Vectorspace AI Tokens (hereinafter referred to as ‘VAI’, 'VAI coins', 'VAI tokens', 'VAI digital tokens', ‘VAI utility tokens’ or 'vectorspace.ai') will be offered through an Initial Coin Offering (ICO) on the Vectorspace AI website i.e. https://vectorspace.ai.
The following terminology applies to these Terms and Conditions of Use (our “Terms”), the Privacy and Transparency Statement, and any and all other agreements between you and us:
“Client,” or “Customer,” or “User,” or “You,” or “Your” refer to the person accessing our website i.e. vectorspace.ai, and accepting our Terms.
"We", or "Our", or "Ourselves", or "Us" or “vectorspace.ai,” or “www.vectorspace.ai,” refer to the internet website vectorspace.ai and to its owners, operators, employees, officers, agents, insurers, suppliers, and attorneys.
“Party” refers to either you or us. In these Terms, unless the context otherwise provide, words indicating the singular shall be understood to include the plural and vice versa and words indicating gender include all genders.
“Digital asset,” “asset,” “coin,” “digital currency,” “good,” “ledger entry,” and “token” refer to blockchain based software ledger data entries.
By using our website, you covenant, represent and warrant that you are at least 18 years old or a major of the respective laws, and have full capacity to contract under applicable laws and you are not a citizen of United States of America (USA) and you are comporting with and/or obeying with all applicable laws; only transacting on vectorspace.ai with legally-obtained funds that belong to you. Further by using our website, you covenant, represent and warrant that you are not furthering, or performing, or undertaking, or engaging in, or aiding, or abetting, or involving, or adhering to connivance methods of any unlawful activity through your relationship with us or through your use of vectorspace.ai
We reserve the right to terminate your access to vectorspace.ai for any reason, including but not limited to breaches of our Terms, at our sole and absolute discretion.
Acquiring Vectorspace AI tokens carry financial and legal risk. You are only allowed to purchase Vectorspace AI tokens if you are neither a citizen of United States of America (USA) or permanent resident of the USA, nor have a primary residence or domicile in USA, including Puerto Rico, the U.S. Virgin Islands, and any other territories of the USA. We shall not be liable or responsible for any damages, or claims, or losses, or injuries, or delays, or accidents, or costs, or business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), or for any incidental, or direct, or indirect, or general, or special, or punitive, or exemplary, or consequential damages, or loss of goodwill or business profits, or loss of digital currency or digital assets, or work stoppage, or data loss, or computer failure or malfunction, or any other commercial or other losses directly or indirectly arising out of or related to our Terms; the Privacy and Transparency Statement; any service of vectorspace.ai; the use of vectorspace.ai; the use of Vectorspace AI tokens; any use of your digital assets or digital currency on vectorspace.ai by any other party not authorized by you (all of the foregoing items shall be referred to herein as “ Losses”). We are hereby released by you from any liability for any and/or all Losses. We disclaim any and / or all warranties or guarantees, including any warranty of merchantability and / or warranty of fitness for any particular purpose. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, or negligence, or tort, or strict liability, or any other basis, even if we have been advised of or should have known of the possibility of such losses and / or damages, and without regard to the success or effectiveness of other remedies.
3. ICO Duration
The ICO period starts on March 30, 2018 and is indefinite until following criteria is met: If listed on one or more of the top 3 exchanges along with the softcap being met or if hardcap is met, the ico period will close. We reserve the right to change the start date of the ICO as well as the right to extend the offering duration for any reason, including, failure to complete the offering of Vectorspace AI tokens designated for offer, the unavailability of the vectorspace.ai ICO website, or other unforeseen security or procedural issues.
4. Number of Coins and Valuation of Vectorspace AI Token
We plan to execute the following capital structure:
Max Supply: 50,000,000
Total Supply: 50,000,000
Current Circulating Supply: 3,000,000
Team: 25,000,000 (reserved & vested)
Community ICO distribution schedule: (5 tranches)
2,000,000 @ $2.00 (350 VAI = 1 ETH currently)
2,000,000 @ $2.50
2,000,000 @ $3.00
2,000,000 @ $3.50
2,000,000 @ $4.00
Rewards & bounties: 2,000,000 (reserved)
Presale tokens distributed: 3,000,000
Unsold tokens are either rolled forward or scheduled for monthly burns up to a year
Softcap: $4,000,000 or upon listing at a leading exchange
Team Vesting: 4 year vesting periods
5. ICO Portal
The ICO will be conducted through our website www.vectorspace.ai and users will have to send Ethereum (ETH), Bitcoin (BTC) or another form of approved cryptocurrency to the Vectorspace AI token crowdsale address.
