Aardbanq DAO - Terms and Conditions
  1. General
    1. All addresses and contracts are deployed to the Ethereum main network.
    2. An ERC20 token refers to tokens compatible with the EIP-20 standard that was adopted by the Ethereum Foundation as the ERC-20 standard. More info about this standard can be found at https://eips.ethereum.org/EIPS/eip-20.
    3. ICO refers to Initial Coin Offering.
    4. ILO refers to Initial Liquidity Offering.
    5. The ICO and ILO will be conducted by accepting the Multi-Collateral Dai ERC20 token as payment. Multi-Collateral Dai is referred to as DAI in this document and the contract is located at address 0x6b175474e89094c44da98b954eedeac495271d0f.
    6. The ABQ is the Aardbanq DAO governance token. This token is an ERC20 token and this contract is located at address 0xF9E149A2935BD69e80B50018134132794F8B43a2. ABQ tokens can be subdivided to 18 decimal values.
    7. The Aardbanq DAO will be referred to as The DAO, and is the organizational for the collective, as described below.
    8. The DAO will allow voting for the ABQ token holders under the conditions described below. The DAO ownership contract is located at 0x829c094f5034099E91AB1d553828F8A765a3DaA1.
    9. The ICO contract is located at 0xC52765256CCfe1e9CD73BB7800C890Ae7FE07748.
    10. The ILO contract is located at 0xA1503E865e4DD7b86227279dE8a7DB529F359a06.
    11. The initial funds from the ICO sale will be placed in a contract under the control of The DAO. We will refer to this contract as The Treasury and this contract is located at 0x4a690Ecf0e25bdd1732E85455fEc5E399Ed02870.
    12. A proposed resolution is a proposal that is presented to The DAO, which The DAO can then vote on to either pass or defeat the proposed resolution.
    13. Aardbanq UK is used to refer to the United Kingdom-based company Aardbanq Ltd. Please note: this is not the same entity as the Aardbanq DAO but rather, the Aardbanq DAO has outlined some initial agreements below that will enable The DAO to host, market, and distribute products via Aardbanq UK.
  2. The DAO Terms of Governance
    1. A maximum of 950 000 ABQ tokens will be made available via The ICO. These tokens will only be minted as and when they are purchased to ensure that tokens are not over minted.
    2. A maximum of 50 000 ABQ tokens will be made available to ILO liquidity providers, and these tokens will only be minted for the amount of liquidity provided to the ILO to ensure tokens are not over minted.
    3. A maximum of 12 500 ABQ tokens will be made available to ILO liquidity providers as rewards, and these tokens will only be minted in the quantity required by the ILO to ensure tokens are not over minted.
    4. 50 000 ABQ is minted and placed under the ownership of the DAO to be used for marketing and/or other functions such as bug/feature bounties and the like.
    5. Any funds already raised in the initial auction will be converted to tokens in the ICO at 1 DAI per ABQ.
    6. Of all ABQ tokens that are minted, the founders will receive 15%. For example: if 100 ABQ tokens are minted, the founders will receive 15 ABQ tokens.
    7. ABQ tokens enable the Token Holder to participate in the Aardbanq DAO governance by voting on proposed resolutions, or by delegating their voting power to another address.
      1. Each ABQ token entitles the voter to one vote.
      2. In order to vote or delegate their vote, ABQ token holders must first stake their ABQ tokens in The Voting Contract.
      3. Staked tokens will not be transferrable to other addresses before being unstaked.
      4. A proposed resolution is passed if:
        1. More than half of the currently staked votes are in support of the proposed resolution, or
        2. If after seven (7) days of being considered eligible to be voted on more than half of the votes that were cast during those seven (7) days are in support of the resolution.
      5. A proposed resolution is defeated if:
        1. Half or more of the currently staked votes are opposed to the proposed resolution, or
        2. If after seven (7) days of being considered eligible to be voted on half or more of the votes that were cast during those seven (7) days are in opposition to the proposed resolution.
    8. The governance of The DAO may be amended by way of a resolution.
    9. Ongoing expenses for development will be approved by The DAO for the development of Aardbanq Products.
    10. Forty thousand (40 000) DAI will be allocated to the founders from the Treasury for services rendered to date.
    11. In order to provide initial support for the Aardbanq DAO, the Aardbanq DAO has agreed to the following with Aardbanq UK:
      1. Aardbanq UK is given permission and instruction to host content on behalf of the Aardbanq DAO relating to theDAOs products. This includes but is not limited to the website for the ICO and ILO, the aardbanq.xyz website, and the Aardbanq cryptocurrency wallet for iPhone and Android devices.
