Commit 645a9230 authored by microtick's avatar microtick

Update proposal3.md

parent fad50c7a
......@@ -20,36 +20,35 @@ This license governs the use of the accompanying Source Code. If you use the Sou
1. Definitions.
a. “Source Code” means the code made available to you by Microtick and any derivative works based thereon, whether in source code or object code form.
b. A “Forked Platform” means any deployment by you of the Source Code, whether modified by you or not, on a computing system, such as a blockchain, that is available to third-party participants.
c. “Sole Backing Token” means a token that serves as the sole backing token for all trading on the platform. The Source Code implements a marketplace for trading a type of option on an underlying asset comprising a bi-directional quote placed by a market maker that is filled by a directional trade placed by a trader. The bi-directional quote includes a spot price of an underlying asset that is insured for accuracy by a backing value. When the trade is settled, the backing value is apportioned between the trader and the market maker according to the value of the underlying asset and the spot price.
d. “External Network” means any blockchain on which validator “microvaloper1pjtxlrflsyqtwyqkay3u5rz3flhchned9v7yr4” is not signing blocks.
e. “TICK” means Microtick’s TICK blockchain token. TICK tokens include tokens owned by cosmos address “micro1ahnfdmvsp5zqnzjh62eaf9a7d5eukcs3ytjf8s” as of the microtickzone-a1 genesis block, as well as any blockchain token the value of which is 1:1 pegged to the value of TICK. TICK may not include any tokens minted or created by an External Network.
f. “Feedback” means any suggestions, ideas, proposals, source code, pull requests, or other material submitted to Microtick, whether solicited or unsolicited, by users who are deemed “Contributors” of the Feedback.
g. An interactive user interface displays “Appropriate Legal Notices” to the extent that it includes a convenient and prominently visible feature that (1) displays an appropriate copyright notice, and (2) tells the user that there is no warranty for the work (except to the extent that warranties are provided), that licensees may convey the work under this License, and how to view a copy of this License. If the interface presents a list of user commands or options, such as a menu, a prominent item in the list meets this criterion.
- “Source Code” means the code made available to you by Microtick and any derivative works based thereon, whether in source code or object code form.
- A “Forked Platform” means any deployment by you of the Source Code, whether modified by you or not, on a computing system, such as a blockchain, that is available to third-party participants.
- “Sole Backing Token” means a token that serves as the sole backing token for all trading on the platform. The Source Code implements a marketplace for trading a type of option on an underlying asset comprising a bi-directional quote placed by a market maker that is filled by a directional trade placed by a trader. The bi-directional quote includes a spot price of an underlying asset that is insured for accuracy by a backing value. When the trade is settled, the backing value is apportioned between the trader and the market maker according to the value of the underlying asset and the spot price.
- “External Network” means any blockchain on which validator “microvaloper1pjtxlrflsyqtwyqkay3u5rz3flhchned9v7yr4” is not signing blocks.- “TICK” means Microtick’s TICK blockchain token. TICK tokens include tokens owned by cosmos address “micro1ahnfdmvsp5zqnzjh62eaf9a7d5eukcs3ytjf8s” as of the microtickzone-a1 genesis block, as well as any blockchain token the value of which is 1:1 pegged to the value of TICK. TICK may not include any tokens minted or created by an External Network.
- “Feedback” means any suggestions, ideas, proposals, source code, pull requests, or other material submitted to Microtick, whether solicited or unsolicited, by users who are deemed “Contributors” of the Feedback.
- An interactive user interface displays “Appropriate Legal Notices” to the extent that it includes a convenient and prominently visible feature that (1) displays an appropriate copyright notice, and (2) tells the user that there is no warranty for the work (except to the extent that warranties are provided), that licensees may convey the work under this License, and how to view a copy of this License. If the interface presents a list of user commands or options, such as a menu, a prominent item in the list meets this criterion.
