HyperKey Terms of Service

Last Updated: Apr 18, 2020

 

Dear user,

Thank you for choosing HyperKey. This HyperKey Terms of Service (“Agreement”) is made between you (“User”) and HyperPay Issuer Limited (“Company”) and is legally binding between you and Company.

Company would like to remind you that you must carefully read the full content of HyperKey Terms of Service and other documents mentioned in this Agreement before using HyperKey. You must make sure that you fully understand the Agreement and take full consideration of the risks of using HyperKey on your own.

1 Confirmation and acceptance of this Agreement

1.1 You understand that this Agreement and other relevant documents apply to HyperKey and the signature algorithm developed and owned by HyperKey.

1.2 After you download HyperKey and start to create or import wallet, you are regarded as having read and accepted this Agreement. This Agreement will be immediately in effect and legally binding on both you and Company.

1.3 Company may modify or update this Agreement at any time. The modified Agreement will automatically take effect once it is posted on HyperKey and you will not be notified separately. If you do not agree with the modifications, you shall cease to use HyperKey immediately. Use of HyperKey by you after any modification to this Agreement constitutes your acceptance of this Agreement as modified.

1.4 If you are under 18 years old, or you are a person with no capacity or with limited capacity for civil conduct, you have to use HyperKey under the guidance of parents or guardians.

2 Definition

2.1 HyperKey:Refers to an encrypted signature management tool based on the BIP39 industry standard that complies with ED25519 and 256k1 elliptic curve algorithms.

2.2 User

a) User must be a natural person with full capacity for civil conduct;

b) If you are a juvenile under 18 years old, please use HyperKey under the guidance of your parents or guardians. For the cases that those with no capacity for civil conduct use HyperKey or those with limit capacity for civil conduct make transactions beyond his civil rights or capacity, HyperKey reserves the right to ask your parents or guardians to take responsibility for any consequence that caused.

c) Create or import wallet: means your acceptance of this Agreement and use of HyperKey to create or import a wallet.

d) Wallet password: means the password you enter when you create an HyperKey. The wallet password is for encrypting and protecting your mnemonic words (In the BIP 39 specification: A user may decide to protect their mnemonic with a passphrase). HyperKey being a decentralized application, its password will not be stored in your mobile devices or on our servers. The password can not be recovered if you lose or forget your wallet password.

e) Alert: means the messages displayed on HyperKey’s operation interface which provides suggestions for users on subsequent operations.It is recommended that users follow the steps.

f) Private Key: consists of 256 random bits. Private Key is the core for the User to hold and use the signature.

g) Public Key: is derived from the Private Key based on cryptography and is used to generate wallet addresses. A wallet address is a public address for receiving.

h) Mnemonic Words: consists of 12 (or 15/18/21/24) words which are randomly generated, and it is based on BIP39, the industry standard of blockchain. It is another form of expression of the Private Key, which is convenient for users to backup and store. This mnemonic requires the user to enter a password..

i) Keystore: means Private Key or Mnemonic Words in the format of a file which is encrypted and protected by the User’s Wallet Password. Keystore is stored only in your mobile device and will not be synchronized to the Company’ servers.

j) QR Code: only show the public key and address and the encrypted character information after signing, and there will be no private key and other information..

3 Services

3.1 Create or import wallet: You can use HyperKey to create a new layered multi-chain wallet generated in compliance with BIP39 industry standards or import the compatible wallets created in other relevant blochchain system.

3.2 Sign: You can use HyperPay, use your private key for electronic signature.

3.3 Suspension of service: You understand that we are not able to reverse or cancel the transfer because transfer based on blockchain technologies are irrevocable. However, under certain circumstances, we may suspend or limit the signature operations performed by certain algorithms.

3.4 Other services that Company would like to provide.

 

Users who use HyperKey acknowledges that

1. In order to maintain blockchain’s decentralization and to protect the security of Users’ information, we provide decentralized services which is greatly differentiated from the services the banking and financial institutions provide. Users understand that Company shall not have the responsibility for:

a) store Users’ Wallet Password (the password for protecting mnemonic words User set when creating or importing wallet), Mnemonic Words;

b) recover Users’ Wallet password, Mnemonic Words;

c) freeze the wallet;

d) report the loss of wallet;

e) recover the wallet.