      2. Aardbanq UK is given permission and instruction to use the Aardbanq brand for Aardbanq Products, but not for any other products.
      3. Aardbanq UK will be reimbursed at cost for these services. By way of resolution from The DAO the fee rendered to Aardbanq UK may be altered or the services revoked.
      4. Terms of agreement between Aardbanq UK and Aardbanq DAO will be revisited once more ABQ tokens have been distributed. This is done to ensure greater representation from non-founding members.
      5. The Aardbanq name and trademarks are under ownership of Aardbanq DAO and all usages of these by Aardbanq UK must indicate this.
      6. Aardbanq UK assumes no liability for the products it develops on the instruction of Aardbanq DAO.
      7. Two thousand (2 000) DAI will be given to Aardbanq UK for costs incurred to date and initial expenses. This will be allocated from the Treasury.
      8. A further (1 000) DAI will be given to Aardbanq UK for the expenses for the next few months. This will be allocated from the Treasury.
  3. ICO
    1. A maximum of 950 000 ABQ will be available on the ICO.
    2. The ICO concludes on 1 May 2022 or when sold out.
    3. The ICO will be priced and sold at these prices:
      1. 50 000 ABQ at 1 DAI per ABQ
      2. 50 000 ABQ at 1.50 DAI per ABQ
      3. 50 000 ABQ at 2 DAI per ABQ
      4. 50 000 ABQ at 2.50 DAI per ABQ
      5. 50 000 ABQ at 3 DAI per ABQ
      6. 50 000 ABQ at 3.50 DAI per ABQ
      7. 50 000 ABQ at 4 DAI per ABQ
      8. 50 000 ABQ at 4.50 DAI per ABQ
      9. 50 000 ABQ at 5 DAI per ABQ
      10. 50 000 ABQ at 5.50 DAI per ABQ
      11. 50 000 ABQ at 6 DAI per ABQ
      12. 50 000 ABQ at 6.50 DAI per ABQ
      13. 50 000 ABQ at 7 DAI per ABQ
      14. 50 000 ABQ at 7.50 DAI per ABQ
      15. 50 000 ABQ at 8 DAI per ABQ
      16. 50 000 ABQ at 8.50 DAI per ABQ
      17. 50 000 ABQ at 9 DAI per ABQ
      18. 50 000 ABQ at 9.50 DAI per ABQ
      19. 50 000 ABQ at 10 DAI per ABQ
    4. ABQ tokens can already be bought, but can only be claimed after 25 April 2021.
    5. Aardbanq UK is authorized by the Aardbanq DAO to provide and host a website to interact with the ICO contract, located at https://dao.aardbanq.xyz.
  4. ILO
    1. A maximum of 50 000 DAI of liquidity will be up for sale.
    2. A maximum of 50 000 ABQ will be minted by the Aardbanq DAO for liquidity purposes.
    3. A maximum of 12 500 ABQ will be minted as rewards to liquidity providers.
    4. The ILO closes on 25 April 2021, 0:01 UTC.
    5. After the ILO closes liquidity will be established on Uniswap for a DAI-ABQ pool at the price an ABQ token was last sold for on the ICO.
    6. Liquidity will be established with the full DAI amount collected in the ILO and the Aardbanq DAO will provide ABQ tokens to the same value as the DAI collected.
    7. Half of the liquidity pool tokens will be transferred to the Aardbanq Treasury and the other half will be distributed among participants in the ILO in proportion to the amount of DAI they contributed.
    8. Participants in the ILO will be awarded an extra reward of 25% of their nominal DAI amount as ABQ tokens. For example if a participant contributed 100 DAI they will be rewarded 25 ABQ in addition to their share of the liquidity pool tokens.
    9. Liquidity will be locked until 25 October 2021, 0:01 UTC. After that participants in the ILO will be able to claim their share of the liquidity tokens and their ABQ rewards.
  5. Limitations
    1. Neither the ICO nor ILO are open to citizens of the People's Republic of China, the United States of America or The United Kingdom of Great Britain and Northern Ireland, or any region where local laws would prohibit citizens or residents from participating in it.
  6. Software
    1. THE SOFTWARE IS PROVIDED “AS IS”, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.