Terms and Conditions for Optio Services LLC
Last Updated: August 6, 2024
Welcome to Optio Services LLC, collectively referred to as Optio (“Optio,” “we,” “us,” or “our”). These Terms and Conditions constitute the User Agreement and Terms of Service (hereafter the “Terms & Conditions”) governing your access and use of OptioNetwork.io (referred to as “Optio” or the “Site”) and the Services.
Services include:
- The content on our website located at OptioNetwork.io (“Website”) or any other websites, pages, features, or content we own or operate that Optio Services LLC may make available directly or indirectly, from time to time (collectively, “Optio Services” or “Services”).
These Terms & Conditions do not create any agency, partnership, or joint venture between Optio and any person, customer, or entity (referred to as the “User”) utilizing the Sites. By registering for an account through the Optio site or any associated websites, APIs, or mobile applications, the User represents that they have read and consent to the Terms & Conditions; by registering, the User also agrees to Optio’s Privacy Policy.
If Users do not agree with these Terms, Users may not, and are prohibited from, accessing or using the Solutions, Sites, or any other aspect of our business.
These Terms & Conditions may be amended and updated from time to time at the sole discretion of Optio. Revised versions will be considered effective as of the date and time posted on the Site.
1.0 Optio Services
Optio creates products and services that integrate with blockchain technology. This is powered by a global decentralized node network where participating node licensees are rewarded with Optio digital rewards (OPTIO). Optio enables its Users to own, transfer, and share unique digital rewards, which can be visualized on the site and managed through the Optio App, detailed further in Section 1.2.
Eligibility to Use Our Services
To use our Services, Users must be an individual, corporation, legal person, entity, or organization located in a region where Optio services are available. Individual Users must be at least 18 years old.
Account Creation Requirements
Full use of our Services requires that Users:
- Provide necessary information including full name, email address (temporary, disposable, self-destructive, or similar email addresses are prohibited), phone number, current physical address, and any other information we may require.
- Select a strong password.
- Accept these Terms & Conditions.
Optio retains the authority, at its exclusive discretion, to accept or deny any application with or without cause, and to impose limits on the number of accounts a User can hold. Optio and any Indemnified Persons (defined below) will not be liable for any losses, damages, or expenses resulting from our decision to deny a User’s application.
Enhanced Due Diligence
Optio may request users to supply additional details about themselves or their business, submit relevant documentation, or engage in face-to-face meetings with Optio representatives. We retain the right to impose charges for any expenses incurred during the Enhanced Due Diligence process. Optio may temporarily suspend or limit account access or services while completing Enhanced Due Diligence. Optio and its affiliated parties will not be liable for any losses, damages, or expenses users might face due to such suspensions or restrictions.
Legal Compliance
By using Optio, users confirm they are not listed on any trade embargoes or economic sanctions lists, such as the United Nations Security Council Sanctions List, the Specially Designated Nationals and Blocked Persons List by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or the Denied Persons or Entity List by the U.S. Department of Commerce. Optio retains the right to choose the markets and jurisdictions where it operates and may decide, at its discretion, to restrict or refuse business services in specific countries or regions.
1.1 Optio App
1.1.1 Optio App Usage
Optio will provide each User with the Optio App, which enables Users to manage their digital assets, including Optio Digital Rewards. Optio will never take custody or control over any Digital Rewards stored in a User’s Optio App. In addition to the Optio App, Users may use any compatible digital app or wallet provided by a third-party company that safely connects to the Optio Blockchain. Optio is not responsible for any damage incurred through the use of such compatible digital apps or wallets provided by third-party companies. Users may also use the Optio App or other compatible wallets to send and receive Digital Rewards with other users of the Optio Blockchain.
1.1.2 Rewards Wallet Creation
When a User creates an account within the Optio App, the User also has the opportunity to create a Rewards Wallet (defined in detail in Section 1.5). Upon the creation of the Rewards Wallet, the Optio Blockchain software generates a cryptographic private key and public key pair that the User must use to send and receive any digital rewards supported on the Optio Blockchain.