2. You shall bear sole responsibility to take care of your mobile devices with HyperKey, back up the Mnemonic Words, and back up the Wallet Password (password for protecting mnemonic words). In the event that your mobile device is lost, your Mnemonic Words and Wallet Password are deleted and not backed up, the Company will not be able to recover the wallet or recover the Wallet Password, Mnemonic Words. The Company will not be able to cancel transfer for your misoperation like entering a wrong receipt address.

3. HyperKey is only a tool for managing signature, rather than an Exchange or trading platform. “Transfer” mentioned repeatedly in this Agreement refers to receipt and signing operations in HyperKey, which is differentiated from “transfer” of an Exchange or a trading platform.

4 Your Rights and Obligations

4.1 Create or import wallet

(1) Create or import wallet: you are entitled to use HyperKey on your mobile device to create and/or import wallet, set Wallet Password (password for protecting mnemonic words) and use HyperKey to receive or sign on blockchain.

(2) Identification verification: In accordance with related laws and regulations, Specific Users have to complete identification verification by following the notification of HyperKey before using HyperKey. The required Personal Information includes but not limited to your name, identification card number, mobile phone number, bank card information, etc., without which the Specific Users will not be able to use certain services and the Specific Users shall be responsible for the loss caused by their delay in completing the verification.

(3) Company may develop different versions of HyperKey for different terminal devices. You shall download and install applicable version. If you download and install HyperKey or other application with the same name from any unauthorized third party, Company cannot guarantee the normal use or security of the application. Any loss caused by using such application shall be borne by yourselves.

(4) A previous version of HyperKey may fail to use when a new version is released. Company cannot guarantee the security, continuous use or customer service for the previous version. It is recommended to download and install the latest version.

4.2 Use of HyperKey

(1) You shall bear sole responsibility to take care of your mobile devices, Wallet Password, Mnemonic Words, and other information. Company does not store the above information for Users. You shall be solely responsible for any risks, liabilities, losses and expenses which result from frauds, you losing your mobile device, disclosing (whether actively or passively) or forgetting Wallet Password, Mnemonic Words, or your wallet being attacked.

(2) Comply with Alerts: You understand and agree to comply with the Alerts on HyperKey. You shall be responsible for any risks, liabilities, losses and expenses which result from your failure to comply with the Alerts.

(3) You understand that HyperKey undertakes no responsibility to conduct due diligence on the transfer and signing. You shall assess carefully and assume all risks in relation to the use of HyperKey.

(4) Sign. HyperKey provides standard signature operations based on the relevant protocols and algorithms of each blockchain.

a) You understand that the signature service of transfers may different according to your location, regulatory requirements, transferring purposes, risk control by HyperKey, or identification verification.

b) You understand that blockchain operations are “irrevocable”. When you use HyperKey to sign, you shall be solely responsible for the consequences of your mishandling of the transfer (including but not limited to wrong address entered).

c) You understand that when you use HyperKey, the following circumstances may lead to “signing failed”:

ŸIncorrect signature data;

ŸTransfer amount exceeding the limits set by supervision departments, HyperKey or laws or regulations;

ŸTechnical fault of network, device, etc.;

ŸYour address or the counterparty’s address are deemed as special addresses, like high-risk address, Exchange address and Token address.

d) You understand that HyperKey is only a signature management tool. When you complete the signing, Company is deemed to have fulfilled all obligations and takes no responsibility for any other disputs.

(5) Compliance with laws and regulations: You understand that you shall comply with applicable laws, regulations and policies when operate on HyperKey.

(6) Service fees and taxes

HyperKey does not charge service fees or trading fees for the time being. The Company may reach an agreement with you or announce the rules in the furture.

5 Risk Reminder

5.1 If you or your counterparty does not comply with this Agreement or fail to follow instructions, tips and rules on the pages of transaction and payment, the Company does not guarantee the success of your signing and does not takes the responsibility for any consequence or damages. If you or your counterparty has already received the payment in HyperKey or third-party wallet, you understand that blockchain operations are “irrevocable” and transfers on blockchain are “irreversible”. You and your counterparty shall assume the liabilities and consequences of your transfers.

5.2 HyperKey is a signature operation tool and does not take any responsibility for all risks, liabilities, losses, and expenses caused by the actions you have behaved.

