These Terms of Service apply for Majestic Chain JSC and all associated Website, including (but not exclusively) NodePools.com, as well as the services that are offered through the websites.
Last Updated July 2019
Scope of NodePools and the Services
This agreement regulates the terms of service between you the user accessing the website and its services (referred to as “customer”, “you”, “your” or “user”) and Majestic Chain JSC. (referred to as “NodePools”, “NodePools.com”, “we”, “our”).
NodePools offers the services of operating Masternode Pools to which users can contribute and retain earnings paid by the cryptocurrencies network. For its services and operation NodePools is entitled to fees on the earnings or membership fees. The initial membership fee is to be paid in conjunction with the first payment for masternode contribution. The membership is thereafter paid on a yearly basis. With an activated membership one can then perform contributions into a Masternode pool from the available selection. Contributions can be made upward of the equivalent value of 50 US Dollars. A Contribution entails making a payment into a Masternode pool and being entitled to earnings paid by the coin network, for the operation of the masternode. The earnings are proportional to the amount contributed and dependent on the amount the network rewards of the Masternodes in the pool, lesser our service fees. These can over time also change if the network for example changes its reward process. We may provide estimated projections of earnings for each Masternode pools, however no warranties can be given that they will be achieved or maintained over time. The user shall have no claim to the projected earnings.
Users generally have the ability to make payments with the cryptocurrency of the pool they selected. In this case the payment and contribution are usually completed within a few hours, however this among other factors depends on the coins block confirmation time. Additionally, we provide the services of taking payments in Bitcoin and processing the exchange to the desired cryptocurrency. Due to fluctuations and diversity in exchange rates as well as a limit in supply of these cryptocurrencies there is a 10 % markup to payments made in bitcoin. Such a payment may take longer to process as we must be able to get a hold of the sufficient amount of coins. Only once the exchange and transfer are fully complete the contribution is considered as complete. NodePools reserves the right to cancel the exchange process or pause it at any time, for example if the number of coins available on the market is limited or at a price higher than the 10 % margin. We may in that scenario cancel the transaction and transfer the bitcoin to your internal balance, from where you can pay it out or decide to attempt again. Or we will consult with you if you are willing to make the exchange at a new exchange rate.
While the contribution payment is processing it cannot be canceled or reversed. A User does not have the right to contributions to a Masternode pool. We may for example limit the ability to exchange Bitcoin to a Masternodes cryptocurrency if supply of coin is limited.
Once a contribution is marked as complete you are entitled to collect proportional earning of the network rewards paid to the masternode pools. These Network rewards are usually paid out by the network in regular intervals, defined by the coins network. NodePools will then process rewards once a day, if paid by the network and in relation to the amount paid by the network. In the process the earnings are exchanged to Bitcoin and then distributed among the contributors, according to the value of their contribution. At this point NodePools charges for 20 % earnings generated, in order to compensate for operational and maintenance costs. In addition to the operation of the Masternodes and the service this is used to cover the costs of the referral system, thus referrals will not negatively impact earnings generated by you (for information on the referral system, refer to subsection “Referral System”). Once processed the earnings in Bitcoin will be attributed to your internal account balance. This Balance can be used for further contributions or payed out to your personal Bitcoin account. Payouts to personal Bitcoin accounts occur automatically on a daily basis as long as the account balance surpasses the threshold of 0.005 BTC. You may also set a higher threshold in the portal.
A user may hold contributions to multiple different Masternode pools as well as increase the contribution. Furthermore, one can decrease or fully withdrawal a contribution into a Masternode. A withdrawal can only occur at least one week after the initial contribution. Once the user requests a withdrawal he is not entitled to any further earnings for the contribution. When making a withdrawal all contributions are exchanged to Bitcoin and accredited to your internal balance. This process usually occurs within 48 hours; however, we reserve the right to require up to 30 days to process. The amount accredited to your internal balance and is then paid out to your personal Bitcoin wallet a day later. The user does not have a right to get the contribution paid out in the masternodes coin or any other coin than Bitcoin. For any payout or exchange, exchange fees and transactions costs may be subtracted in the process. The User is only entitled to the amount contributed with all exchange fees and transaction costs deducted. Further the payout is subject to the current exchange rate defined in the system.
All actions are to be completed thought the use of the self-service NodePools Portal. NodePools will not perform actions on your behalf, with the exception of special circumstances or system errors.
