1. Introduction
This Terms of Service ("ToS") explains the rules and responsibilities for using our site and service.
2. Acceptance of terms
By accessing or using the website, you agree to be bound by these Terms. If you do not agree, do not use or visit the website.
3. Services
This website provides a permisionless insurance system. A system where any project can put aside an amount of ETH as a gesture of good will. If the project fails or is revealed as fraudulent, the users that were affected can claim a compensation from the amount available referred to on the main page as Total Deposit (ETH).
We do not interact, or deal with the project and do not have any contract with the projects, the entire process is permisionless (the projects deposit eth in our blockchain escrow account without our permission). We do however interact with the people submitting the claims and we do dispense eth as a compensation for the lost funds (or promised funds) due to the project bailing on it's users. This system partially protects some users from rugpulls and exist scams.
The (Total Deposit) is the maximum amount that can be distributed to the affected users of a specific project.
4. User obligations
Project obligations: A project can be submitted once, and then topped up for adding additional deposits. The project is obligated to have a discussion thread on altt forum, to allow users to interact with the project on a neutral (non-project owned) channel. The project is obligated to try to resolve any issue with users to avoid having users submit a claim.
Users obligations : A user is obligated to try to resolve the issue with the project before submitting a claim, submitting a claim means that the project is a scam and you have irrefutable proof.
5. Limitations of liability
This service is not a registered company, financial institution, or regulated escrow provider. It operates entirely outside the jurisdiction of the European Union, the United States of America, U.K., Canada, Australia, and any other region with formal escrow or cryptocurrency regulation. The service is operated from an undisclosed Asian country where no specific laws currently govern escrow or cryptocurrency activities.
Users acknowledge and agree that this system does not constitute a traditional escrow service. It functions instead as a permissionless protection mechanism that protect users from deceptive projects to a certain extent.
To the maximum extent permitted by applicable law, the operators, developers, maintainers, and affiliates of this service disclaim all liability for any loss, damage, or claim arising from the use or inability to use the service, including but not limited to losses of funds (stolen, hacked, seized), data, profits, or reputation. Users assume full responsibility for their own actions, due diligence, and risk management when interacting with the system. No warranties, express or implied, are provided regarding the accuracy, functionality, or reliability of the service.
6. Termination
We will remove any project or any claimant from our database and prevent future submissions if they were found to have tried to abuse our system.
7. Fees
Fees paid by projects: All fees are non-refundable, deposits can not be refunded either. The deposits are reduced by a fee monthly that fee may vary, but is currently 1.2% per month.
Fees paid by claimants: We charge a fee between 5% and 20% on claims, depending on may factors, especially the number of claims for a specific project, the difficulty to verify the claims and the amount of the claim.
We reserve the right to modify the terms of serve without doing any official announcement.