Risk factors and legal disclaimers
Last updated
Last updated
In the future, holders of VSX will able to participate in votes to help govern the VSX token and the Versus-X platform. To take part in votes, holders must stake the tokens to gain voting rights. Voting weight is calculated according to amount of tokens staked. The more tokens held the more voting weight. Voting will be held to manage the governance of the token and to decide new features and uses of the platform.
Having voting rights will not allow the holder to influence governance of the operation and management of the Company, its affiliates or assets, specifically not the distribution of those assets to token holders. Nor will it allow anyone to select the board of directors of these entities, or determine the development direction of these entities and does not constitute any equity interest in any of these entities or any collective investment scheme. The voting arrangement is not intended to be any form of joint venture or partnership. It is the community members which would maintain and drive development of the platform, so certain token incentives would need to be distributed to compensate such community members for their time, expertise and effort.
PLEASE READ THE ENTIRETY OF THIS "LEGAL DISCLAIMER" SECTION CAREFULLY. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU ARE STRONGLY ADVISED TO CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER VSX TOKEN LIMITED (THE COMPANY), ANY OF THE PROJECT CONTRIBUTORS (THE VERSUS-X TEAM) WHO HAVE WORKED ON VERSUS-X (AS DEFINED HEREIN) OR PROJECT TO DEVELOP VERSUS-X IN ANY WAY WHATSOEVER, ANY DISTRIBUTOR AND/OR VENDOR OF VSX TOKENS (OR SUCH OTHER RE-NAMED OR SUCCESSOR TICKER CODE OR NAME OF SUCH TOKENS) (THE DISTRIBUTOR), NOR ANY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THE PAPER, DECK OR MATERIAL RELATING TO VSX (THE TOKEN DOCUMENTATION) AVAILABLE ON THE WEBSITE AT HTTPS://VERSUSX.IO/ (THE WEBSITE, INCLUDING ANY SUB-DOMAINS THEREON) OR ANY OTHER WEBSITES OR MATERIALS PUBLISHED OR COMMUNICATED BY THE COMPANY OR ITS REPRESENTATIVES FROM TIME TO TIME.
Project purpose: You agree that you are acquiring VSX to participate in Versus-X and to obtain services on the ecosystem thereon. The Company, the Distributor and their respective affiliates would develop and contribute to the underlying source code for Versus-X. The Company is acting solely as an arms’ length third party in relation to the VSX distribution, and not in the capacity as a financial advisor or fiduciary of any person with regard to the distribution of VSX.
Nature of the Token Documentation: The Token Documentation is a conceptual paper that articulates some of the main design principles and ideas for the creation of a digital token to be known as VSX. The Token Documentation and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, any offer to sell any product, item, or asset (whether digital or otherwise), or any offer to engage in business with any external individual or entity provided in said documentation. The information herein may not be exhaustive and does not imply any element of, or solicit in any way, a legally-binding or contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where the Token Documentation or the Website includes information that has been obtained from third party sources, the Company, the Distributor, their respective affiliates and/or the Versus-X team have not independently verified the accuracy or completeness of such information. Further, you acknowledge that the project development roadmap, platform/network functionality are subject to change and that the Token Documentation or the Website may become outdated as a result; and neither the Company nor the Distributor is under any obligation to update or correct this document in connection therewith.
Validity of Token Documentation and Website: Nothing in the Token Documentation or the Website constitutes any offer by the Company, the Distributor, or the Versus-X team to sell any VSX (as defined herein) nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Nothing contained in the Token Documentation or the Website is or may be relied upon as a promise, representation or undertaking as to the future performance of Versus-X. The agreement between the Distributor (or any third party) and you, in relation to any distribution or transfer of VSX, is to be governed only by the separate terms and conditions of such agreement.
The information set out in the Token Documentation and the Website is for community discussion only and is not legally binding. No person is bound to enter into any contract or binding legal commitment in relation to the acquisition of VSX, and no digital asset or other form of payment is to be accepted on the basis of the Token Documentation or the Website. The agreement for distribution of VSX and/or continued holding of VSX shall be governed by a separate set of Terms and Conditions or Token Distribution Agreement (as the case may be) setting out the terms of such distribution and/or continued holding of VSX (the Terms and Conditions), which shall be separately provided to you or made available on the Website. The Terms and Conditions must be read together with the Token Documentation. In the event of any inconsistencies between the Terms and Conditions and the Token Documentation or the Website, the Terms and Conditions shall prevail.
