Last Updated: September 9, 2020
Please read these Terms carefully before using our Website or Services. By using our Website or Services, you (“User”, “you”, “your”) indicate that you accept these Terms and agree to abide by them. If you do not agree to any of these Terms, please refrain from using our Website or Services.
GoodDollar shall be entitled to modify, change, or amend the Terms at any time in accordance with its governing law and regulations. GoodDollar shall post the amended Terms on the Website, stating the date of the last amendment, and you are advised to check for any such updates from time to time. To the extent that any such amendment imposes material obligations on users and/or would require their preparation or action, GoodDollar shall give reasonable advance notice before such amendment comes into force. Your continued use of the Website, Services, Smart Contract System and/or Tokens following any amendment to these Terms constitutes your acceptance of the amendment and consent to be bound by the amended Terms. In the event, you do not accept any amendment, your sole and exclusive remedy shall be to cease using our Website, Services, Smart Contract System and/or Tokens.
GoodDollar Services are launched gradually in two or more phases. The initial phase (“Phase 1”) governed by these Terms shall commence on the date of the launch of the Services and end at the commencement of the next phase. During phase 1, the availability of the Services may be limited in scope as further detailed herein. GoodDollar does not undertake to complete Phase 1 or to continue the deployment of next phases. Furthermore, GoodDollar shall be entitled to cease, freeze or terminate the GoodDollar project at any time and for any reason at its sole and absolute discretion.
1. Information about us
Our Services are provided by GoodDollar Limited, a not-for-profit company limited by guarantee, registered in the United Kingdom, registration number 12020199, having its registered office at 9/30 Fitzroy Square, London, United Kingdom (“GoodDollar” “We“, “Our“, “Us“).
2. Age restriction
By using our Services, you represent and warrant that you are 13 years of age or older. If you are not 13 years of age or older, you must not access our website or use any of our Services.
3. Gooddollar’s vision
GoodDollar vision is to allows sustainable income and financial literacy to the people who need it the most. GoodDollar mission is to develop a new a blockchain-based internet platform, and protocol for generating and distributing universal basic income (“UBI“), in a form of free GoodDollar tokens periodical grant (“GoodDollar Token” or “GD Token”). We intend to achieve this through smart contracts coded and deployed to the Fuse blockchain which is a sidechain of the Ethereum network (“Fuse“), in order to facilitate the issuance, holding and transfer of GD Tokens.
The UBI will be distributed to users by allowing them to claim GD Tokens periodically, after they have verified their unique identity using an identity verification software, via the Service. To learn more please read our whitepaper [Link]
4. Gooddollar protocol
GoodDollar Protocol comprises smart contracts infrastructure governing the reserve, issuance and distribution of GD Tokens to users. The smart contracts allow donors to stake certain cryptocurrencies on an Interest-Bearing Lending Protocol such as Compound.finance and contribute the earned interest to GoodDollar’s reserve (“Reserve). A smart contract will generate new GD Tokens on a periodical basis, in accordance with GoodDollar’s formula that is published on the Website. Newly issued GD Tokens will then be distributed equally among Users who have made a UBI claim, in accordance with GoodDollar’s policies.
5. Our services
5.1. Signing up to our Services
GoodDollar aims to provide its users with a UBI in a form of GD Token, and to that end, it needs to enforce a one-user one-account policy. Therefore, only signed and verified users may be able to receive GD Tokens and/or GD Tokens through GoodDollar system. In order for you to participate in the GoodDollar scheme and claim the tokens, you must, through our website, subscribe to our Apps, which contains a compatible self-custody wallet. The use of our application is free of charge and no funds or other form of payment is required in exchange for the GD Tokens and/or UBI grant.
5.2. Universal Basic Income
Following the opening of a GoodDollar account, you may be entitled to make periodical Claims of GD Tokens, and receive GD Tokens through the smart-contract to your GoodDollar Wallet. UBI is granted to you free of any charge and you hereby waive any claim against GoodDollar in connection with any malfunction of the Services and/or your dissatisfaction thereof.
5.3. GD Tokens
During Phase 1, GoodDollar shall not facilitate the redemption of the GD Tokens for cryptocurrencies stored in the Reserve as part of its Services, nor does it guarantee to facilitate Token redemption at later phases. We make no representation that the Tokens will have any value during Phase 1 or at any time in the future User shall have no claim for redemption out of the Reserve at any time and User shall have no claim for redemption out of the Reserve at any time.
