any way to an offering of securities in any jurisdiction. Only individuals, entities, or companies that have significant experience with and understanding of the usage and intricacies of cryptographic tokens, like bitcoin (“BTC”), and blockchain-based software systems should participate in the main sale of KOLIN. Users should have functional understanding of storage and transmission mechanisms associated with cryptographic tokens. While the Team will be available to assist Users of KOLIN during and after the token Sale, Kolin will not be responsible for lost WAVES, any other Cryptocurrency or KOLIN resulting from actions taken by, or committed by Users. No Ownership, Revenue or Governance Rights User understands and accepts that KOLIN does not represent or constitute any ownership right or stake, share or security or equivalent rights nor any right to receive future revenues, shares or any other form of participation or governance right in or relating to the Project and/or KOLIN. Ownership of KOLIN carries no rights, express or implied, other than the right to participate in the Project if and to the extent the Project has been successfully completed and launched. By receiving KOLIN, no form of partnership, joint venture or any similar relationship between the Users and Kolin and/or other individuals or entities involved with the setting up of the Project is created. Main sale period: The public Main Sale of KOLIN began on 02 July 2018 at 19:00 UTC. The Main Sale period will run for 24 weeks or when the total sale orders of KOLIN placed reaches the value of 1 billion KOLIN, whichever condition is met sooner.
Kolin reserves the right to extend the sale period for any reason, including the unavailability of the website https://kolin.io or other unforeseen security or procedural issues. Though it does not currently anticipate doing so, Kolin also reserves the right to shorten the Main Sale period for any reason with KOLIN value and cap. The price will be set in WAVES for the Main sale period at increasing steps of 0.000002 WAVES for 1 KOLIN. KOLIN shall stop accepting new purchase orders of KOLIN once total sale orders of KOLIN reaches 1 billion. However, the actual amount of KOLIN sold in the main sale may be different from the aforementioned value due to the fact that transactions may clear or be cancelled after the end of the Main Sale. Disclosure of Transactions In the spirit of openness and to enable Users to have as much information as possible to guide their decision-making process, KOLIN will disclose in real time the total number of KOLIN sold in order to enable the User to develop an understanding of the size of the existing KOLIN pool at the time of submitting their KOLIN purchase order. Sale on KOLIN website will maintain an interface, which can be used to purchase KOLIN. The interface will be available at Waves DEX instructions for purchasing KOLIN using the interface will be embedded and available for review on the Platform website during the Main Sale period. Failure to follow these instructions may limit, delay, or prevent a User from purchasing KOLIN. Any questions about these instructions should be directed to firstname.lastname@example.org. It is the responsibility of each User of KOLIN to determine if the User can legally purchase KOLIN in the User’s jurisdiction. In KOLIN any taxes have to be paid on the purchase of KOLIN in the jurisdiction where the User is located, the User shall undertake to pay such taxes. Acceptance of the Terms and Representations and Warranties of the User By placing a purchase order of KOLIN, the User: Consents and agrees to the Terms; Represents and warrants that the User is legally permitted to purchase KOLIN in the User’s jurisdiction; Represents and warrants that the User is of a sufficient age to legally purchase KOLIN or has received permission from a legal guardian who has reviewed and agreed to these Terms; Represents and warrants that the User will take sole responsibility for any restrictions and risks associated with the purchase of KOLIN as set forth below, Represents and warrants that User is not purchasing KOLIN for the purpose of speculative investment; Represents and warrants that the User is purchasing KOLIN for the use of the Platform, or to facilitate development, testing, deployment and operation of applications using the Platform; Represents and warrants that the User has an understanding of the usage and intricacies of cryptographic tokens; Represents and warrants that the User is not a citizen or resident of a country, whose legislation conflicts with the present allocation of KOLIN and/or the Project in general. Kolin warrants that it will not acquire KOLIN from any third party during the period of the Token Sale of KOLIN. Project execution: The User understands and accepts that for the purpose of the development and execution of the Project, Kolin receives the full amount of funds transferred during the Token Sale period. This amount covers expenses, charges and other costs that may arise by Kolin and/or its subcontractors as part of the development and execution of the Project. It remains at Kolin’s sole discretion to decide how to allocate the funds in order to develop and execute the Project. Kolin has the right to engage subcontractors to perform the entire or partial development and execution of the Project. The scope of the development work will be triggered by the amount of funds received during the Token Sale. The User understands and accepts that the User may not have any expectation of influence over governance on the Project.
