Terms & Conditions

Legal information for IZX

1. Initial​​Token​​Sale​​Principles
a) Izetex is currently developing a decentralized platform for building effective interaction between
advertisers, game developers and customers, as further described in the IZX Project Whitepaper
(IZX Project​, the Whitepaper​). By transferring funds (Funds​) in ether (ETH​) to the Smart
Contract System pursuant to these Terms in order to contribute to the development of the IZX
Project (Contribution​), the User understands and accepts that his/her/its Contribution will be
utilized to enable further development of the IZX Project (as determined in Izetex’s sole
discretion). Izetex shall also arrange a private sale (“Pre-ICO”) and a public pre-sale (“Early
Sale” and “Bonus Sale”) against a guaranteed allocation of IZX Tokens (the Pre-sale​) where
Users are able to contribute Funds. These Terms and Conditions may, at Izetex’s discretion, be
amended for such Pre-sale offerings.
b) Further information on the IZX Project can be found in the Whitepaper and the Initial Token
Sale documentation available on the IZX Project website (https://www.izx.io). The information
contained in the Whitepaper, the Initial Token Sale documentation and on the IZX Project
website are of a descriptive nature only, are not binding and do not form part of the Terms as set
forth under paragraph e below.
c) Before being eligible to participate in the Initial Token Sale, each User must register and undergo
an identification (KYC) and anti-money laundering (AML) process. The registration instructions
and schedule are available on the IZX Project website. After registration is complete and
approved, Izetex will whitelist the User’s address in the Smart Contract System, and the User
may make a Contribution by transferring ETH to the Smart Contract System within the Initial
Token Sale Period. The terms governing the funding process are set out in more detail in Section
2.2.
d) The User understands and accepts that Izetex may in its sole discretion determine to accept
contributions from private entities and individuals of strategic value for the IZX Project, and that
such contributions may be accepted at terms that differ from these Terms.
e) The User understands and accepts that while the individuals and entities, including Izetex,
assigned to this task will make reasonable efforts to develop and complete the IZX Project, it is
possible that such development may fail and User’s IZX Tokens become useless and/or
valueless due to technical, commercial, regulatory or any other reasons ​(see also section 5
regarding Risks).
f) Depending on the popularity of the Initial Token Sale, it cannot be guaranteed that the User’s
ETH shall be included in the Initial Token Sale or that the User will receive IZX Tokens​.
Any ETH transferred that do not entitle the User to IZX Tokens will be automatically directed
back to the sending address.
g) The User understands and accepts the risk that even if all or parts of the IZX Project are
successfully developed and released in full or in parts, the IZX Project could be fully or partially
abandoned, remain commercially unsuccessful or be shut down for lack of interest, regulatory or
other reasons. The User therefore understands and accepts that the Contribution of ETH,
the creation of IZX Tokens by the Smart Contract System and the Smart Contract System
allocation of IZX Tokens carry significant financial, regulatory and/or reputational risks
(including the complete loss of value of IZX Tokens (if any), and attributed features of the
IZX​​Project)​.
h) The User furthermore understands and accepts that the final allocation of the IZX Tokens as well
as the assignment of the execution of the IZX Project are smart contract based. Consequently, the
Smart Contract System contains code which sets forth further terms and conditions applicable to
the distribution and operation of the IZX Tokens and the IZX Platform (as defined in paragraph l
(such code, the Smart Contract System Code​). The direct address(es) of the Smart Contract
System on the Ethereum blockchain is provided on the IZX Project website. To the extent the
terms contained herein or in any other document or communication contradict the ones set
forth in the Smart Contract System, the terms of the Smart Contract System shall prevail.
The access to the IZX Platform and the functionality of the IZX Tokens is defined by the
Smart Contract System only. Furthermore, neither this document nor any other document
or communication may modify or add any additional obligations to Izetex or publisher of
these terms or developer of the Smart Contract System and/or any other person, Izetex
and/or affiliates involved with the deployment of the Smart Contract System and the
setting​​up​​of​​the​​IZX​​Project​​beyond​​those​​set​​forth​​in​​the​​Smart​​Contract​​System.
i) By making the Contribution, the User expressly agrees to all of the terms and conditions, which
will be set forth in Smart Contract System Code and in this document (together the Terms)​. The
terms and conditions set forth in the Smart Contract System Code are incorporated by reference
herein. The User further confirms to have carefully reviewed the Terms in full, and the
User further undertakes to review the Smart Contract System Code and its functions once
released, and to fully understand the risks and costs associated with the allocation and
holding​​of​​IZX​​Tokens​​and​​contributing​​into​​a​​Smart​​Contract​​System.