5.4. No contractual relationship and rights
User understands and accepts that the Tokens do 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 Smart Contract System, the Reserve, and/or GoodDollar.
GoodDollar does not undertake to make all of the Services available to all Users at all times, and it is explicitly agreed that the launch of the Services may be gradual, partial, and limited in scope, jurisdiction or otherwise.
5.5. Wallet Services
GoodDollar’s App isa cryptocurrencies wallet designated for receiving, and transferring GD Tokens and or other compatible cryptocurrencies (“e-wallet”). The e-wallet in a non-custodial wallet compatible with the ERC20 token standard. The access and control over User’s e-wallet shall be solely in the User’s hand, and GoodDollar shall have no access to such e-wallet in any event, including in the event of User’s loss of access to its e-wallet.
Your e-wallet enables you to send and receive GD Tokens and other supported cryptocurrencies to/from other compatible e-wallets. When making a transfer to or from a wallet other than GoodDollar’s e-wallet, you are solely responsible for executing the transaction properly, which may include, among other things, payment of sufficient network or miner’s fees in order for the transaction to be successful. Insufficient network fees may cause a transfer to remain in a pending state and may result in delays or loss incurred as a result of an error in the initiation of the transaction. You should verify all transaction information prior to submitting them. You must guard and backup the private key and/or other access credentials given to you during your e-wallet registration. GoodDollar shall bear no liability or responsibility in the event you enter an incorrect blockchain destination address. GoodDollar does not control the blockchain network and makes no guarantees that a transfer will be confirmed by the network.
5.6. Compliance with tax obligations
You are solely responsible to determine what, if any, taxes apply to your GoodDollar Tokens. We are not responsible for determining the taxes that apply to your transactions. You represent that you will comply with any applicable tax obligations in your jurisdiction arising from your use of our Services.
5.7. Prohibited uses
- use the website, our Services or receive GoodDollar Tokens, unless you are legally permitted to hold GoodDollar tokens under the applicable law of your jurisdiction.
- use the Website or Services if you are not 13 years of age or older.
- use the Website or our Services in any way that violates any applicable law, including any federal, state, local or international law or regulation;
- use the Website or our Services in any manner that could impair, disable, overburden, damage, or interfere with any other party’s use of the website or Service;
- send, knowingly receive, upload, download, use or re-use any material in breach of these terms;
- attempt to gain unauthorized access to, interfere with, damage or disrupt any parts of the website or Services, the server on which the website and Service is stored, or any connected server, computer or database, or otherwise attempt to interfere with the proper working of the Website or Services;
- use any manual process, any robot or other automatic device, process or means to access the website or Service for any purpose other than as permitted under these terms; or
- use any device, software or routine that interferes with the proper working of the website or our Services, or engage in any conduct that restricts or inhibits anyone’s use of the website or our Services.
5.8. Geographic restrictions
Due to the regulatory uncertainty in the US market we advise that all US person read carefully the following announcement:
NO U.S. PERSONS MAY USE THE SERVICES OR SUBSCRIBE TO THE SERVICES. By using the Services, you represent that you are not a U.S. Person (as defined in Regulation S promulgated under the U.S. Securities Act of 1933, as amended), and you are not using the Services for the account or benefit of a U.S. Person.
You represent and warrant that you are not a citizen of a nation or geographic area in which access to or use of the Website and/or Services is prohibited by applicable law, decree, regulation, treaty, or administrative act.
We do not provide the Services in a country or territory that is, or whose government is, the subject of sanctions by the US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authorities, including (but not limited to) Belarus, Burma (Myanmar), Central African Republic, the Crimea region, Cuba, Democratic Republic of the Congo, Iran, Iraq, Libya, Mali, North Korea, South Sudan, Somalia, Sudan, Syria, Yemen, Venezuela or Zimbabwe (as amended from time to time).