The User is solely responsible for securely storing and keeping confidential, outside of Optio’s Services, a backup of their Optio App credentials, any private keys, passwords, and transaction information that the User maintains in the Optio App or otherwise within Optio’s Services. Should the User fail to maintain a backup of the Optio App, they may not be able to access their Rewards Wallet if Optio discontinues some or all of the Optio Services. Any digital rewards stored within the Optio App may become inaccessible if the User fails to securely manage their Optio App keys and passwords. Optio does not receive or store the User’s Optio App passwords, PINs, keys, network addresses, or transaction history, and therefore cannot assist the User with Optio App password or key retrieval. Furthermore, any third party with knowledge of one or more of the User’s credentials (including, but not limited to, a backup phrase, app identifier, password, or keys) can potentially access or dispose of the digital rewards in the User’s app.
1.1.3 Transaction Validation on the Optio Blockchain
For a transaction to be validated on the Optio Blockchain, it must be confirmed and recorded in the distributed ledger associated with this blockchain. The Optio Blockchain is a decentralized, peer-to-peer network supported by its users and is not owned or controlled by Optio.
1.1.4 Control Over Digital Rewards
Optio has no control over the Digital Rewards generated through the Optio Blockchain and cannot guarantee that any transaction details submitted by the User via the Optio Services and/or Rewards Wallet will be confirmed or processed on the Optio Blockchain. Users should understand that transaction details submitted may not be completed or may be subject to delays due to the nature of the blockchain or any supporting blockchain used to process transactions. Optio does not guarantee that the Rewards Wallet can transfer title or right in any NFT or digital reward and makes no warranties of title of any kind. Once transaction details have been submitted to the Optio Blockchain, Optio cannot assist the User to cancel or modify such transaction or details.
1.1.5 Handling of Blockchain Forks
Should a divergence occur within the Optio Blockchain, based on an Ethereum-like structure utilizing the Cosmos SDK, or any blockchain that we support, there may be instances where Optio is unable to sustain user activities on the divergent blockchain. This scenario might impact your ability to access or use your Digital Rewards or connect with the blockchain services as you normally would.
It’s important for users to recognize that in the case of a fork in the Optio Blockchain, transactions processed through the Optio App or as part of Optio Services could face disruptions. Transactions might not execute as intended; they could be incomplete, erroneously executed, or experience significant delays. Optio disclaims any liability for losses or damages—whether partial or full—that arise directly or indirectly from such disruptions following a blockchain fork.
1.1.6 Fees Associated with Using the Optio App
Blockchain Transaction Fees: Transactions on the Optio Blockchain may require Blockchain Transaction Fees to process digital reward transactions. Optio provides estimates of these fees to assist users, but these estimates may not be accurate and could overestimate or underestimate the actual required fees. Users can choose to adjust these fees higher or lower based on their transaction urgency and preferences. It’s important to note that users are solely responsible for covering any Blockchain Transaction Fees necessary for their transactions on the Optio Blockchain. Optio does not fund or advance any Blockchain Transaction Fees on behalf of users and is not liable for any discrepancies between estimated and actual transaction fees.
Access and Usage Fees: As of now, there is no fee for downloading, accessing, or using the Optio App, nor for receiving, sending, or storing digital rewards within the app. However, Optio reserves the right to introduce fees for these services in the future. Should any fees be implemented, users will be clearly informed of all applicable charges before they incur these fees.
1.1.7 User Responsibilities
The User shall be responsible for all activities conducted through the Optio App. The User accepts all risks associated with any authorized or unauthorized access to the Optio App, to the maximum extent permitted by law. The User represents and warrants that they are familiar with and accept the risks associated with digital apps and private keys, as described herein.
1.1.8 Reward Programs
From time to time, Optio may offer programs that allow Users to receive rewards, in the form of Optio Rewards, NFTs, or otherwise, based on actions taken by the User, such as referrals or other promotional activities (“Additional Rewards”). Optio makes no representations or warranties regarding these Additional Rewards, nor does it guarantee that the services facilitating these rewards will be error-free or uninterrupted. Users assume sole responsibility for actions taken to earn any Additional Rewards and shall hold Optio harmless for any opportunity cost or losses that may occur due to the non-receipt of such rewards.