2. Software License Grant. This is a copyleft license. Please read carefully and understand these copyleft provisions before conveying the Source Code or a modified version of the Source Code.
a. Microtick hereby grants you a non-transferable, nonexclusive license to download and use the Source Code to operate a Forked Platform or to participate in a Forked Platform if and only if the Sole Backing Token of the Forked Platform is TICK.
b. Under no circumstances may you operate a Forked Platform that does not use TICK as the Sole Backing Token, unless there is a separate agreement between you and Microtick, except if the Forked Platform is a “testnet” platform wherein trades involve only test assets and do not involve assets with real value.
c. You may convey verbatim copies of the Source Code as you receive it, in any medium, provided that you conspicuously and appropriately publish on each copy an appropriate copyright notice; keep intact all notices stating that this license applies to the code; keep intact all notices of the absence of any warranty; and give all recipients a copy of this license along with the Source Code. You may charge any price or no price for each copy that you convey, and you may offer support or warranty protection for a fee.
d. You may convey a modified work based on the Source Code under the terms of this license, provided that you also meet all of these conditions:
i. The work must carry prominent notices stating that you modified it, and giving a relevant date.
ii. The work must carry prominent notices stating that it is released under this license. You must license the entire work, as a whole, under this license to anyone who comes into possession of a copy. The terms of this license will therefore apply to the whole of the work, and all its parts, regardless of how they are packaged. These terms give no permission to license the work in any other way, but it does not invalidate such permission if you have separately received it.
iii. If the work has interactive user interfaces, each must display Appropriate Legal Notices; however, if the Program has interactive interfaces that do not display Appropriate Legal Notices, your work need not make them do so.
- Microtick hereby grants you a non-transferable, nonexclusive license to download and use the Source Code to operate a Forked Platform or to participate in a Forked Platform if and only if the Sole Backing Token of the Forked Platform is TICK.
- Under no circumstances may you operate a Forked Platform that does not use TICK as the Sole Backing Token, unless there is a separate agreement between you and Microtick, except if the Forked Platform is a “testnet” platform wherein trades involve only test assets and do not involve assets with real value.
- You may convey verbatim copies of the Source Code as you receive it, in any medium, provided that you conspicuously and appropriately publish on each copy an appropriate copyright notice; keep intact all notices stating that this license applies to the code; keep intact all notices of the absence of any warranty; and give all recipients a copy of this license along with the Source Code. You may charge any price or no price for each copy that you convey, and you may offer support or warranty protection for a fee.
- You may convey a modified work based on the Source Code under the terms of this license, provided that you also meet all of these conditions:
- The work must carry prominent notices stating that you modified it, and giving a relevant date.
- The work must carry prominent notices stating that it is released under this license. You must license the entire work, as a whole, under this license to anyone who comes into possession of a copy. The terms of this license will therefore apply to the whole of the work, and all its parts, regardless of how they are packaged. These terms give no permission to license the work in any other way, but it does not invalidate such permission if you have separately received it.
- If the work has interactive user interfaces, each must display Appropriate Legal Notices; however, if the Program has interactive interfaces that do not display Appropriate Legal Notices, your work need not make them do so.
3. Feedback and Contributions.
a. If you are a Contributor, you grant to Microtick and its successors and those who receive the Feedback, directly or indirectly from Microtick, a worldwide, nonexclusive, perpetual, irrevocable, royalty-free, fully-paid, sublicensable and transferable right and license to incorporate, use, publish and exploit your Feedback for any purpose, commercial, or otherwise, without compensation or accounting to the Contributor and without further recourse by the Contributor. The Contributor hereby expressly grants Microtick the right to re-license Feedback to another license without approval from the Contributor.
b. If you communicate Feedback to Microtick, you represent that the content of the Feedback is non-confidential and non-proprietary and you are legally entitled to license the Feedback to Microtick under the terms contained herein. By communicating the Feedback, the Contributor agrees to hold Microtick harmless in the event of unauthorized communication of the Feedback
c. Microtick will not be liable for the disclosure or use of any Feedback submitted by any Contributor if the Feedback is integrated into the Source Code. You agree to notify Microtick in writing of any facts or circumstances of which you later become aware that would make your representations in this agreement inaccurate with respect to the Feedback.
- If you are a Contributor, you grant to Microtick and its successors and those who receive the Feedback, directly or indirectly from Microtick, a worldwide, nonexclusive, perpetual, irrevocable, royalty-free, fully-paid, sublicensable and transferable right and license to incorporate, use, publish and exploit your Feedback for any purpose, commercial, or otherwise, without compensation or accounting to the Contributor and without further recourse by the Contributor. The Contributor hereby expressly grants Microtick the right to re-license Feedback to another license without approval from the Contributor.