You represent and warrant that your use of the Services complies with applicable law and/or regulation in your jurisdiction, including, but not limited to, (i) legal capacity and any other applicable legal requirements (ii) any foreign exchange or regulatory restrictions applicable to such participation, and (iii) any governmental or other consents that may need to be obtained. You further represent that you are not a citizen or resident of, or located in, a nation or geographic area that is subject to any sovereign country sanctions or embargoes, or an individual, entity or an individual employed by or associated with an entity, identified on any denied persons or entity lists, specially designated nationals or blocked persons lists, or the debarred parties’ lists.
User shall be solely responsible for its use of the Services and the compliance with the above with all laws and regulations applicable to it.
7. Accessing our website and services
Access to our website and Service is permitted on a temporary basis, and we reserve the right to withdraw or amend the service we provide without notice. We will not be liable if for any reason our website or Service is unavailable at any time or for any period.
From time to time, we may restrict access to some or all parts of our website or Service.
You are responsible for making all arrangements necessary for you to have access to our website and Service.
8. Intellectual property rights
We are the owner or the licensee of all intellectual property rights in our website and our Service, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved. We have open sourced most of our IP through an open source license, please visit: https://github.com/GoodDollar to find our open sourced development.
You may print off one copy, and may download extracts, of any page(s) from our site for your personal reference and you may draw the attention of others within your organisation to material posted on our website.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
Our status (and that of any identified contributors) as the authors of material must always be acknowledged.
You must not use any part of the materials for commercial purposes without obtaining a license to do so from us or our licensors.
9. Reliance on information posted
Commentary and other materials posted on our website are not intended to amount to advice on which reliance should be placed. We therefore disclaim all liability and responsibility arising from any reliance placed on such materials by any visitor to our website, or by anyone who may be informed of any of its contents.
GoodDollar takes no representation or warranty, express or implied, to the extent not prohibited by applicable law, regarding the advisability of investing in securities, funds, commodity interests, partnership interests or other investments or funding or purchasing loans. The past performance of any investment, loan, security, partnership interest, commodity or financial instrument is not a guide to future performance. GoodDollar does not offer fiduciary services and is not your agent, advisor or fiduciary.
10. Our website and services change regularly
We aim to update our website regularly, and may change the content at any time. If the need arises, we may suspend access to our website or our Services or close it indefinitely in our sole discretion without notice. Any of the material on our site may be out of date at any given time, and we are under no obligation to update such material.
11. Our liability
Whilst we take every reasonable precaution and care in relation to our website and Services, our website and Services are provided without any guarantees, conditions or warranties as to its accuracy. To the extent permitted by law, we expressly exclude all conditions, warranties whether express or implied, statutory or otherwise, including but not limited to any warranties of merchantability, non-infringement and fitness for particular purpose, and any other terms which might otherwise be implied by statute, common law or the law of equity.
In particular, we will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may affect your mobile phone, computer equipment, computer programs, data or other proprietary material due to your use of our website or Services, GoodDollars obtained through our Services.
We accept no liability for any loss of income or revenue, loss of business, loss of profits or contracts, loss of anticipated savings, loss of data, waste of management or office time or for any indirect or consequential loss or damage arising from, whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable:
- mistakes made by the user of our website, Services, or any Ethereum-related software or service, including forgotten passwords, accidental deletion of wallets, or payments sent to wrong Ethereum addresses;
- software problems of our website, Services and/or any Ethereum-related software or service, including corrupted wallet files, incorrectly constructed transactions, unsafe cryptographic libraries, malware affecting the website, Services and/or any Ethereum-related software or service;
- technical failures in the hardware or security problems experienced of the user of our Services or any Ethereum-related software or service, including data loss due to a faulty or damaged storage device, unauthorized access to users’ wallets and/or accounts;
- actions or inactions of third parties and/or events experienced by third parties, including bankruptcy of service providers, information security attacks on service providers, and fraud conducted by third parties; or
- events, circumstances or causes beyond our reasonable control (force majeure).
This does not affect our liability for death or personal injury arising from our negligence, nor our liability for fraudulent misrepresentation or misrepresentation as to a fundamental matter, nor any other liability which cannot be excluded or limited under applicable law.
To the extent permitted by applicable law, our total aggregate liability to you for all and any damages, losses or causes of action arising, by reason of or in connection with your use of our site, shall be limited to £100.
13. Information about you and your visits to our site
14. Uploading material
We will not be responsible, or liable to any third party, for the content or accuracy of any materials posted by you or any other user of our site.
