Terms of service

1. The agreement

These terms govern your use of Empect, the website at empect.co and its related services (the "Service"), operated by the operator of Empect ("we", "us"). By creating an account or using the Service you agree to these terms. If you do not agree, do not use the Service.

2. What the Service is

Empect is an information and record-keeping platform. It lets subnet owners on the Bittensor network publish term sheets, lets investors price and respond to them, lets independent escrows offer to hold collateral, and keeps a record of the terms, signatures and on-chain transfers connected to each deal.

Empect charges a platform fee, stated on the Service and in the term-sheet text you sign, which the investor pays to the operator's own coldkey when a deal is funded. Beyond receiving that fee, Empect is not a party to any deal. It does not hold, transfer, custody or control any asset or key at any time. Every transfer is made by the parties themselves, between their own coldkeys, with their own tools. Empect does not broker, advise on, guarantee or enforce any agreement reached through it, except that it records what the parties signed and what the chain shows.

3. Accounts and eligibility

You must be legally able to enter binding agreements and to hold and transfer the assets involved in the jurisdiction you act from. You are responsible for complying with the laws that apply to you, including any rules on securities, lending, money transmission, sanctions and taxation; we make no representation that the Service is lawful to use in any particular place.

An account is the coldkey, or for escrows the Discord account, used to create it. You are responsible for everything done with it and for keeping your keys and credentials safe. Subnet owners must control the coldkey the chain lists as the subnet's owner; investors must meet the minimum balance the Service states at sign-up; escrows must control the coldkey they link.

4. Deals between users

A term sheet, a counter-offer and an accepted deal are statements and agreements between the users involved. When both sides sign a term sheet through the Service they agree to its terms with each other, not with us. Emission shares, lock commitments, collateral, claims and payouts are obligations between those users unless the chain itself enforces them. We do not guarantee that any user will perform.

Collateral is held by the escrow the owner chose, in that escrow's own coldkey. The escrow is an independent user, not our agent. We do not guarantee an escrow's performance, solvency or honesty; the directory shows the record the Service has observed, nothing more.

Status changes on a deal follow what the Service observes on the chain. The Service may be delayed, may miss an event, or may be wrong where the chain data it reads is wrong. The chain itself is the authority on what was transferred.

5. Prices, projections and data

Pool figures, emission, yields, forecasts and net-return calculations shown by the Service are derived from public chain data and from scenarios the user chooses. They are illustrations, not advice, offers, forecasts or promises of any outcome. Markets move; chain parameters change; models simplify. You alone decide whether to enter any deal and on what terms.

6. Your conduct

You agree not to: misrepresent who you are or what you control; sign up with a key or account that is not yours; use the Service to defraud, launder or evade sanctions; attempt to access accounts, data or systems you are not allowed to; interfere with the Service's operation; scrape or enumerate accounts or term sheets; or use the Service where doing so is unlawful. We may suspend or close accounts that breach these terms.

7. Privacy

How we handle information about you is described in the privacy policy, which forms part of these terms.

8. No warranty

The Service is provided as is and as available. To the fullest extent permitted by law we disclaim all warranties, express or implied, including fitness for a particular purpose, accuracy, availability and non-infringement. We do not warrant that the Service will be uninterrupted, timely, secure or error-free, or that it will correctly observe every chain event.

9. Limitation of liability

To the fullest extent permitted by law, we are not liable for any loss arising from a deal between users, from the conduct of any user including any escrow, from chain conditions, from reliance on figures shown by the Service, from delays or errors in observing chain events, or from unauthorised use of your keys or account. We are not liable for indirect, incidental, special or consequential losses, or for loss of profits, assets, data or goodwill. Our total liability for all claims connected to the Service is limited to the platform fees you paid us in the twelve months before the claim.

10. Changes and termination

We may change the Service and these terms. Material changes to these terms are announced on the Service with a new effective date; continued use after that date is acceptance. We may suspend or end the Service, or your access to it, at any time; records of signed deals remain available to their parties for a reasonable period afterwards where we are able to keep them.

11. Governing law

These terms are governed by the laws of the country in which the operator of Empect is established, and disputes are subject to the courts of that country, without prejudice to any mandatory consumer protections you have where you live.