Deemed Representations and Warranties: By accessing the Token Documentation or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, the Distributor, their respective affiliates, and the Versus-X team as follows:
in any decision to acquire any VSX, you have not relied and shall not rely on any statement set out in the Token Documentation or the Website;
you shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be);
you acknowledge, understand and agree that VSX may have no value, there is no guarantee or representation of value or liquidity for VSX, and VSX is not an investment product nor is it intended for any speculative investment whatsoever;
none of the Company, the Distributor, their respective affiliates, and/or the Versus-X team shall be responsible for or liable for the value of VSX, the transferability and/or liquidity of VSX and/or the availability of any market for VSX through third parties or otherwise; and
you acknowledge, understand and agree that you are not eligible to participate in the distribution of VSX if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card or permanent visa holder of a geographic area or country (i) where it is likely that the distribution of VSX would be construed as the sale of a security (howsoever named), financial service or investment product and/or (ii) where participation in token distributions is prohibited by applicable law, decree, regulation, treaty, or administrative act (including without limitation the United States of America, Canada, and the People's Republic of China); and to this effect you agree to provide all such identity verification document when requested in order for the relevant checks to be carried out.
The Company, the Distributor and the Versus-X team do not and do not purport to make, and hereby disclaims, all representations, warranties or undertaking to any entity or person (including without limitation warranties as to the accuracy, completeness, timeliness, or reliability of the contents of the Token Documentation or the Website, or any other materials published by the Company or the Distributor). To the maximum extent permitted by law, the Company, the Distributor, their respective affiliates and service providers shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including, without limitation, any liability arising from default or negligence on the part of any of them, or any loss of revenue, income or profits, and loss of use or data) arising from the use of the Token Documentation or the Website, or any other materials published, or its contents (including without limitation any errors or omissions) or otherwise arising in connection with the same. Prospective acquirors of VSX should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the distribution of VSX, the Company, the Distributor and the Versus-X team.
VSX Token: VSX is a functional multi-utility token which will be used as the medium of exchange between participants on Versus-X in a decentralised manner. The goal of introducing VSX is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Versus-X without any intermediaries such as centralised third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. VSX does not in any way represent any shareholding, ownership, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will VSX entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the British Virgin Islands, Singapore or any relevant jurisdiction. VSX may only be utilised on Versus-X, and ownership of the same carries no rights, express or implied, other than the right to use VSX as a means to enable usage of and interaction within Versus-X. The secondary market pricing of VSX is not dependent on the effort of the Versus-X team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.
For the avoidance of doubt, neither the Company nor the Distributor deals in, or is in the business of buying or selling any virtual asset or digital payment token (including VSX). Any sale or distribution of tokens would be performed during a restricted initial period solely for the purpose of obtaining project development funds, raising market/brand awareness, as well as community building and social engagement; this is not conducted with any element of repetitiveness or regularity which would constitute a business.
Further, VSX provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on Versus-X, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. VSX is an integral and indispensable part of Versus-X, because without VSX, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on Versus-X. Given that additional VSX will be awarded to a user based only on its actual usage, activity and efforts made on Versus-X and/or proportionate to the frequency and volume of transactions, users of Versus-X and/or holders of VSX which did not actively participate will not receive any VSX incentives.