5.3 You understand that after you create or import wallet on HyperKey, your Keystore, Mnemonic Words and other information are only stored on your current mobile device and will not be stored in HyperKey or on Company servers. If you lose your mobile device and have not write down or back up your Wallet Password, Mnemonic Words or other information, you may lose them all and Company will not be able to recover them. If your Wallet Password, Mnemonic Words or other information is disclosed or the device that stores or holds the above information is hacked or controlled, you may lose your assets and Company will not be able to recover them. All losses resulting from the forgoing circumstances shall be borne by you.

5.4 We suggest that you should back up your Wallet Password (password for protecting mnemonic words), Mnemonic Words and other information when you create or import wallet. Please do not use electronic backup methods such as screenshots, e-mails, note-taking apps, text messages, WeChat or QQ to back up. The recommended methods are writing the foregoing information on papers, and remember to avoid camera, making sure the surrounding is safe.

5.5 We suggest that you should use HyperKey in a secure network environment and please do not use a jailbroken or rooted mobile device to avoid potential security concerns.

5.6 Please be aware of frauds when using HyperKey. You are encouraged to inform us immediately when you find any suspicious activity.

6 Change, Suspension and Termination of Service

6.1 You accept that Company may provide only a part of the services for the time being, suspend certain services or provide new services in the future. When we change our services, your continuous use of HyperKey is regarded as your acceptance of this Agreement and revisions of this Agreement.

6.2 You understand that Company may suspend the Services under the following circumstances:

a) maintenance, upgrading, failure of device and blockchain system and the interruption of communications, etc. which lead to the suspension of HyperKey;

b) force majeure including typhoon, earthquake, tsunami, flood, power outage, war or terrorist attacks, or computer viruses, trojan house, hacker attacks, system instability or government behaviors and other reasons, which lead to our inability to provide services or if in Company’s reasonable opinion, continuous provision of services would lead to significant risks;

c) any other circumstance(s) which Company cannot control or reasonably predict.

6.3 Company can unilaterally suspend or terminate all or part of the services of HyperKey under the following circumstances:

a) if you steal others’ wallet information or mobile device;

b) if you refuse the mandatory update of HyperKey for function promotion;

c) if you use HyperKey to commit illegal or criminal activities;

d) if you hinder other Users’ normal use of HyperKey;

e) if you pretend to be staff or management personnel of Company;

f) if you threaten the normal operation of Company computer system by attack, invasion, alternation or any other method;

g) If you use HyperKey to send spam;

h) if you spread rumors which damage the goodwill of Company and HyperKey; or

i) if you conduct any illegal activities, violate this Agreement or other circumstances under which Company reasonably considers necessary to suspend services.

6.4 You can export your wallets within a reasonable time period if Company changes, suspends or terminates the services.

7 Your Warranties

7.1 You shall comply with all applicable laws and regulations of the country or area you live in. You shall not use HyperKey for any illegal purposes or by any illegal means.

7.2 You shall not use HyperKey to commit any illegal or criminal activities, including but not limited to:

a) activities that violate the principles of the constitution, damage national security, disclose state secrets, overturn the government or undermine national sovereignty;

b) any illegal or criminal conducts, including but not limited to money laundering, illegal fund raising;

c) accessing Company services, collecting or processing the contents provided by Company, intervening or attempting to intervene any User by using any automated programs, software, network engines, web crawlers, web analytic tools, data mining tools or any other similar tools and methods;

d) providing gambling information or inducing other to gamble;

e) invading into others’ HyperKey to steal core information;

f) committing activities that damage or attempt to damage HyperKey service system and data;

g) other illegal activities or activities that Company reasonably considers to be inappropriate.

7.3 You understand and accept that you shall indemnify Company against the losses, the third-party claims or administrative penalties, including reasonable attorney’s fees, resulting from your violation of law (including but not limited to the customs and tax regulations) and this Agreement.

7.4 You commit that you will pay the service fees charged by Company in time (if applicable). Company reserves the right to suspend or terminate the services when the User fails to pay service fees (if applicable).

8 Privacy Policy

8.1 We attach great importance to Users’ privacy protection. Please refer to HyperKey Privacy Policy, which will be updated from time to time.

