By using cXc applications or participating in the purchase of PRP, you agree to these terms and conditions, as well as any set out in the white paper: https://bit.ly/PRPpaper1
“cXc applications” refers to any application produced by Current X Change LLC.
“cXc Account” refers to an account on one of the cXc applications.
“steemit username” refers to a unique ID from steemit.com used to interact with the cXc applications.
You may not violate any of the terms of service for any service used to upload content that you post on cXc applications. You may not violate any laws relating to the jurisdiction the content is posted or displayed in. You may not misrepresent, misappropriate, or otherwise post content that is not yours on a third party account that is then linked to your cXc account.
Your steemit username may be banned from any or all cXc applications without prior notice for any violation of this agreement or the agreements of the applications themselves. Any purple in your account may be frozen, burnt, or confiscated if you are found to be posting content that is not yours from a linked account, or violating in another form outlined in this document or in the terms for another cXc application.
The Value of PRP
PRP may be used to purchase BLU, equivalent to 288 UPs in all cXc applications. We do not guarantee that using these UPs to promote your content or any other party’s content will lead to any level of exposure. The current amount of votes needed to make it onto any chart are unique for that time period, and may not be representative of the previous time period or a similar time period. Furthermore, the amount of exposure any chart gets at any time fluctuates due to active user-ship, so we cannot guarantee any amount of viewership by any amount of UPs.
Disclaimers of Token Sale
This is not an offer or solicitation to buy any digital assets or securities. Purple is a token whose functionality is integral to our applications as described in this paragraph. Current X Change does not promise to to make money for its investors, investors being those who purchase the purple Smart Media Token (SMT) or an equivalent. Any financial gain by the market rate of purple increasing is a result of the use of the applications using Purple, which is limited by nature and increased demand will naturally make it more valuable. Purple seeks to provide the owners (including earners and investors) the power to promote media and other informational content on the Mapps (Mapps meaning Mapping Applications produced by Current X Change LLC) defined in this whitepaper, including but not limited to cXc Music, cXc Video, cXc Lit, cXc Art, cXc News, cXc Games, cXc Ideas, cXc Solutions, and cXc Pueblo.
Use your best judgment and consider your goals for this incarnation before investing energy or assets in anything. This document can be changed at any time without notice. You are responsible for complying with local jurisdictional laws and regulations. You are responsible for being the being you want to be.
You are responsible for keeping your private key(s) safe. You are also responsible for providing the correct public key to receive your funds. You are responsible for any loss in tokens from misappropriating your private key(s), using a faulty wallet, or any other technical consideration outside of the control of Current X Change LLC.
Purchasing purple does not grant voting power in Current X Change LLC, or any other organization. PRP can be exchanged for BLU to be used as voting power on incorporating applications. PRP does not hold any voting power by itself until exchanged for the internal token “Blue” at market rate. The amount of voting power purple can be exchanged for fluctuates over time and is different for every application utilizing a Purple cryptovoting system. We cannot and do not guarantee Purple to be worth any specific amount of currency or votes in any application at any future time.
PRP is not a security.
Purple is not a security asset. Purple and Current X Change LLC use the terminology used by many ICOs, cryptocurrencies and other token sales, but do not follow the investment model of other tokens that may be securities. The purple token is for use only in cXc Mapps, with the opportunity to be incorporated later on by other applications. This token is integral to the utility of the application, such that the application would not be possible without it. Current X Change LLC makes no promise or suggestion that this token will make the owner’s money.
Using the Howey test, we can see that purple token is clearly not a security. Under the Howey Test, a transaction is an investment contract if, and only if, all of the following four conditions are met:
It is an investment of money
There is an expectation of profits from the investment
The investment of money is in a common enterprise
Any profit comes from the efforts of a promoter or third party
Here we will examine why Purple is not a security, and can be sold in the United States without adhering to the regulations set out for securities by the SEC. While is can be argues that some of these conditions are met, it is unreasonable to conclude that all four conditions met.
Although money can be used to purchase purple, it is not needed to acquire the coin. The coin can be earned in the ICO through actions defined in our bounty program, and through actions on applications produced by Current X Change LLC and and third party applications incorporating the Purple Cryptovoting System, neither of which require investment of another asset or money.
This whitepaper makes it clear that the token’s value is exposure on the applications produced by Current X Change LLC and third party applications incorporating the Purple Cryptovoting System. We are selling the ability to empower the creators of the world, not the return on investment in purchasing this utility token. Any person purchasing purple for financial gain has created that idea on his own, not through the promotional efforts of Current X Change LLC.
Purple operates completely without money. Creators can earn and spend purple without ever touching money. Any market created for this token is separate from its function, and not needed for the operation of the token.
At no time do promoters or third parties influence the value of purple or any profits associated with owning purple. Purple’s value is in the utility in applications produced by Current X Change LLC and and third party applications incorporating the Purple Cryptovoting System.