Terms and conditions that apply to the token rewards
Description of Services
You may perform some actions which promote the decentralized real estate protocol Propy ecosystem. In consideration for the provision of these actions, Propy may transfer a certain amount of PRO tokens based on the total number actions performed on propy.com and its decentralized real estate protocol Propy ecosystem to address to be provided in writing by you prior to the transfer of the PRO tokens or generated by Propy. The number of PRO tokens is final and accepted by you and Propy, and shall not be recalculated further.
Consideration Terms and Conditions
Your acceptance of Propy Tokens (“PRO”) as consideration (“Consideration”) from Propy is subject to these consideration terms and conditions (“Consideration Terms”). By accepting PRO from Propy as Consideration, you will be bound by these Consideration Terms and all terms incorporated by reference.
You and Propy agree as follows:
1. Purpose and Use of PRO
(a) The purpose of PRO is to facilitate the provision and receipt of real property services (the “propy.com Services”) in a blockchain-based title propy.com ecosystem presently known as the “Propy platform” (the “Ecosystem”). Additional information regarding the Ecosystem, the Services, and Propy is summarized and further described in the Whitepaper available at propy.com (the “Whitepaper”). While Propy, together with its Affiliates (defined below) intends to develop the Ecosystem as described in the Whitepaper, Propy and its Affiliates may opt to develop components of the Ecosystem in a manner that varies from its current intent as Propy believes is necessary or desirable in light of business or technical considerations. “Affiliates” in these Consideration Terms means, with respect to an entity, any other entity directly or indirectly controlled by, controlling or under common control with that entity, where “control” means the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable to the management of that person and/or the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person.
The purpose of PRO tokens is to reward users for legitimate business transactions, such as referrals, signing up as a Propy agent, listing a property on the Propy platform and sharing the platform with other agents and brokers. Propy reserves the right to determine which of those transactions are legitimate and which are illegitimate or abusive, and if determined to be illegitimate or abusive, shall have the right to revoke those tokens.
(b) While Propy, including without limitation Propy’s Affiliates, is developing certain applications and software for use in the Ecosystem, except to the extent set forth in any separate terms governing the use of Propy-provided elements of the Ecosystem, Propy shall not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether or not reasonably foreseeable by the Parties, which you may suffer, sustain, or incur, arising out of or relating to the Ecosystem or its use thereof or any third-party uses of the Ecosystem.
(c) Acceptance of PRO carries no rights, express or implied, other than the right to use PRO as a means to enable usage of and interaction with propy.com Services enabled by the Ecosystem. In particular, you understand and accept that PRO do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in or relating to the Ecosystem and/or Propy and its Affiliates, other than any rights relating to the provision and receipt of propy.com Services in the Ecosystem, subject to limitations and conditions in these Consideration Terms. PRO are not intended to be a digital currency, security, commodity, or any kind of financial instrument.
2. Eligibility
In order to be eligible to accept PRO as Consideration, you must:
(a) Comply with all the terms and conditions set forth in these Consideration Terms.
(b) Complete a registration process (“Registration”) that Propy will make available to propy.com.
(c) If you would like to withdraw your PRO tokens out of propy.com once they are unlocked you must provide an ERC20-compatible Ethereum wallet (a “Wallet”) address.
d) For all accounts on propy.com that exceed the total balance of 100 PRO tokens, a KYC process must be completed before withdrawal is allowed.
e)If you would like to withdraw your PRO tokens out of propy.com once they are unlocked, you must fill out and submit to Propy an IRS W8/W9 form for approval.
f) If you are a US resident and you would like to withdraw your PRO tokens out of propy.com once they are unlocked, you must verify your real estate license number on Propy.com.
g) Propy reserves the right to modify the terms and conditions, including but not limited to terms related to the withdrawal eligibility of tokens or to important requirements for the retention of the tokens in your account in order to ensure compliance with Propy’s regulatory obligations and to maintain the integrity of Propy’s platform. Any changes in the terms and conditions or in the requirements for the retention of the tokens will be communicated to you via email or by other means. If the modified terms are related to eligibility, as outlined in section 2, you must comply with the modified terms and conditions within 30 days after a notice of modifications has been transmitted by Propy to the email address you provided upon registration at propy.com. Failure to comply within the specified timeframe may result in the removal of the tokens from your account due to non-compliance with the revised terms and conditions as outlined in the Consideration Terms.