1.1.9 Product Updates and Changes
Optio reserves the right to introduce new products or modify existing products without prior consent from Users. Additional terms and conditions may apply to these new or modified product offerings and will be published as necessary.
1.1.10 Additional Services
Optio may introduce additional services from time to time, which will be governed by terms and conditions established by Optio and published on the respective Sites.
1.2 Collaboration with Other Companies
Due to the decentralized nature of the Optio Blockchain, there will be collaboration with other companies to enhance and expand the range of products and services offered. This collaboration ensures the integration of various technologies and services, providing Users with a comprehensive and robust experience within the Optio network.
1.3 Optio Node
The Optio Node is a computer software and/or hardware system connected to the Optio Blockchain. It supports blockchain operations by maintaining cryptography and facilitating transactions on the Optio Blockchain. The term “Optio Node” may refer either to the node itself or a license obtained by the User to operate the node. Optio Nodes collectively form the “Optio Node Network.”
1.4 Optio Blockchain
The Optio Blockchain allows each User to store digital rewards and other attributes on a public ledger that enables a decentralized, immutable record of ownership. The Optio Blockchain is a decentralized, peer-to-peer network supported by its users and is not owned by Optio. When a User earns or receives any digital reward through the Smart Contract process, the User owns that reward outright.
1.5 Optio Reward
Each User of any service on the Optio Blockchain and associated Optio Node may earn Optio Rewards. The Optio Reward is a digital reward and is not a security token. It is not offered for sale; instead, it is distributed through a decentralized protocol to Users and Optio Node owners in exchange for their activity related to Optio. The distribution of Optio Rewards is governed by a unique blockchain protocol and is not controlled by Optio. While Optio Rewards may achieve market adoption in the future, their utility currently exists solely within the Optio Blockchain and may or may not hold monetary value.
1.6 Rewards Wallet
The Rewards Wallet is a decentralized, non-custodial wallet secured by a passcode that must be entered by the account holder to sell or transfer digital assets.
2.0 Payment Terms
2.1 License Fee and Monthly Service Fee
Users shall pay a one-time license fee for the Optio Software Node. Optio reserves the right to charge a monthly service fee for Optio Services. Optio may, at its discretion, designate or license any of its affiliates or third parties to sell software or hardware necessary to support Optio Nodes. Optio shall have no liability, and makes no representations or warranties, regarding any transaction between the User and any Optio affiliate or third party.
2.2 Software Node License
Users may be required to enter into a software license agreement with Optio or a third party for the use of any software required for each Optio Software Node. Users shall pay all associated software license fees.
2.3 Equipment Purchase Not Required
Users are not required to purchase specific hardware but may use any equipment (e.g., computer, GPU, cell phone, or other technology) capable of providing the necessary computing hash rate to safely access and connect to the Optio Blockchain.
2.4 Maintenance and Hosting Fees
Users understand that actions to the blockchain node software can only be executed at the User’s instruction. Optio does not maintain or host any User Optio Nodes but may refer the User to third-party hosting companies, which may or may not be affiliated with Optio. If a User enters into a hosting agreement with a third party, they may be required to pay data center operations, maintenance, and power fees (“Maintenance Fees”).
2.5 Blockchain Transaction Fees
The delivery and receipt of any Digital Rewards through the Optio App may be subject to network or transaction fees charged by the blockchain (“Blockchain Transaction Fees”), which are non-refundable. These fees are paid to emit, record, verify, and process transactions on the Optio Blockchain. Any withdrawal or transfer of the User’s Digital Rewards may be subject to these fees.
2.6 Other Third-Party Fees
Certain digital apps, app addresses, tools, and third-party software and devices used by the User may also charge the User a fee (“Third-Party Fees”), including a per transaction or transfer fee, which are non-refundable. The User is responsible for satisfying any such fees. These fees may significantly reduce the User’s Digital Rewards, and the User is responsible for managing the selection, use, rate, and frequency of their receipt of Digital Rewards to minimize such Third-Party Fees.