The User understands and accepts that the Project will need to go through substantial development works as part of which it may become the subject to significant conceptual, technical and commercial changes before release. Platform: the Platform as well as the smart contract has been programmed according to the current state of the art. However, the User understands and accepts that smart contract technology is still in an early development stage and its application is of experimental nature, which carries significant operational, technological, financial, regulatory and reputational risks. Risks the purchase of KOLIN carries with it significant risk. Prior to purchasing KOLIN, the User should carefully consider the below risks and, to the extent necessary, consult a lawyer, accountant, and/or tax professionals prior to determining whether to purchase KOLIN. In particular, but not concluding, the User understands the inherent risks listed hereinafter: Risk of software weaknesses: The User understands and accepts that smart contract system concept; the underlying software application and software platform (i.e. the Waves blockchain) is still in an early development stage and unproven. Thus, there is no warranty that the process of creating and distributing KOLIN will be uninterrupted or error-free and there is an inherent risk that the software could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of funds and/or KOLIN. Regulatory risk: The User 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 smart contract system and Platform. This may, inter alia, result in substantial modifications of the smart contract system and/or the Project, including its termination and the loss of KOLIN for the User. Risk of abandonment / lack of success: The User understands and accepts that the creation of the KOLIN and the development of the Project 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 User therefore understands that there is no assurance that, even if the Project is partially or fully developed and launched, the User will receive any benefits through the KOLIN held by him/her. Risk associated with other applications: The User understands and accepts that the Project may give rise to other alternative projects, promoted by unaffiliated third parties, under which KOLIN will have no intrinsic value. Risk of Losing Access to Tokens Due to Loss of Private Key(s), Custodial Error or your Error: A private key, or a combination of private keys, is necessary to control and dispose of Tokens stored in your digital wallet or vault. Accordingly, loss of requisite private key(s) associated with you digital wallet or vault storing Tokens will result in loss of such Tokens. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet service you use, may be able to misappropriate your Tokens. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault you choose to receive and store Tokens, including your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of your Tokens. Additionally, your failure to precisely follow the procedures set forth in for buying and receiving tokens, including, for instance, if you provide an incorrect Token Receipt Address. The User understands and accepts that, as with other cryptocurrencies, the blockchain used for the smart contract system is susceptible to mining attacks, including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and race condition attacks. Any successful attacks present a risk to the smart contract system, expected proper execution and sequencing of KOLIN transactions, and expected proper execution and sequencing of contract computations. Risk of incompatible Wallet service: The User understands and accepts, that the wallet or wallet service provider used for purchasing
KOLIN, has to be technically compatible with the KOLIN. Failure to assure this may have the result that User will not gain access to his/her KOLIN. Risks related to Amendments: Amendments to the Platform’s protocols and software, if accepted and authorized by the Platform’s community, could adversely affect KOLIN. The Platform governs the peer-to-peer interactions between computers connected to the Platform. To the extent that a significant majority of the Users on the Platform install software upgrade(s), the Platform would be subject to new protocols and software that may adversely affect KOLIN. If more than a significant majority of the Users on the Platform install such software upgrade(s), the Platform could “fork.” A failure to properly monitor and upgrade the protocol could damage the Platform and KOLIN. Risks related to intellectual property rights claims: Intellectual property rights claims may adversely affect the operation of the Platform. Third parties may assert intellectual property claims relating to the holding and transfer of digital assets and their source code. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the Platform’s long-term viability or the ability of end-Users to hold and transfer KOLIN may adversely affect the value of KOLIN. Additionally, a meritorious intellectual property claim could prevent Kolin and/or other end-Users from accessing the Platform or holding or transferring their KOLIN. No Liability: The User bears the sole responsibility to determine if the purchase, ownership or use of KOLIN, the potential appreciation or depreciation in the value of KOLIN over time (if any), the allocation of KOLIN and/or any other action or transaction related to the Project have tax implications for him/her. In KOLIN of any tax obligations, the User shall be under obligation to pay all and any applicable tax. By purchasing, holding or using KOLIN the User agrees not to hold any third party (including developers, auditors, contractors or founders of KOLIN) liable for any tax liability associated with or arising from the creation, ownership or use of KOLIN or any other action or transaction related to the Project. The User acknowledges and agrees that, to the fullest extent permitted by any applicable law, the User will not hold any developers, advisors, auditors contractors or founders of Kolin liable for any damages or injury whatsoever caused by or related to the use of or the inability to use KOLIN or the Platform 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, advisors, contractors or founders of the Project 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 Platform and/or KOLIN. The User further specifically acknowledges that developers, advisors, auditors, contractors or founders of the Project are not liable, and the User agrees not to seek to hold them liable, for the conduct of third parties, including other creators of KOLIN, and that the risk of purchasing, holding and using KOLIN rests entirely with the User. By purchasing, holding or using KOLIN, and to the extent permitted by law, the User agrees not to hold any third party (including developers, auditors, advisors, contractors or founders) liable for any regulatory implications or liability associated with or arising from the purchase, ownership or use of KOLIN or any other action or transaction related to the Project. Privacy Although Kolin requires Users to provide a Waves address and other information, Kolin will not publish any identifying information related Users without the prior written consent of the User unless required to do so under applicable law. Kolin may request Users from time to time to provide additional information. The User undertakes to provide such information. Users may be contacted via email by KOLIN regarding purchase or delivery of KOLIN and the use of the Platform. Disclaimer of Warranties THE USER EXPRESSLY AGREES THAT THE USER IS PURCHASING KOLIN AT THE USER’S SOLE RISK AND THAT KOLIN IS PROVIDED ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE OR IMPLIED WARRANTIES, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE (EXCEPT ONLY TO THE EXTENT PROHIBITED UNDER APPLICABLE LAW WITH ANY LEGALLY REQUIRED WARRANTY PERIOD TO THE SHORTER OF THIRTY DAYS FROM FIRST USE OR THE MINIMUM PERIOD REQUIRED). WITHOUT LIMITING THE FOREGOING, NONE OF THE PLATFORM PARTIES WARRANT THAT THE PROCESS OF PURCHASING KOLIN WILL BE UNINTERRUPTED OR ERROR-FREE.
Limitations Waiver of Liability THE USER ACKNOWLEDGES AND AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY ANY APPLICABLE LAW, THE DISCLAIMERS OF LIABILITY CONTAINED HEREIN APPLY TO ANY AND ALL DAMAGES OR INJURY WHATSOEVER CAUSED BY OR RELATED TO USE OF OR INABILITY TO USE KOLIN OR THE PLATFORM 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 NONE OF THE KOLIN PARTIES SHALL 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 INABILITY TO USE, OR PURCHASE OF, OR INABILITY TO PURCHASE, KOLIN. THE USER FURTHER SPECIFICALLY ACKNOWLEDGES THAT KOLIN PARTIES ARE NOT LIABLE FOR THE CONDUCT OF THIRD PARTIES, INCLUDING OTHER USERS OF KOLIN, AND THAT THE RISK OF PURCHASING AND USING KOLIN RESTS ENTIRELY WITH THE USER. TO THE EXTENT PERMISSIBLE UNDER APPLICABLE LAWS, UNDER NO CIRCUMSTANCES WILL ANY OF THE PLATFORM PARTIES BE LIABLE TO ANY USER FOR MORE THAN THE AMOUNT THE USER HAVE PAID TO PLATFORM FOR THE PURCHASE OF KOLIN. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR CERTAIN TYPES OF DAMAGES. THEREFORE, SOME OF THE ABOVE LIMITATIONS IN THIS SECTION AND ELSEWHERE IN THE TERMS MAY NOT APPLY TO A USER.