3. Scope of Terms
Unless otherwise stated herein, these Consideration Terms govern only your acceptance of PRO from Propy as Consideration. Propy has no responsibility for your use of PRO and/or the provision or receipt of propy.com Services in the Ecosystem.
4. Acknowledgment and Assumption of Risks
You acknowledge and agree that there are risks associated with accepting PRO, owning PRO and using PRO for the provision or receipt of propy.com Services in the Ecosystem. If your have any questions regarding these risks, please contact Propy at info@propy.com. BY ACCEPTING PRO, YOU EXPRESSLY ACKNOWLEDGE AND ASSUME THESE RISKS.
5. Security
You are responsible for implementing reasonable measures for securing its Wallet and any other wallet, vault, or other storage mechanism you use to receive and hold PRO that you accept from Propy, including any requisite private key(s) or other credentials necessary to access such storage mechanism(s). If your private key(s) or other access credentials are lost, you may lose access to your PRO. Notwithstanding any other provision of these Consideration Terms, Propy shall not be responsible or liable for any damages, losses, costs, penalties, fines, or expenses arising out of or relating to
(i) your failure to implement reasonable measures to secure the wallet, vault, or other storage mechanism used to receive and hold PRO or the relevant access credentials; or (ii) the loss of or unauthorized use of any of access credentials.
6. Registration Information
(a) Propy will collect certain information from you, including your phone number, email address, and Wallet address, and other details in connection with your Registration (“Registration Information”).
(b) Propy may use the Registration Information for determining your eligibility for Consideration, determining your compliance with these Consideration Terms, providing updates to you regarding Consideration, facilitating your use of PRO in connection with these Consideration Terms, and providing notices to you under these Consideration Terms.
(c) Propy may share the Registration Information as follows:
(i) with consultants and other service providers who need access to such information to carry out work on Propy’s behalf, (ii) in response to a request for information if Propy believe disclosure is in accordance with, or required by, any applicable law, regulation, or legal process, (iii) if Propy believes your actions are inconsistent with these Consideration Terms or to protect the rights, property, and safety of Propy or others, (iv) in connection with, or during negotiations of, any merger, sale of company assets, financing or acquisition of all or a portion of Propy’s business by another company, (v) between and among Propy and its current and future parents, affiliates, subsidiaries, and other companies under common control and ownership and (vi) with your consent or at your direction.
Propy may also share aggregated or de-identified information, which cannot reasonably be used to identify you.
(d) You acknowledge that Propy may obtain some Registration Information from third parties, and you authorize Propy to use such Registration Information in accordance with these Consideration Terms. Propy is not responsible for the collection, use, or sharing of any information that you provide to such third parties or that such third parties collect from you.
(e) Propy may determine, in its sole discretion, that it is necessary to obtain certain other information about you or (if relevant) your beneficiaries, shareholders, beneficial owners, partners, directors, officers, or any other individuals connected to you in order to complete the Consideration or in order to comply with applicable laws or regulations or requests of any regulator in any relevant jurisdiction. You agree to provide Propy such information promptly upon request, and any information you provide in respect of any third party individuals may be collected, used, and disclosed by Propy in order for Propy or its corporate affiliates to complete the Consideration or to comply with laws or regulations or requests of any regulator in any relevant jurisdiction. You acknowledge that Propy may refuse to grant PRO to you until it provides such requested information and Propy has determined that it is permissible to grant you PRO under applicable laws or regulations.
