Disclaimer

1) Introduction and Project Overview

1.1 PENGWYN BINC is a blockchain project developed jointly by the PENGWYN BINC Consortium and FRAMD. By participating in this project, you explicitly acknowledge its experimental nature and assume all associated risks.

1.2 In PENGWYN BINC, the term ‘contributors' refers to individuals participating in governance within the PAO (Pengwyn Autonomous Organization). This term does not imply traditional ownership but signifies user involvement in directing project activities, potentially benefiting from the revenue generated by the decentralized parts of the project.

Users are strongly encouraged to thoroughly read and understand the entire disclaimer before participating in PENGWYN BINC. If there is any part of this disclaimer that you do not fully understand, we strongly advise against interacting with the project and its products. Full comprehension of the risks and responsibilities is essential to ensure a secure and informed participation in PENGWYN BINC.

2) Limitation of Liability

2.1 The smart contract code governing PENGWYN BINC has not undergone third-party scrutiny. Despite efforts to secure the system, vulnerabilities may exist, and unauthorized access cannot be completely prevented. PENGWYN BINC Consortium and FRAMD disclaim liability for security breaches, hacking incidents, or unsupported assets.

By participating in PENGWYN BINC, users acknowledge and accept the risks associated with blockchain technology, including the potential for unforeseen vulnerabilities.

3) Security and Integrity

3.1 The Consortium is committed to platform security. However, in the event of a security breach, PENGWYN BINC Consortium and FRAMD cannot be held liable for losses or unauthorized access to NFT assets.

3.2 The smart contract code has not undergone independent audit. While security measures are in place, absolute vulnerability absence or prevention of unauthorized access cannot be guaranteed. The Consortium disclaims responsibility for security breaches, hacking, or unsupported assets.

4) Intellectual Property Rights Clause

4.1 PENGWYN BINC and related materials are protected by intellectual property laws. All rights are reserved by the PENGWYN BINC Consortium.

Users have the right to use the NFTs they acquire within the PENGWYN BINC platform, subject to the terms of use specified by the Consortium.

4.2 Users are prohibited from using, reproducing, distributing, or creating derivative works from PENGWYN BINC's intellectual property assets without prior written authorization.

5) Confidentiality Clause

5.1 PENGWYN BINC takes measures to protect personal information. However, no system is immune to identity theft or data breaches.

Users must maintain the confidentiality of their login credentials and take appropriate security measures to safeguard personal information.

5.2 The Consortium cannot be held responsible for identity theft or breaches despite security measures. Users agree to exercise caution to protect personal information while engaging with PENGWYN BINC.

6) Legal Warning

6.1 The Consortium is not responsible for legal implications arising from users' local legal or tax systems. Users must comply with local laws and tax regulations, disclaiming liability for legal consequences related to platform use.

Users are advised to seek legal and tax advice specific to their jurisdiction before participating in PENGWYN BINC.

6.2 NFTs are intangible assets dependent on the ICON Blockchain. The Consortium and its affiliates disclaim liability for issues or losses related to the ICON Blockchain or unexpected smart contract operations.

6.3 Users are solely responsible for the security of their private key. The Consortium disclaims liability for legal consequences arising from the loss or unauthorized transfer of private keys.

7) General Provisions

7.1 Users must adhere to all relevant laws and regulations while utilizing PENGWYN BINC.

7.2 This agreement constitutes the complete understanding between users and the PENGWYN BINC Consortium, supplanting any prior agreements or understandings.

7.3 The Consortium reserves the right to amend or update this agreement at any time without prior notice. Users are responsible for periodically reviewing updates.

7.4 The PENGWYN BINC white-paper is initially created by the Pengwyn BINC consortium, but it can be changed at any time based on the requests of Pengwyn BINC contributors. These changes are subject to decentralized votings within the platform.

7.5 Pengwyn BINC Consortium consists of non-technical members, meaning that the team has no code development skills to build the product. All developments are made by FRAMD or outsourced from other developers or contributors to the platform. By participating in PENGWYN BINC, users acknowledge that the project's developments rely on outsourced developers and accept that the project developments can only move forward with the involvement of these third parties.

8) Centralized Components, Experimental Nature, and Limited Use Cases

8.1 PENGWYN BINC currently integrates both centralized and decentralized components, indicating that the project has not yet achieved full decentralization. This hybrid approach allows for a gradual transition towards a fully decentralized state as the project evolves.

8.2 Users acknowledge the experimental character of PENGWYN BINC, requiring ongoing contributions. The Consortium encourages active participation, feedback, and collaboration.

Users acknowledge that PENGWYN BINC is an experimental project that requires ongoing contributions.

8.3 PENGWYN BINC products, such as NFTs and tokens, are specifically created for the decentralized aspects of the platform and are not associated with its usage as a whole. The use cases for these products are limited to the decentralized parts of the platform.

Users should be aware that the utility of PENGWYN BINC products, including NFTs and tokens, is confined to the management of the platform's decentralized components. The Consortium explicitly states that no promises of profits or returns or use cases are made to the holders of Pengwyn BINC products from the platform's centralized parts.

8.5 It is imperative to underscore that the centralized components of PENGWYN BINC and PENGWYN BINC products, including tokens and NFTs, exhibit no correlation or shared use cases. These products are expressly designed and intended exclusively for utilization within the decentralized segments of PENGWYN BINC.

Holders of these products must be acutely aware of this delineation and act accordingly in their engagements within the PENGWYN BINC ecosystem.

9) Contribution Requirement and User Responsibility

9.1 PENGWYN BINC operates on the principle of community contribution. Users are encouraged to actively participate, contribute responsibly, and adhere to community guidelines.

9.2 Users are responsible for staying informed about updates and changes. The experimental nature places a collective responsibility on users to engage thoughtfully.

10) Compliance with Applicable Laws

10.1 Users must operate in compliance with all applicable laws. The decentralized nature does not exempt users from legal obligations.

10.2 The Consortium disclaims liability for legal consequences resulting from a user's failure to comply with relevant laws. Users are solely responsible for ensuring compliance with local laws and tax regulations.

10.3 Users must be aware of and adhere to laws governing blockchain, cryptocurrency, and decentralized platforms within their jurisdictions.

11) Conclusion

11.1 This comprehensive disclaimer, along with provided additions, constitutes the agreement between users and the PENGWYN BINC Consortium. Participation signifies understanding and acceptance of the experimental nature, contribution requirements, and legal responsibilities. The Consortium reserves the right to modify this agreement, and users are encouraged to regularly review updates.