2.7 Taxes
Users are responsible for any taxes related to the use of the Optio App and/or Optio Services and must pay for Optio Services without any reduction for taxes. If required by law to withhold any taxes from payments to Optio, Users must provide Optio with an official tax receipt or other qualified documentation to support such withholding. Users will be liable to pay (or reimburse Optio) for any taxes, interest, penalties, or fines that may arise from any mis-declaration made by the User.
2.8 Disclaimer of Potential Losses and Taxes
POTENTIAL USERS OF NFTs AND/OR DIGITAL ASSETS, INCLUDING BUT NOT LIMITED TO BITCOIN, ETHEREUM OR ANY ERC20 TOKEN ARE FOREWARNED OF POSSIBLE FINANCIAL LOSSES AT THE TIME SUCH REWARDS ARE EXCHANGED FOR FIAT CURRENCY DUE TO AN UNFAVORABLE EXCHANGE RATE. MOREOVER, A FAVORABLE EXCHANGE RATE AT THE TIME OF EXCHANGE MAY RESULT IN A TAX LIABILITY. USERS SHOULD CONSULT A TAX ADVISOR REGARDING ANY TAX CONSEQUENCES ASSOCIATED WITH THE PURCHASE, SALE, TRADE, OR OTHER USE OF DIGITAL ASSETS. USERS ARE SOLELY RESPONSIBLE FOR THE PAYMENT OF ANY APPLICABLE TAXES ASSOCIATED WITH THE PURCHASE, SALE, TRADE, OR OTHER USE OF NFTs OR DIGITAL ASSETS.
3.0 User Obligations
3.1 Software and Equipment Allocation
Users are responsible for the allocation of their software and equipment and all associated optimization strategies and decisions. Optio is not responsible for the selection or timing of blockchain protocols or for the protocols selected in connection with Optio Services. Users bear sole responsibility for these decisions and acknowledge that node transactions on any blockchain may vary and will not be uniform across each Optio Node. Users also acknowledge that the difficulty of mining may vary and is likely to increase over time.
3.2 Log-in Credentials
Users must safeguard the confidentiality of their login credentials for the Optio App and any other Optio Services. These credentials are intended for the user’s internal use only and must not be sold, transferred, or sublicensed to any other entity or person.
3.3 Blockchain Network Risk
Users accept the risks associated with the use of blockchain protocol and network, including instability, congestion, high transaction costs, network latency, information security risks, regulatory risks, and technological or operational errors. These risks may result in delays or failures in processing transactions or in generating hash rates. Optio is not responsible for any reduction in services or capabilities due to these risks. Should there be significant changes in transaction fees or network performance, Optio reserves the right to adjust services accordingly.
3.4 Blockchain Modification Risk
Users acknowledge the risks associated with blockchain development and modification. Blockchain technology is continuously evolving, and Optio may update or change protocols and features, potentially including forks of the blockchain. These changes may affect or eliminate support for specific algorithms or applications.
3.5 Proof-Of-Work Replacement Risk
In the event of a transition from Proof-of-Work to Proof-of-Stake or other methodologies, users must adapt their operations accordingly. This transition may render some blockchain applications unsupported, affecting users’ hash rates and the applicability of their equipment.
3.6 Trade Compliance
Users must comply with all applicable trade compliance laws, including sanctions, anti-boycott, export, and re-export control laws that apply globally, including those of the United States and the European Union. Users must not engage in transactions with persons or entities on prohibited or restricted parties lists such as those maintained by the United Nations, U.S., or EU.
3.7 Anti-Bribery
Users must adhere to international anti-bribery and corruption laws. Users must not make any unauthorized payments or transfers as part of their use of Optio Services. Any such actions must be reported, and users will be held responsible for any legal implications or damages resulting from violations of these policies.
3.8 Ownership Restrictions
All intellectual property rights related to Optio Services and the Optio App are owned by Optio or its licensors. Users have no ownership rights to any content, code, data, or other materials they access through Optio Services.
3.9 Children
Users affirm they are of legal age in their jurisdiction (at least 18 years or older). The Optio Services are not intended for children under the age of 18.
3.10 Responsibility for Conduct
Users are responsible for all activities conducted through their Optio App and must comply with all applicable laws and regulations in using Optio Services. Users must prevent unauthorized use of their accounts and safeguard their personal information, inc