7. Taxes
You are responsible for determining what, if any, taxes apply to its acceptance and use of PRO. It is your responsibility to withhold, collect, report, and remit the correct taxes to the appropriate tax authorities. Propy is not responsible for withholding, collecting, reporting, or remitting any tax arising from your acceptance and use of PRO.
Propy may determine, in its sole discretion, that it is necessary to obtain certain other information about you or (if relevant) your beneficiaries, shareholders, beneficial owners, partners, directors, officers, or any other individuals connected to you in order to complete the Consideration or in order to comply with applicable tax laws in US including forms W9, W8, W8-ben, etc. These forms may request the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). You agree to provide Propy such information promptly upon request, and any information you provide in respect of any third party individuals may be collected, used, and disclosed by Propy in order for Propy or its corporate affiliates to complete the Consideration or to comply with tax laws or regulations.
We wish to inform you that under current tax law, we are required to report to you and the IRS the value of PRO tokens you receive from Propy. Propy is required to report to the IRS, if you are a US-citizen and you receive PRO in excess of $600 during a tax year. In such cases, Propy will be required to file Form 1099-MISC for you to IRS, a variant of Form 1099. If you receive PRO tokens from Propy on or after January 1, 2022, we will issue the appropriate form 1099 to you and the IRS in January of 2023. The amount reported will be based upon the fair market value of the PRO tokens at the time of withdrawal from the Propy Platform based on Coinmarketcap. The fair market value can be impacted by numerous factors and may materially change prior to the issues of form 1099 each year. Propy is not an accounting firm or law firm and does not provide tax or legal advice. Please consult with your tax advisor regarding the tax implications of this information.
You acknowledge that Propy may refuse to grant PRO to you or to allow you to withdraw PRO out of propy.com until it provides such requested information and Propy has determined that it is permissible to grant you PRO under applicable laws or regulations.
8. Representations and Warranties
You represent and warrant that:
(a) You have a sufficient technical understanding of cryptographic tokens (including PRO and ETH), Ethereum-based protocols, token storage mechanisms (including its Wallet), and blockchain technology in general to understand these Consideration Terms and to appreciate the risks and implications of accepting PRO as a Consideration;
(b) You have obtained sufficient information about PRO to make an informed decision to accept PRO as a Consideration;
(c) You understand, acknowledge, and assume the risks associated with the acceptance, holding, and use of PRO in connection with the Ecosystem;
(d) You understand that PRO are intended to be used only in connection with the Ecosystem, and confer no rights of any form with respect to Propy or its corporate affiliates, including, but not limited to, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property), or other financial or legal rights;
(e) You are accepting PRO solely for use in connection with the Ecosystem, and are not accepting PRO for any other purposes, including, but not limited to, any investment, speculative or other financial purposes;
(f) Your acceptance of PRO as Consideration complies with applicable laws and regulations in your jurisdiction, including, but not limited to,
(i) legal capacity and any other applicable legal requirements in your jurisdiction for accepting PRO, using PRO, and entering into contracts with Propy, (ii) any foreign exchange or regulatory restrictions applicable to such acceptance of PRO, and (iii) any governmental or other consents that may need to be obtained;
(g) You will comply with any applicable tax obligations in your jurisdiction arising from your acceptance of PRO as Consideration;
(h) You hereby certify that you are not
(i) a citizen or resident of a geographic area in which use of PRO in connection with the Ecosystem is prohibited by applicable law, decree, regulation, treaty, or administrative act, (ii) a citizen or resident of, or located in, a geographic area that is subject to U.S. or other applicable sanctions or embargoes, or (iii) an individual, or an individual employed by or associated with an entity, identified on the U.S. Department of Commerce’s Denied Persons or Entity List, the U.S. Department of Treasury’s Specially Designated Nationals or Blocked Persons Lists, or the U.S. Department of State’s Debarred Parties List. You hereby represent and agree that if your country of residence or other circumstances change such that the above representations are no longer accurate, you will immediately notify Propy and cease using PRO.