6. How to Invest:
A. Investors can subscribe to the ICO and purchase tokens through www.vectorspace.ai and tokens can be purchased using Ethereum (ETH), Bitcoin (BTC) or another approved cryptocurrency.
B. VAI can also be purchased on various decentralized exchanges.
7. ICO Coin Distribution of Vectorspace AI tokens
All Vectorspace AI digital tokens purchased or received during the ICO will be distributed forthwith and immediately.
8. Listing of Vectorspace AI Coins or Tokens
After the completion of ICO, the coins shall be listed on multiple exchanges.
9. Prices, Exchange Rates, and Confirmations
Digital currency and digital assets are highly experimental and risky. The conversion service available on vectorspace.ai to convert to or from Bitcoin and / or alternative digital currencies attempts to provide accurate price and exchange rate information, but this information is highly volatile and can change quickly without users necessarily being aware of these changes. We regard digital currency payments as “accepted” when one block confirmation has been registered, however, due to varying security between blockchains, we reserve the right to require additional block confirmations to reduce risk of fraudulent double spending attempts or errors related to forks. We may occasionally accept a payment with zero confirmations, though this decision is at our sole discretion. It is important to note that a payment being broadcast to the blockchain network does not constitute an acceptance by us of that payment. The User’s payment must be received by us within a period of 20 minutes in order to receive the guaranteed exchange rate. Please contact our customer support available on our website i.e. www.vectorspace.ai for more information on exchange rates.
10. Fraudulent attempts to double spend
We and our affiliates will monitor all potential transactions and / or fraudulent attempts to double spend Bitcoin. When any double spending of Bitcoin or any other digital currency or asset accepted in the ICO is detected, no Vectorspace AI tokens (VAI) will be distributed to the associated blockchain wallet address or vectorspace.ai ledger based wallet. By attempting to gain Vectorspace AI tokens fraudulently through double spending, an ICO participant jeopardizes all Bitcoin or other digital currency or asset associated with the blockchain wallet address, as no Vectorspace AI assets will be distributed to the account associated with that bitcoin or digital currency or asset address. Users deemed to have engaged in fraudulent behavior or attempted fraudulent behavior forfeit any potential refunds of their assets or digital currency.
11. Governing Law
The Agreement and these Conditions shall be governed by and construed in accordance with the laws of Malta, and any and all laws applicable therein.
12. ICO Contingencies
We reserve the right to change or modify the Terms of Service so as to carry out the compliance and that the same is in accordance with any new laws or regulations or rules or circulars or notifications or orders which may come into force, and / or to comply with the changes or amendments made in the existing laws or regulations or rules or circulars or notifications or orders.
We may revise our Terms at any time and without notice to you or third parties. By using the website www.vectorspace.ai, you agree to be bound by the then and / or-current version of our Terms. However, the terms of pertaining to percentage of Profit Sharing and percentage of Operational cost and other expenses will not change.
From time to time, we may need to spend time dealing with issues brought to us by customers. Where any customer issue is not caused by our negligence or oversight, we reserve the right to recover reasonable administrative costs spent addressing the customer issue, including costs related to technology deployed to address the customer’s issue and compensation provided for our customer service representative’s labor hours.
The investor(s) agrees to Indemnify us for all costs and / or expenses including but not limited to fees, penalties, damages, losses, injuries, delays, attorney fees, lawyer fees, professional fees or any other costs or expenses or fees, by whatever name called and whether direct or indirect, in case the same is levied on us by any person; in case the respective investor(s) has invested in our token i.e. Vectorspace AI coins, without considering the restrictions or terms or limitations (as specified in Point 1 & 2) placed on him / her or with illegal funds or with double spending or any other illegal or unethical manner.