j) This document or any other materials provided by Izetex or relating to the IZX Project do not
constitute a prospectus of any sort, is not a solicitation for investment and does not pertain in any
way to an offering of securities in any jurisdiction. Neither this document nor any other materials
have been (or will be) registered as a prospectus with any governmental authorities.
k) Transfer of ETH, allocation, distribution or receipt of IZX Token, or any other act undertaken
between the parties in connection with the Pre-sale or the Initial Token Sale shall not form a
partnership, joint venture or any similar relationship between the User and Izetex and/or other
individuals or entities involved with the deployment of the Smart Contract System and the
setting up of the IZX Project.
l) The User acknowledges and understands that Izetex may at its discretion at any time change the
name of the IZX Token token and/or its symbol. Izetex shall use all reasonable efforts to ensure
that such change of name and/or symbol will not adversely affect the rights of the Users or the
IZX Tokens held by the Users.
2. IZX​​Token​​Creation
2.1 Usage​​Token;​​No​​Ownership,​​Revenue​​or​​Governance​​Rights
a) Usage Token​: Ownership of IZX Tokens carries no rights express or implied other than a limited
right to use IZX Tokens as a means to enable usage of and interaction with and within the IZX
Platform (IZX Platform), if and to the extent the IZX Project has been successfully completed
and launched.
b) No Ownership, Revenue or Governance Rights​: In particular, User understands and accepts
that IZX Tokens do not represent or constitute any ownership right or stake, share or
security or equivalent rights nor any right to receive future revenues, shares or any other
form of participation or governance right in or relating to the IZX Project and/or Izetex.
The IZX Token does not create or confer any enforceable contractual or other obligations against
any third party (including Izetex, Izetex Team Members or other developers, auditors,
contractors or founders associated with the IZX Token, the IZX Project and/or Izetex).
2.2 Contribution
a) User Registration​: Each User who intends to participate in the Initial Token Sale must complete
a registration process before being able to participate. The registration process details will be set
out on the IZX Project website. Upon completion of the registration and approval thereof, the
User’s Ethereum address will be whitelisted in the Smart Contract System. The User
acknowledges and understands that the registration process is laborious and it may take time to
process the User’s registration.
b) Minimum Contribution Amount​: The aggregate minimum Contribution amount for the entire
allocation of IZX Tokens (including private Pre-sale for certain entities and individuals, the
Pre-sale and the Initial Token Sale, as well as contributions from private entities and individuals
of strategic value for the IZX Project) will be defined as a soft cap and amounts to the equivalent
of USD $5,000,000 (excluding fees arising from or related to the contribution process),
calculated using the exchange rates as determined by a third-party service chosen by Izetex.
Izetex may, at its discretion, determine that the Minimum Contribution Amount is reached when
the aggregate amount of Funds transferred to the Smart Contract System is close to the Minimum
Contribution Amount, even though the actual amount of Contributions accepted by the Smart
Contract System would be less than the Mminimum Contribution Amount (e.g. if the aggregate
amount of Contributions does not sum up to exactly the Minimum Contribution Amount).
c) Maximum IZX Token Token Supply​: The aggregate maximum IZX Token token supply (for
Pools A through E (as set out in paragraph f)) will be 50,000,000 IZX Tokens. The aggregate
amount of IZX Tokens will depend on the effectively made Contributions during the private
Pre-sale, the Pre-sale and the Initial Token Sale and will be referred to as total IZX Token supply
(Total IZX Token Supply).
d) Contribution Period​: The Initial Token Sale period (Initial Token Sale Period) starts on the date
and time set to be announced on the IZX Project website and continues for a period from 13
November 2017 to 30 April 2018.
e) Contribution and Exchange Rates​: The contribution rate in the Initial Token Sale shall be 1
IZX Tokens for every Contribution equivalent to $1 USD. The ETH/USD exchange rate to be
used throughout the Initial Token Sale shall be fixed by Izetex every hour before the
commencement of the Initial Token Sale Period.
f) Token Pools: ​The allocation of IZX Tokens will be determined as set out below. The Users
Contributing in the Pre-sale or Initial Token Sale will be distributed IZX Tokens from Pool A.