(i) You will not use PRO or the Ecosystem in connection with any activity that violates applicable laws in any relevant jurisdiction, including, but not limited to, use of PRO or the Ecosystem in connection with transactions that violate U.S. federal or state securities or commodity laws; and
(k) You will at all times maintain control of its Wallet, and you will not share or disclose the account credentials associated with its Wallet with any other party. If you transfer PRO from your Wallet into another wallet or vault, you will likewise at all times maintain control of such other wallet or vault, and you will not share or disclose the account credentials associated with such other wallet or vault with any other party.
9. Indemnification
(a) To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless Propy and its respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns (the “Propy Parties”) from and against all claims, demands, actions, damages, losses, costs and expenses (including attorneys’ fees) that arise from or relate to:
(i) your acceptance or use of PRO, (ii) your responsibilities or obligations under these Consideration Terms, (iii) your violation of these Consideration Terms, or (iv) your violation of any rights of, or laws or regulations applicable to, any other person or entity.
(b) Propy reserves the right to exercise sole control over the defense, at your expense, of any claim subject to indemnification under Section 9(a). This indemnity is in addition to, and not in lieu of, any other indemnities set forth in a written agreement between you and Propy.
10. Disclaimers
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT AS OTHERWISE SPECIFIED IN A WRITING BY PROPY, (A) PRO ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND, AND PROPY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES AS TO PRO, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT; (B) PROPY DOES NOT REPRESENT OR WARRANT THAT PRO ARE RELIABLE, CURRENT OR ERROR-FREE, MEET YOUR REQUIREMENTS, OR THAT DEFECTS IN PRO WILL BE CORRECTED; AND (C) PROPY CANNOT AND DOES NOT REPRESENT OR WARRANT THAT PRO OR THE DELIVERY MECHANISM FOR PRO ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.
Some jurisdictions do not allow the exclusion of certain warranties or disclaimer of implied terms in contracts with consumers, so some or all of the exclusions of warranties and disclaimers in this Section 10 may not apply to you.
11. Limitation of Liability
(a) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW: (I) IN NO EVENT WILL PROPY OR ANY OF THE PROPY PARTIES BE LIABLE FOR LOSS OF PROFITS OR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES OF ANY KIND (INCLUDING, BUT NOT LIMITED TO, WHERE RELATED TO LOSS OF REVENUE, INCOME OR PROFITS, LOSS OF USE OR DATA, OR DAMAGES FOR BUSINESS INTERRUPTION) ARISING OUT OF OR IN ANY WAY RELATED TO THE SALE OR USE OF PRO OR OTHERWISE RELATED TO THESE CONSIDERATION TERMS, REGARDLESS OF THE FORM OF ACTION, WHETHER BASED IN CONTRACT, TORT (INCLUDING, BUT NOT LIMITED TO, SIMPLE NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), OR ANY OTHER LEGAL OR EQUITABLE THEORY (EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE); AND (II) IN NO EVENT WILL THE AGGREGATE LIABILITY OF PROPY AND THE PROPY PARTIES (JOINTLY), WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), OR OTHER THEORY, ARISING OUT OF OR RELATING TO THESE CONSIDERATION TERMS OR THE USE OF OR INABILITY TO USE PRO, EXCEED THE AMOUNT OF PRO YOU ACCEPT AS CONSIDERATION.
(b) THE LIMITATIONS SET FORTH IN SECTION 11(A) WILL NOT LIMIT OR EXCLUDE LIABILITY FOR THE GROSS NEGLIGENCE, FRAUD OR INTENTIONAL, WILLFUL OR RECKLESS MISCONDUCT OF PROPY.
(c) Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this Section 11 may not apply to you.