We have the right to remove any material or posting you make on our site if, in our opinion, such material does not comply with the content standards set out in these terms. You may not upload content that is in breach of these terms or applicable law, including any content that:
- is copyrighted by a third-party.
- violates any law or regulation.
- contains or depicts nudity, is sexually explicit, or advertises erotic services. This includes pornographic content and content that promotes escort services, erotic massage, fetish fulfillment, or strip clubs.
- promotes seduction coaching or pickup artist (PUA) techniques.
- promotes or depicts violence in a gratuitous and non-fictional manner (including but not limited to; war footage, animal cruelty, self-harm, or gore).
- promotes terrorist organizations, whether or not violence is depicted.
- incites hatred or displays a demeaning attitude toward a group based on age, disability, ethnicity, religion, race, sexual orientation, or gender identity.
15. Merger or acquisition
In order to ensure a smooth transition of services relative to your subscription, in the event of a merger, acquisition, reorganization, sale of all or substantially all of its assets, or the sale of an individual website owned by us, we may transfer your personal data to a third party as a part of such merger, acquisition, reorganization, or sale. In any such case, we will provide an opportunity to opt-out of such data merger before such event will take place.
16. Viruses, hacking and other offences
You must not misuse our website or Service by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our website or Service, the server on which our website or Service is stored or any server, computer or database connected to our website or Service. You must not attack our website or Service via a denial-of-service attack or a distributed denial-of service attack.
By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our website or our Service will cease immediately.
We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our website or to your downloading of any material posted on it, or on any website linked to it.
17. Linking to our website
You may link to any page on our website, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.
Our website must not be framed on any other site, nor may you create a link to any part of our website other than the home page. We reserve the right to withdraw linking permission without notice.
If you wish to make any use of material on our website other than that set out above, please address your request to email@example.com.
18. Links from our site
Where our website contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.
19. No Financial Services or Advice; No Fiduciary duty
The information and any materials contained in the Websites or Services should not be considered as an offer or solicitation to buy or sell financial instruments, provide financial advice, create a trading platform, facilitate or take deposits or provide any other financial services of any kind in any jurisdiction.
The information contained on or in the Websites and Services is not intended to provide and should not be construed as advice of any kind. You shall not use the Websites and Services as a substitute for independent investigations and competent financial judgement and you should obtain appropriate professional advice when necessary. It does not take into account your objectives, financial situation or needs.
GoodDollar has no fiduciary duty to you. You agree and acknowledge that you are solely responsible for conducting a full and diligent review of any and all legal, accounting, regulatory or tax related implications that may result from your use of the Services. We recommend that you consult with a licensed legal and financial professional prior to accessing the Website or using the Services.
20. Risk factors
User understands and accepts the risks in connection with the use of the Services and/or ownership of GoodDollar Tokens, including but not limited to the risks set forth hereinafter:
- Risk of software weaknesses: User understands and accepts that the underlying software is still in development stage and unproven, that there is no warranty that the process for receipt, use and ownership of GoodDollar Tokens will be uninterrupted or error-free and that there is an inherent risk that the software and related technologies could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of your GoodDollar Tokens.
- Regulatory risk: User understands and accepts that 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 GoodDollar and which may, inter alia, result in substantial modifications of the GoodDollar model, including its termination and the loss of GoodDollar Tokens.
- Risk of abandonment: User understands and accepts that the distribution and the development of the GoodDollar platform may be abandoned for a number of reasons, including lack of interest from the public and lack of funding.
- Risk of loss of private key: GoodDollar Wallet and tokens may only be accessed using your private credentials and/or private key that corresponds to the address at which it is stored. User understands and accepts that if his private key is lost or stolen, the GoodDollar Tokens stored on his Wallet will be unrecoverable and permanently lost.
- Risk of theft: User understands and accepts that GoodDollar’s underlying software or the blockchain network on which GoodDollar Token is based on, may be exposed to attacks by hackers that could result in theft or loss of his Tokens.
21. Jurisdiction and applicable law
The English courts will have exclusive jurisdiction over any claim arising from, or related to, a use of our Website and/or Services.
22. Trade marks
“GoodDollar” is a registered trade-mark of eToro Group Ltd. The GoodDollar trademark is registered in various jurisdictions, including the UK and EU.