NodePools offers an extensive referrals program that offers financial rewards for users they have referred and for contributions these referred users have made.
With an active account you gain access to a non-editable referral link and the ability to send invites by email. These may be shared and sent to your friends.
NodePools does not take liability for the accuracy and/or validity of the content or information shared by users or third parties in regards to NodePools. Further it has not control over where the referral link or information is shared.
In order for a user to become a referral they must open the referral link and within the same browser session complete the account opening, further the user must perform an account activation. This entails them making their first contribution and thus paying the first years membership fee.
Refferals are compensated on three levels, meaning that one is not only rewarded when a new user joins on the basis of their invite link, but also if the invited level 1 user invites further users. Each level is rewarded with a distinctive reward bonus. Level 1 being the user directly invited by you and Level 3 being the one further down the chain. All reward bonuses are accredited to the user’s internal balances in Bitcoin. The Reward bonusses is calculate on the bases of the exchange rate at the time of account activation. The rewards for each of the three level is as follows:
- Level 1: US$ 5
- Level 2: US$ 1.50
- Level 3: US$ 0.50
Furthermore once the invited users generate earnings you will also obtain rewards proportional to the earnings they generate. These earning bonuses are also rewarded for referred users on all three levels. The rewards for earnings are calculated on the basis of a percentage of the paid-out earnings. The percentages are as follows:
- Level 1: 2.0 %
- Level 2: 1.5 %
- Level 3: 0.5 %
NodePools is not obligated to attribute 2 accounts into a referral relationship if the account was not registered with the referral link and will refrain from doing so. It is strictly forbidden to create multiple accounts for any purpose, especially in order to abuse the referral program. The following traffic types are also strictly forbidden: Doorway pages, Redirect, Spam, contextual advertising of the Brand NodePools, SEM on brand keywords. Exceptions may only apply with written consent of us.
NodePools has the right to remove the referral program or to change the percentages and rewards at any time.
These terms are service are valid indefinitely and also outlast an account termination.
NodePools reserves the right to at any time change the conditions of operation including changing fee’s, terminate certain Masternode pools.
In the case that any information on NodePools and the information in this term of service contradict, the information in these terms of service will take precedent.
Account and Personal Information
In order to use the services of NodePools, you are required to create an account. For this you must provide personal information as well as login credentials. The information that is entered must be truthful and lawful. NodePools reserves the right to at any time and without prior notice to request proof of authenticity. If such proof cannot be provided, we hold the right to withhold access to the account and the funds, to prevent fraud. You must therefore assure that the information we hold in your profile is accurate, complete and up-to-date. With the creation of an account you gain access to our account’s portal, however its use is limited until the account is fully activated.
In order to activate an account, one must select a masternode pool and make a first contribution. Any membership fee will need to be paid in addition to the contribution amount. The membership is valid for one year (365 days), from the point of initial activation. Once this membership has expired one will need to make a further membership payment, of equivalent to the amount paid the first year.
NodePools reserves the right to change the amount of the membership cost at any time for promotional or other purposes, however it will only take effect to new accounts. Thus, once activated the membership fee for the consecutive years will remain the same.
A user will be informed a head of account expiration by email. If a user fails to make membership payment in time, then all earning and bonuses earned after the date of expiration until the membership fee is paid will not be paid and expire.
An account is dedicated to a single individual, it may not be shared, borrowed or sold to another entity. You must be above the age of 18 to use and NodePools. Please refrain from signing up or making use of our services if you do not comply with this age requirement. The number of accounts per person is limited to one.
By activating your account and utilizing NodePools, you acknowledge and agree to these terms of service and that you agree to all associated risks (even if not mentioned here).
In the case you lose access to your account, you have the ability to reset your password. If this is not sufficient NodePools may attempt to assist if sufficient proof of identity, proof of residence and further information can be supplied. NodePools is however not obligated to comply.
If the following criteria is met you may terminate an account at any time:
- The account has no account has no active contributions to Masternode pools;
The remaining account balance has been paid out.
Additionally, if we detect no change of balance or account login for 12 months we may terminate your account. You will, if possible, be notified in advance. If we are not able to reach you or you do not show any further action to prevent the account termination your balance may be nullified and closed.