12. Release
To the fullest extent permitted by applicable law, you release Propy and the other Propy Parties from responsibility, liability, claims, demands and/or damages (actual and consequential) of every kind and nature, known and unknown (including, but not limited to, claims of negligence), arising out of or related to disputes between users and the acts or omissions of third parties. You expressly waive any rights it may have under California Civil Code § 1542 as well as any other statute or common law principles that would otherwise limit the coverage of this release (including similar laws in other applicable jurisdictions) to include only those claims which it may know or suspect to exist in its favor at the time of agreeing to this release.
13. Governing Law and Venue
These Consideration Terms will be governed by and construed and enforced in accordance with the laws of the state of California, without regard to conflict of law rules or principles (whether of the state of California or any other jurisdiction) that would cause the application of the laws of any other jurisdiction. Any Dispute between the Parties arising out or relating to these Consideration Terms or its subject matter or formation (including non-contractual Disputes of claims) that is not subject to arbitration will be resolved in the courts of the state of California.
14. Severability
If any term, clause or provision of these Consideration Terms is held unlawful, void or unenforceable, then that term, clause or provision will be severable from these Consideration Terms and will not affect the validity or enforceability of any remaining part of that term, clause or provision, or any other term, clause or provision of these Consideration Terms.
15. Modification of Terms
Propy has the right to modify these Consideration Terms if Propy reasonably believes that such modifications are necessary to comply with applicable laws or regulations or to address technical inaccuracies. If Propy makes changes, it will provide notice to you via email to the email address you provide during Registration. The amended Consideration Terms will be effective immediately, and you continued use or holding of PRO you accepted as Consideration shall constitute your acceptance of the modified Consideration Terms.
16. Miscellaneous
The Agreement and these Terms constitute the entire agreement between you and Propy relating to your acceptance of PRO from Propy as Consideration. In the event of a conflict between the terms of the Agreement and the terms of these Consideration Terms, the terms of the Agreement will govern. Propy’s failure to exercise or enforce any right or provision of these Consideration Terms will not operate as a waiver of such right or provision. Propy will not be liable for any delay or failure to perform any obligation under these Consideration Terms where the delay or failure results from any cause beyond its reasonable control. Propy may assign its rights and obligations under these Consideration Terms. Accepting PRO from Propy as Consideration does not create any form of partnership, joint venture, or any other similar relationship between you and Propy. Except as otherwise provided in herein, these Consideration Terms are intended solely for the benefit of you and Propy and are not intended to confer third-party beneficiary rights upon any other person or entity. You agree and acknowledge that all agreements, notices, disclosures, and other communications that Propy provides to you, including these Consideration Terms, may be provided in electronic form.
Certain Risks Relating to Purchase, Sale, and Use of Tokens
Important Note: As noted elsewhere in these Terms, PROs are not being structured or sold as securities or any other form of investment product. Accordingly, none of the information presented in these Terms and Conditions is intended to form the basis for any investment decision, and no specific recommendations are intended. Propy expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in these Terms and Conditions, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting from such information.
By purchasing, owning, and using Tokens, you expressly acknowledge and assume the following risks:
1. Risk of Losing Access to Tokens Due to Loss of Private Key(s), Custodial Error or Purchaser Error
A private key, or a combination of private keys, is necessary to control and dispose of Tokens stored in your Wallet. Accordingly, loss of requisite private key(s) associated with your Wallet storing PRO will result in loss of such PRO. 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 PRO. Any errors or malfunctions caused by or otherwise related to the Wallet you choose to receive and store PRO, including your own failure to properly maintain or use such Wallet, may also result in the loss of your PRO. Additionally, your failure to follow precisely the procedures set forth for accepting PRO, including, for instance, if you provide the wrong address or provide an address that is not ERC-20 compatible, may result in the loss of your PRO.
2. Risks Associated with the Ethereum Protocol
Because PRO and the Ecosystem are based on the Ethereum protocol, any malfunction, breakdown or abandonment of the Ethereum protocol may have a material adverse effect on the Ecosystem or PRO. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the Ecosystem and PRO, including the utility of PRO for obtaining propy.com Services, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum protocol.