The aggregate amount of IZX Tokens that will be distributed from Pool A at the end of the Initial
Token Sale Period will depend on how much Funds are Contributed.
(1) Pool A consists of a maximum of 50% of the Total IZX Token Supply​. Pool A is
intended to be created by the Smart Contract System at the end of the Initial Token Sale
Period and ultimately distributed (directly or via third parties) to Users that have made
Contributions (either in the Pre-sale and/or the Initial Token Sale).
(2) Pool B consists of 6,500,000 IZX Tokens (i.e. at least 13% of the Total IZX Token
Supply)​. Pool B will at Izetex’s discretion be allocated and distributed to persons who
participated as managers, founders or team members, or worked to develop the ideas,
implementations and supporting structures of the IZX Project (Izetex Team Members​).
The IZX Tokens in Pool B are subject to a lock-up period and will be subject to release
as determined by Izetex in its full discretion).
(3) Pool C consists of 7,500,000 IZX Tokens (i.e. at least 15% of the Total IZX Token
Token​​Supply)​. Pool C will be allocated to Izetex.
(4) Pool D consists of 8,000,000 IZX Tokens (i.e. at least 16% of the Total IZX Token
Token Supply)​. Pool D will at Izetex’s discretion be allocated and distributed to
partners and advisors of the IZX Project.
(5) Pool E consists of 3,000,000 IZX Tokens (i.e. at least 6% of the Total IZX Token
Token Supply)​. Pool E will be allocated to Izetex for distribution to the community of
the IZX Project (i.e. the “Bounties Fund​”). The effective distribution will be fully at the
discretion of Izetex.
g) Contribution Process: ​Upon commencement of the Initial Token Sale Period, the registered,
approved and whitelisted Users may transfer their ETH to the Smart Contract System at the
address provided on the IZX Project Website. The User cannot Contribute more than his/her/its
whitelisted amount. If the User sends a transaction that exceeds the limit, the transaction will fail
and the ETH in that transaction are returned. The tokens in the Initial Token Sale will be
allocated among the Contributing Users on a first come, first served basis.
h) Distribution of IZX Tokens to Users​: Upon receipt and acceptance of a User’s Contribution,
the Smart Contract System will allocate a corresponding amount of IZX Tokens to the User’s
Ethereum address. The IZX Tokens will be nontransferable until they are released as set out in
paragraph l.
i) Undistributed tokens​: Any IZX Tokens in Pool A that have been created but for which no
Contribution has ultimately been received shall be allocated to Izetex and shall be further
disposed of at Izetex’s discretion for purposes of the long-term benefit of the IZX Project.
j) No Refund​: The User understands and accepts that all Contributions are final and may not be
reversed. Contributions that entitle a User to IZX Tokens are non- refundable. Any Contributions
that do not entitle the User to IZX Tokens will be automatically sent back to the sending address.
By contributing to the IZX Project, the User acknowledges that he/she/it has no right to request a
refund for any reason, and that the User will not receive money or other compensation for any
IZX Token that is not used or remains unused. Izetex shall not be liable for any losses caused by
the User attempting to Contribute from an exchange, smart contract or other non- standard single
access address.
k) Ensure the use of the original Smart Contract System​: Only the Smart Contract System(s)
will allocate IZX Tokens. To the extent that any third-party website, service or smart-contract
offers IZX Tokens during the Initial Token Sale Period or facilitates the allocation or transfer of
IZX Tokens in any way during the Initial Token Sale Period, such third-party websites or
services are, unless explicitly mentioned in these Terms, not authorised by Izetex and have no
relationship in any way with Izetex.
l) Transferability of IZX Tokens:​The Users will not be able to transfer IZX Tokens until the IZX
Tokens have been released. The IZX Token transferability will be released at Izetex’s discretion
when the Initial Token Sale Period is over and all IZX Tokens (including the IZX Tokens from
the private Pre-sale and the Pre-sale) have been allocated and distributed; the process is currently
expected to take a few weeks after the conclusion of the Initial Token Sale Period. The IZX
Tokens in Pool B (which are or will be allocated to Izetex Team Members) shall become
transferable one (1) year after the end of the Initial Token Sale Period (or such longer time as
determined by Izetex in its full discretion).