9 Disclaimer and Limitation of Liability

9.1 Company only assume the liabilities set forth in this Agreement.

9.2 You understand and accept that to the maximum extent permitted by applicable law, HyperKey only provides services in accordance with the existing technical level and conditions. Company shall not assume the liabilities of malfunction of HyperKey resulting from any of the following reasons:

a) force majeure, such as typhoon, earthquake, flood, lightning or terrorist attack etc.;

b) malfunction of your mobile device hardware and software, and malfunction of telecommunication lines and power supply lines;

c) your inappropriate, unauthorized or unrecognized use of the services;

d) computer viruses, trojan horse, malicious program attacks, network congestion, system instability, system or equipment malfunction, telecommunication failure, power failure, banking issues, government conducts etc.;

e) any other reasons not imputed to Company.

9.3 Company shall not assume the liability under the following circumstances:

a) you lose your mobile device, delete HyperKey and wallets without backup, get your wallet stolen or forget Wallet Passwords, Mnemonic Words without backup, which result in the loss;

b) you disclose your Wallet Passwords, Mnemonic Words, or authorize others to use your mobile device or HyperKey, or download HyperKey application through unofficial channels, or use HyperKey by other insecure means, which result in the loss;

c) you mishandle HyperKey (including but not limited to entering wrong address) which results in the loss;

d) you mishandle HyperKey because of your unfamiliarity of blockchain technology which results in the loss;

9.4 You understand that HyperKey is only a tool for signature management. All risks arising from between you and any third-party are solely borne by you.

9.5 Company may provide services to you and your counterparty simultaneously. You agree to waive any actual or potential conflicts of interests and will not claim against Company on such base or burden Company with more liabilities or duty of care.

9.6 Company does not warrant that:

a) services provided by Company would satisfy all your needs;

b) all techniques, products, services, information from Company would meet your expectations;

c) your obligations on the signature operation on HyperKey and other auxiliary functions

9.7 In any case, Company does not assume any liability for breach of contract for this agreement.

9.8 You understand that HyperKey is only a tool for Users to manage their signature operation. Company does not provide legal, tax or investment advice. You shall consult professional legal, tax and investment advisors for suggestions. In addition, Company shall not be liable for any investment loss, data loss and others during your use of our services.

9.9 You understand that we may change our entry standards, limit the range and means to provide services for specific Users etc. at any time.

10 Entire Agreement

10.1 This Agreement consists of HyperKey Terms of Service, HyperKey Privacy Policy and other rules (including contents in the “Help Center”) posted by Company from time to time.

10.2 Part of the provisions of this Agreement that are deemed as illegal or invalid by the court with jurisdiction, shall not affect the validity of other provisions.

10.3 Translated versions of this Agreement (if any) are provided for the convenience of Users, and are not intended to revise the Chinese version of this Agreement. If there is any discrepancy between the Chinese version and non-Chinese version of this Agreement, the Chinese version shall prevail.

11 Intellectual Property Rights

11.1 HyperKey is an application developed and owned by Company. The intellectual property rights of any contents displayed in HyperKey (including this Agreement, announcements, articles, videos, audios, images, archives, information, materials, trademarks or logos) are owned by Company or the third-party licensors. Users can only use the HyperKey application and its contents for the purpose of holding and managing signature. In particular, without prior written consent from the Company or the third-party licensors, no one shall use, modify, decompile, reproduce, publicly disseminate, alter, distribute, issue or publicly publish the abovementioned application and contents.

12 Applicable Law and Dispute Resolution

12.1 The validity, explanation, alteration, execution and dispute resolution of this Agreement and its revisions shall be governed by international business practices and/or industry practices if there is no applicable law.

12.2 In the event of any dispute between you and Company, the parties shall first seek settlement of the dispute. If the settlement fails, such dispute shall be resolved by arbitration of Court of Arbitration of the Zurich Chamber of Commerce (“ZCC”).

13 Others

13.1 You shall fully understand and conform to the laws, regulations and rules relevant to the use of our services in your jurisdictions.

13.2 During your use of the services, if you come across any problems, you can contact us through the submission of your feedbacks on HyperKey.

13.3 This Agreement is accessible for all Users on HyperKey. You are encouraged to read this Agreement every time you log onto HyperKey.

13.4 This Agreement shall become effective on Apr 18, 2020.

As for any issues not covered in this Agreement, you shall comply with the announcements and relevant rules as updated by Company from time to time.

        

HyperPay CO. Limited