3. Risk of Mining Attacks
As with other decentralized cryptographic tokens based on the Ethereum protocol, PROs are susceptible to attacks by miners in the course of validating PRO transactions on the Ethereum blockchain, including, but not limited, to double-spend attacks, majority mining power attacks, and selfish-mining attacks. Any successful attacks present a risk to the Ecosystem and to PRO, including, but not limited to, accurate execution and recording of transactions involving PRO.
4. Risk of Hacking and Security Weaknesses
Hackers or other malicious groups or organizations may attempt to interfere with the Ecosystem or PROs in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing. Furthermore, because the Ecosystem is based on open-source software, there is a risk that a third party or a member of the Propy team may intentionally or unintentionally introduce weaknesses into the core infrastructure of the Ecosystem, which could negatively affect the Ecosystem and PROs, including the utility of PROs for obtaining propy.com Services. Hackers or other malicious groups of organizations may also attempt to get access to private keys or other access credentials in your Wallet or any other wallet, vault, or other storage mechanism used to receive and hold PRO.
5. Risks Associated with Markets for PRO
PROs are intended to be used solely within the Ecosystem, and Propy will not support or otherwise facilitate any secondary trading or external valuation of PROs. This restricts the contemplated avenues for using PROs to the provision or receipt of propy.com Services, and could therefore create illiquidity risk with respect to the PRO that you own. Even if secondary trading of PROs is facilitated by third party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to fraud or manipulation. Furthermore, to the extent that third-parties do ascribe an external exchange value to PROs (e.g., as denominated in a digital or fiat currency), such value may be extremely volatile and diminish to zero.
6. Risk of Uninsured Losses
Unlike bank accounts or accounts at some other financial institutions, PROs are uninsured unless you specifically obtain private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer, such as the Federal Deposit Insurance Corporation, or private insurance arranged by Propy, to offer recourse to you.
7. Risks Associated with Uncertain Regulations and Enforcement Actions
The regulatory status of PROs and distributed ledger technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to such technology and its applications, including the Ecosystem and PROs. It is likewise difficult to predict how or whether legislatures or regulatory agencies may implement changes to law and regulation affecting distributed ledger technology and its applications, including the Ecosystem and PROs. Regulatory actions could negatively impact the Ecosystem and PROs in various ways, including, for purposes of illustration only, through a determination that the purchase, sale, and delivery of PROs constitutes unlawful activity or that PROs are a regulated instrument that require registration or licensing of those instruments or some or all of the parties involved in the purchase, sale, and delivery thereof. Propy may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
8. Risks Arising from Taxation
The tax characterization of PROs is uncertain. You must seek its own tax advice in connection with accepting PRO, which may result in adverse tax consequences to you, including withholding taxes, income taxes, and tax reporting requirements.
9. Risk of Competing Ecosystems
It is possible that alternative ecosystems could be established that utilize the same open source code and protocol underlying the Ecosystem and attempt to facilitate services that are materially similar to the propy.com Services. The Ecosystem may compete with these alternatives, which could negatively impact the Ecosystem and PROs, including the utility of PROs for obtaining propy.com Services.
10. Risk of Insufficient Interest in the Ecosystem or Distributed Applications
It is possible that the Ecosystem will not be used by a large number of individuals, companies, and other entities or that there will be limited public interest in the creation and development of distributed ecosystems (such as the Ecosystem) more generally. Such a lack of use or interest could negatively impact the development of the Ecosystem and therefore the potential utility of PROs, including the utility of the PROs for obtaining propy.com Services.