Liability, Breach of Contract and More
The User is responsible for assuring that the use of cryptocurrencies and NodePools is legal in their country of residence or use. You are responsible for any legal obligations such as taxes. Further you agree to not use the website or service in any way if it’s use is unlawfull, may give rise to civil or criminal liability for NodePools.
In order to withdrawal funds, you must provide a valid Bitcoin Wallet, as all payouts are made in Bitcoin. After the initial setup of your private Bitcoin Wallet changing the address takes 14 days to process, for security purposes. Thus, make sure that the wallet entered is a valid Bitcoin wallet. If it is wrong or invalid it cannot be guaranteed that the payouts can be recovered. NodePools is not liable for any loss of coins, caused through faulty transactions.
In case we suspect fraud or misuse, we may at any time block or terminate an account. Additionally, if a user cancels more than three contributions during the contributions processing phase, their account will be blocked until further review or indefinitely.
NodePools does not take warranty in connection with the website or the services and we disclaim all liability for:
- NodePools aims to provide the best possible service and availability, however it cannot be guaranteed. NodePools reserves the right to decline service in parts or as a whole;
- any changes or accuracy in the exchange rate of any cryptocurrency or other commodity;
- any protocol changes of the cryptocurrencies or any issues of a cryptocurrency;
- any changes of applicable regulation or law. Or the action of any legislator or regulator in any part of the world;
- the infringement of any copyright or other intellectual property rights caused by any third party or user content;
- any issues of availability, loss of data or damage due to technical issues, viruses, malicious software or efforts of third party to hack or steal data or coins, regardless of whether the issues occur on the user’s computer or our servers;
- the availability, or content or nature of sites linked by us;
- we will not take liability in any amount for the failure to perform obligations under these terms of services if the failure is caused by an event or occurrence beyond our reasonable control;
- to the maximum extent permitted by governing law we exclude liability for any losses or damages which may be suffered, or suffered consequentially.
These terms of service are subject to the common law and consumer rights and will not limit any rights you may have that cannot be excluded under the applicable law or if stated in this agreement.
The parties submit to the exclusive jurisdiction of the Tbilisi Georgian courts. These terms of service are subject to and interpreted in accordance with the laws of Georgia.
If we fail to enforce any of the provisions mentioned in these terms of service it does not constitute a waiver of that term.
If any one or more section, subsection, sentence, clause, phrase, word, provision or application of this Ordinance shall for any person or circumstance be held to be illegal, invalid, unenforceable, and/or unconstitutional, such decision shall not affect the validity of any other section, subsection, sentence, clause, phrase, word, provision or application of this Ordinance which is operable without the offending section, subsection, sentence, clause, phrase, word, provision or application shall remain effective notwithstanding such illegal, invalid, unenforceable, and/or unconstitutional section, subsection, sentence, clause, phrase, word, provision or application, and every section, subsection, sentence, clause, phrase, word, provision or application of this Ordinance are declared severable. The legislature hereby declares that it would have passed each part, and each provision, section, subsection, sentence, clause, phrase or word thereof, irrespective of the fact that any one or more section, subsection, sentence, clause, phrase, word, provision or application be declared illegal, invalid, unenforceable, and/or unconstitutional.
Cryptocurrencies are often unregulated and decentralized, can cause them to have high fluctuations in value. Their value is not insured or regulated by any legal entity. Furthermore, many cryptocurrencies and the associated platforms are often under attack, in attempts to steal or destruct infrastructure. And while most cryptocurrencies by nature are relatively secure it cannot be excluded that they may be stolen or manipulated. One must be fully aware of risk factors associated with cryptocurrencies. These factors include but are not limited to price fluctuations, price manipulations, security leaks or fraud within the network.
Please note that NodePools does not take any responsibility in regards to the cryptocurrencies and what they entail. Please inform yourself about cryptocurrencies before using NodePools. Furthermore, please make an educated judgement on your ability to compensate for losses caused by any of the associated risks.
NodePools places a lot of emphasis on security. Its architecture is designed with security at its core. However, while we always aim to maintain the highest achievable levels of security it cannot be guaranteed. NodePools excludes itself from any liability caused by third parties, technical defects.
Any information on the site is presented with to the best of our knowledge, but they cannot be guaranteed and are not binding. Further we aim to provide accurate information on exchange rates, however are dependent on external service providers to determine them. They are used as an indication, however may vary slightly when it comes to actual transactions.