2.3 Pre-Allocation​​of​​IZX​​Token
a) The User understands and accepts that at least 50% of the Total IZX Token Supply will not be
allocated to participants of the contribution event but as set forth below:
(1) 6,500,000 IZX Tokens (i.e. at least 13% of the Total IZX Token Supply, Pool B) will at
Izetex’s discretion be allocated and distributed to Izetex Team Members and their
transferability is restricted as set out in these Terms.
(2) 7,500,000 IZX Tokens (i.e. at least 15% of the Total IZX Token Supply, Pool C) will be
allocated to Izetex.
(3) 8,000,000 IZX Tokens (i.e. at least 16% of the Total IZX Token Supply, Pool D) will at
Izetex’s discretion be allocated and distributed to partners and advisors of the IZX
Project.
(4) 3,000,000 IZX Tokens (i.e. at least 6% of the Total IZX Token Supply, Pool E) will be
allocated to Izetex for distribution to the community of the IZX Project (i.e. the
“Bounties​​Fund​”). The effective distribution will be fully at the discretion of Izetex.
2.4 IZX​​Token​​Functionality
a) IZX Token is only for use in connection with the IZX Project under the terms of the Smart
Contract System and only constitutes a transferable representation of attributed functions
specified in the Smart Contract System.
b) IZX Token is a usage token which enables users to participate on the IZX Platform. In practice,
IZX Token may be used to issue in-game “IZX Drive Tokens” which are to be used by game
players, developers, and advertisers within the IZX Platform.
c) Ownership of a IZX Token carries no rights express or implied other than the right to use the
IZX Token as a means to enable usage of and interaction with and within the IZX Platform, if
successfully completed and deployed (see section 3). Beyond this, ownership of a IZX Token
carries no rights express or implied. In particular, the User understands and accepts that as a
holder of IZX Tokens, he/she/it has no right to claim any ownership right or stake, intellectual
property rights, equity or equivalent rights or any other form of participation in or relating to the
IZX Project and/or Izetex. Through the allocation of IZX Tokens to a User, the User receives no
right to receive any revenues generated by the intellectual property rights developed as part of
the IZX Project or any other assets. The User understands and agrees that the sole and exclusive
usage rights of these​​intellectual property rights are retained by Izetex and/or its affiliates.
2.5 Representations​​and​​Warranties​​of​​User
a) By making the Contribution, the User represents and warrants that:
(1) the User is not a citizen or resident of a country, whose legislation conflicts with
obtaining or distributing cryptographic tokens such as IZX Token, the contemplated
allocation of IZX Tokens and/or the IZX Project in general;
(2) the User is not a citizen or resident of the United States or the People’s Republic of
China or Singapore;
(3) the User is not a resident or citizen of, or located in a geographic area that is subject to
UN, US, EU, Swiss or any other sovereign country sanctions or embargoes;
(4) any Funds used for the Contribution are: (a) good, clean, clear and are of non-criminal
origin; (b) completely free and clear of any liens or encumbrances of any kind or any
rights of third-party interests; and (c) have no origins that may be connected to any
breach of money laundering regulations whatsoever, as defined in the jurisdiction of
origin, or internationally;
(5) the User is not listed or associated with any person or entity listed on any of the US
Department of Commerce’s Denied Persons or Entity List, the US Department of
Treasury’s Specially Designated Nationals or Blocked Persons Lists, the US Department
of State’s Debarred Parties List, the EU Consolidated List of Persons, Groups and
Entities Subject to EU Financial Sanctions or the Swiss SECO’s Overall List of
Sanctioned Individuals, Entities and Organizations;
(6) the User has a deep understanding of the functionality, usage, storage, transmission
mechanisms and intricacies associated with cryptographic tokens, like bitcoin (BTC) and
Ether (ETH), and blockchain-based software systems;
(7) the User understands and accepts that there is no warranty or assurance that the network
of miners will allocate the IZX Tokens to the Users as proposed by these Terms;
(8) the User has carefully reviewed the Smart Contract System Code located on the
Ethereum blockchain at the addresses set forth on the IZX Project website and fully
understands and accepts the functions implemented therein;
(9) the User is legally permitted to make the Contribution in order to create and obtain IZX
Tokens in the User’s jurisdiction;
(10) the User uses cryptographic wallet software or a wallet service provider that
technically supports the IZX Token and ERC20 standard. The User understands and
accepts, that failure to assure this may have the result that User will not gain access to
his IZX Tokens;
(11) the User is legally permitted to receive software and transfer Funds for the purpose
of contributing to the development