11. Risks Associated with the Development and Maintenance of the Ecosystem
While the Ecosystem is currently deployed and operational, it is still subject to ongoing development and may undergo significant changes over time. Although Propy intends for the Ecosystem and PROs to function, and intends to take commercially reasonable steps toward those ends, Propy may have to make changes to the specifications of the Ecosystem or PROs for any number of legitimate reasons. Moreover, Propy has no control over how other participants will use the Ecosystem, what products or services will be offered through the Ecosystem by third parties, or how third-party products and services will utilize PROs (if at all). This could create the risk that the Ecosystem or PROs, as further developed and maintained, may not meet your expectations at the time of purchase. Furthermore, despite Propy’s good faith efforts to develop and participate in the Ecosystem, it is still possible that the Ecosystem will experience malfunctions or otherwise fail to be adequately developed or maintained, which may negatively impact the Ecosystem and PROs, and the potential utility of PROs, including the utility of PROs for obtaining propy.com Services.
12. Risk of Dissolution of the Company or Ecosystem
It is possible that, due to any number of reasons, including, but not limited to, an unfavorable fluctuation in the value of BTC, ETH, or other cryptographic and fiat currencies, decrease in PROs’ utility (including their utility for obtaining propy.com Services), the failure of commercial relationships, or intellectual property ownership challenges, the Ecosystem may no longer be viable to operate or Propy may dissolve.
13. Risks Arising from Lack of Governance Rights
Because PROs confer no governance rights of any kind with respect to the Ecosystem or Propy, all decisions involving Propy’s products or services within the Ecosystem or Propy itself will be made by Propy at its sole discretion, including, but not limited to, decisions to discontinue its products or services in the Ecosystem, to create and sell more PROs for use in the Ecosystem, or to sell or liquidate itself. These decisions could adversely affect the Ecosystem and the utility of any PRO, including their utility for obtaining propy.com Services.
14. Risks Arising from the Real Property Land Registration Market
The real property land registration industry, and by extension the Ecosystem, is subject to a variety of federal, state, and international laws and regulations, including those with respect to privacy and data protection, consumer protection, data security, and others. These laws and regulations, and the interpretation or application of these laws and regulations, could change. In addition, new laws or regulations affecting the Ecosystem could be enacted, which could impact the utility of PROs in the Ecosystem. Additionally, the Ecosystem participants are subject to industry specific laws and regulations or licensing requirements. If any of these parties fails to comply with any of these licensing requirements or other applicable laws or regulations, or if such laws and regulations or licensing requirements become more stringent or are otherwise expanded, it could adversely impact the Ecosystem and PROs, including the PROs’ utility for obtaining propy.com Services.
15. Operational Risks
Propy is a young company and the growth of the team and its capabilities may take longer than expected to result in the intended usefulness for PROs. PROs are just one product in a highly competitive market, and broad adoption by other users and developments by technology partners may take longer than expected. The usefulness of PROs depends on the extent of widespread adoption of the offered technology by the marketplace.
16. Risk of Lack of Adoption by Real Property Registration Systems
The success of the Ecosystem, propy.com Services, and PROs is dependent in large part to the adoption of the Ecosystem, propy.com Services, and underlying technology by real property land registration systems, many of which are governmental or quasi-governmental authorities. It is possible that real property land registration systems do not adopt or use the Ecosystem. Such lack of use or interest could negatively impact the development of the Ecosystem and therefore the potential utility of the PROs, including the utility of the PROs for obtaining propy.com Services.
17. Technology Risks
PROs are intended to represent a new capability on emerging technology that is not fully proven in use. As the technology matures, new capabilities may dramatically alter the usefulness of PROs or the ability to use or sell them. The functionality of PROs is complex, will require enhancements and product support over time, and full functionality may take longer than expected. The full functionality of PROs is not yet complete and no assurance can be provided of such completion.
18. Unanticipated Risks
Cryptographic tokens such as PROs are a new and untested technology. In addition to the risks included in these Terms and Conditions there are other risks associated with your acceptance of PRO, including unanticipated risks. Such risks may further materialize as unanticipated variations or combinations of the risks discussed in these Terms and Conditions.
