READ THIS CONSTITUTION CAREFULLY BEFORE ACCESSING AND/OR USING THE WAX BLOCKCHAIN. THIS CONSTITUTION CONSTITUTES A LEGALLY BINDING AGREEMENT AMONG ALL MEMBERS (AS DEFINED BELOW) BY VIRTUE OF THEIR ACCESS AND USE OF THE WAX BLOCKCHAIN. IF THE WAX BLOCKCHAIN IS ACCESSED AND/OR USED BY A MEMBER, SUCH MEMBER IS DEEMED TO HAVE UNCONDITIONALLY ACCEPTED THIS CONSTITUTION AND AGREES TO BE BOUND BY ITS TERMS. IF ANY PERSON OR ENTITY DOES NOT AGREE TO THE TERMS OF THIS CONSTITUTION, SUCH PERSON OR ENTITY IS NOT AUTHORIZED TO ACCESS AND/OR USE THE WAX BLOCKCHAIN; AND AS A RESULT, SUCH PERSON OR ENTITY SHALL IMMEDIATELY CEASE ACCESS AND/OR USE OF THE WAX BLOCKCHAIN. THIS CONSTITUTION, IF ACCEPTED, AND ANY AGREEMENTS AND TERMS AND CONDITIONS INCORPORATED BY REFERENCE INTO THIS CONSTITUTION REPRESENT THE COMPLETE AGREEMENT BETWEEN THE MEMBERS CONCERNING THE WAX BLOCKCHAIN AND IT SUPERSEDES ANY PRIOR OR CONCURRENT AGREEMENT, REPRESENTATION OR UNDERSTANDING AMONG THE MEMBERS
Member means a person or entity who (i) directly (and not beneficially) owns one or more WAX tokens and has an account on the WAX Blockchain. Members are entitled to all the benefits, and subject to all the obligations, set out in the Constitution.
Developer means a Member who makes available a smart contract on the WAX Blockchain.
Each Member shall be liable for losses caused by its false or misleading attestations and shall forfeit any profit gained thereby.
The Members reciprocally recognize and promise to respect the mutual right of contract and of private property, therefore no property shall change hands except with the consent of the owner, or by a valid Arbitrator’s order, or via community referendum. This Constitution creates no positive rights for or between any Members.
No Member shall offer nor accept anything of value in exchange for a vote of any type, nor shall any Member unduly influence the vote of another.
Each Member agrees that penalties for breach of contract, including breach of this Constitution, may include, but are not limited to, fines, loss of tokens, loss of account, and restitution.
Each smart contract shall be documented with a Ricardian Contract stating the intent of all parties and naming the Arbitration Forum that will resolve disputes arising from that contract.
Multi-lingual contracts must specify one prevailing language to be used in case of dispute and the author of any translation shall be liable for losses due to any false, misleading, or ambiguous attested translations.
For all activity on the WAX Blockchain, "intent of code is law" only when the following are true:
1. All parties are interacting via user-loaded smart contracts and code
2. The smart contracts comply with Article V (documented with a Ricardian contract stating the intent of all parties)
3. The Ricardian contracts bind the parties to mandatory arbitration when mediation fails
4. The Ricardian contracts select a specific Arbitration forum that will have jurisdiction in disputes relating to the given contracts
In all other cases, "code is law" -- including:
1. Lost or stolen keys or accounts
2. Lost or stolen tokens
The only exceptions will be if users contract privately with key-recovery or token security providers.
Choice of law for interpretation and disputes shall be, in order of precedence, this Constitution and the laws of the Cayman Islands.
Members voluntarily consent for all Members to permanently and irrevocably retain a copy, analyze, and distribute all transactions and derivative information.
All service providers who produce tools to facilitate the construction and signing of transactions on behalf of other Members shall present to said other Members the full Ricardian contract terms of this Constitution and other referenced contracts. Service providers shall be liable for losses resulting from failure to disclose the full Ricardian contract terms to users.
If any part of this Constitution is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.
All rights and obligations under this Constitution are mutual and reciprocal and of equally significant value and cost to all parties.
A contract is deemed to have been accepted when a member signs a transaction which incorporates a TAPOS proof of a block whose implied state incorporates an application binary interface of said contract and said transaction is incorporated into the WAX Blockchain. This Constitution is such a contract; therefore, anyone transacting on this system, by doing so, agrees to be bound by this Constitution.
This Constitution may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all counterparts together shall constitute a single agreement.