- If you communicate Feedback to Microtick, you represent that the content of the Feedback is non-confidential and non-proprietary and you are legally entitled to license the Feedback to Microtick under the terms contained herein. By communicating the Feedback, the Contributor agrees to hold Microtick harmless in the event of unauthorized communication of the Feedback
- Microtick will not be liable for the disclosure or use of any Feedback submitted by any Contributor if the Feedback is integrated into the Source Code. You agree to notify Microtick in writing of any facts or circumstances of which you later become aware that would make your representations in this agreement inaccurate with respect to the Feedback.
4. Disclaimer of Warranty; Liability; Indemnification.
a. YOU ACKNOWLEDGE THAT THE SOURCE CODE IS PROVIDED HEREUNDER “AS IS” AND MICROTICK MAKES NO WARRANTIES IN CONNECTION WITH THE SOURCE CODE, OR MODIFICATIONS OR IMPROVEMENTS THERETO, DELIVERED HEREUNDER, EXPRESS, IMPLIED, STATUTORY OR IN ANY OTHER PROVISION OF THIS AGREEMENT OR COMMUNICATION BETWEEN MICROTICK AND USER INCLUDING ANY GUARANTEES THAT THE SOURCE CODE WILL BE ERROR OR BUG FREE. MICROTICK DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICE.
b. Notwithstanding anything else to the contrary, in no event will Microtick’s liability to you related to this license exceed US$10.
c. The Source Code is presented without any representations as to security audits. The Source Code and the underlying protocols on which the Source Code runs are highly experimental. It is strongly recommended that any users contemplating the involvement of any substantial amount of funds perform an independent security audit.
d. You shall indemnify Microtick for any third-party claims related to your use of the Source Code.
- YOU ACKNOWLEDGE THAT THE SOURCE CODE IS PROVIDED HEREUNDER “AS IS” AND MICROTICK MAKES NO WARRANTIES IN CONNECTION WITH THE SOURCE CODE, OR MODIFICATIONS OR IMPROVEMENTS THERETO, DELIVERED HEREUNDER, EXPRESS, IMPLIED, STATUTORY OR IN ANY OTHER PROVISION OF THIS AGREEMENT OR COMMUNICATION BETWEEN MICROTICK AND USER INCLUDING ANY GUARANTEES THAT THE SOURCE CODE WILL BE ERROR OR BUG FREE. MICROTICK DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICE.
- Notwithstanding anything else to the contrary, in no event will Microtick’s liability to you related to this license exceed US$10.
- The Source Code is presented without any representations as to security audits. The Source Code and the underlying protocols on which the Source Code runs are highly experimental. It is strongly recommended that any users contemplating the involvement of any substantial amount of funds perform an independent security audit.
- You shall indemnify Microtick for any third-party claims related to your use of the Source Code.
5. Miscellaneous. This license is the complete and exclusive agreement and understanding between the parties concerning the subject matter hereof, and supersedes all previous or contemporaneous understandings, negotiations and proposals, whether oral or written. If any part of this license shall be held invalid or unenforceable, this license shall be construed as if it did not contain such portion, and the rights and obligations of the parties shall be construed and enforced accordingly. This license shall be construed and controlled by the laws of the State of Colorado, excluding its choice of laws and conflicts of law provisions thereof and each party further consents to exclusive jurisdiction and venue in the federal courts sitting in Denver County, Colorado, unless no federal subject matter jurisdiction exists, in which case each party consents to exclusive jurisdiction and venue in the state courts in Denver County, Colorado. In any action or suit to enforce any right or remedy under this Agreement or to interpret any provisions of this license, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs. Microtick may assign this license, or any rights granted hereunder, in its entirety; provided that the successor-in-interest to Microtick agrees in writing to be bound by the terms and conditions of this license. Subject to the above restrictions on assignment, this license will inure to the benefit of and bind the successors and assigns of the parties. Each holder of TICK is a third-party beneficiary to this license.
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