VSX are designed to be utilised, and that is the goal of the VSX distribution. In particular, it is highlighted that VSX:
does not have any tangible or physical manifestation, and does not have any intrinsic value/pricing (nor does any person make any representation or give any commitment as to its value);
is non-refundable, not redeemable for any assets of any entity or organisation, and cannot be exchanged for cash (or its equivalent value in any other digital asset) or any payment obligation by the Company, the Distributor or any of their respective affiliates;
does not represent or confer on the token holder any right of any form with respect to the Company, the Distributor (or any of their respective affiliates), or their revenues or assets, including without limitation any right to receive future dividends, revenue, shares, ownership right or stake, share or security, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property or licence rights), right to receive accounts, financial statements or other financial data, the right to requisition or participate in shareholder meetings, the right to nominate a director, or other financial or legal rights or equivalent rights, or intellectual property rights or any other form of participation in or relating to Versus-X, the Company, the Distributor and/or their service providers;
is not intended to represent any rights under a contract for differences or under any other contract the purpose or intended purpose of which is to secure a profit or avoid a loss;
is not intended to be a representation of money (including electronic money), payment instrument, security, commodity, bond, debt instrument, unit in a collective investment or managed investment scheme or any other kind of financial instrument or investment;
is not a loan to the Company, the Distributor or any of their respective affiliates, is not intended to represent a debt owed by the Company, the Distributor or any of their respective affiliates, and there is no expectation of profit nor interest payment; and
does not provide the token holder with any ownership or other interest in the Company, the Distributor or any of their respective affiliates.
Notwithstanding the VSX distribution, users have no economic or legal right over or beneficial interest in the assets of the Company, the Distributor, or any of their affiliates after the token distribution.
For the avoidance of doubt, neither the Company nor the Distributor deals in, or is in the business of buying or selling any virtual asset or digital payment token (including VSX). Any sale or distribution of tokens would be performed during a restricted initial period solely for the purpose of obtaining project development funds, raising market/brand awareness, as well as community building and social engagement; this is not conducted with any element of repetitiveness or regularity which would constitute a business.
To the extent a secondary market or exchange for trading VSX does develop, it would be run and operated wholly independently of the Company, the Distributor, the distribution of VSX and Versus-X. Neither the Company nor the Distributor will create such secondary markets nor will either entity act as an exchange for VSX.
Informational purposes only: The information set out herein is only conceptual, and describes the future development goals for Versus-X to be developed. In particular, the project roadmap in the Token Documentation is being shared in order to outline some of the plans of the Versus-X team, and is provided solely for INFORMATIONAL PURPOSES and does not constitute any binding commitment. Please do not rely on this information in deciding whether to participate in the token distribution because ultimately, the development, release, and timing of any products, features or functionality remains at the sole discretion of the Company, the Distributor or their respective affiliates, and is subject to change. Further, the Token Documentation or the Website may be amended or replaced from time to time. There are no obligations to update the Token Documentation or the Website, or to provide recipients with access to any information beyond what is provided herein.
Regulatory approval: No regulatory authority has examined or approved, whether formally or informally, any of the information set out in the Token Documentation or the Website. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of the Token Documentation or the Website does not imply that the applicable laws, regulatory requirements or rules have been complied with.
Cautionary Note on forward-looking statements: All statements contained herein, statements made in press releases or in any place accessible by the public and oral statements that may be made by the Company, the Distributor and/or the Versus-X team, may constitute forward-looking statements (including statements regarding the intent, belief or current expectations with respect to market conditions, business strategy and plans, financial condition, specific provisions and risk management practices). You are cautioned not to place undue reliance on these forward-looking statements given that these statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results to be materially different from that described by such forward-looking statements, and no independent third party has reviewed the reasonableness of any such statements or assumptions. These forward-looking statements are applicable only as of the date indicated in the Token Documentation, and the Company, the Distributor as well as the Versus-X team expressly disclaim any responsibility (whether express or implied) to release any revisions to these forward-looking statements to reflect events after such date.
References to companies and platforms: The use of any company and/or platform names or trademarks herein (save for those which relate to the Company, the Distributor or their respective affiliates) does not imply any affiliation with, or endorsement by, any third party. References in the Token Documentation or the Website to specific companies and platforms are for illustrative purposes only.
English language: The Token Documentation and the Website may be translated into a language other than English for reference purpose only and in the event of conflict or ambiguity between the English language version and translated versions of the Token Documentation or the Website, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Token Documentation and the Website.
No Distribution: No part of the Token Documentation or the Website is to be copied, reproduced, distributed or disseminated in any way without the prior written consent of the Company or the Distributor. By attending any presentation on this Token Documentation or by accepting any hard or soft copy of the Token Documentation, you agree to be bound by the foregoing limitations.
