Last Updated: May 10, 2022
IF YOU, THE USER, ACTIVATE THE “ACCEPT AND AGREE” SECTION AT THE END OF THESE TERMS OF THE SERVICE, YOU ARE DEEMED TO HAVE ACKNOWLEDGED AND SIGNED THESE TERMS OF THE SERVICE.
2.1. The Company reserve the right to modify these Terms of the Service at any time.
2.2. Updates to these Terms of Service will be effective immediately upon display in the mobile application.
2.3. If the user does not agree such modification of the terms, the user has a right to immediately log in your mobile application, and refuse to receive any services provided through the application and use the application to conduct virtual asset transactions.
2.4. The User is deemed to have accepted the modifications and changes in these Terms of Service in the case that the user accesses mobile applications, conducts virtual asset transactions, or accepts the services provided without exercising the rights set forth in Section 2.3 of these Terms of Service.
3.1. IH Wallet is an official crypto wallet based on blockchain technology from the Company. This wallet is developed using blockchain technology and only you can manage your assets.
3.2. By accessing the wallet, you can transfer and receive BEP-20 and ERC-20 cryptocurrencies with high security with Binance Smart Chain and Ethereum networks.
3.3. BEP20 is the standard for creating tokens on Binance Smart Chain and BEP-20 standard tokens can only be transacted on the Binance network. Transfer fees are paid in BNB.
3.4. ERC-20 is the standard for creating tokens on Ethereum Chain and ERC-20 standard tokens can only be transacted on the Ethereum Chain. Transfer fees are paid in ETH.
4.1. You can use the IH wallet by creating a new wallet.
4.2. Creating the wallet in the IH Wallet, you will be given a 12-word combination password.
4.3. You can restore your IH wallet on another device using the 12-word combination password provided to you.
4.4. To ensure the privacy of the encrypted wallet, the 12-word password combination is encrypted and stored on the device where you install the IH wallet. Therefore, please note that the Company cannot copy, transmit, store or recover your password.
4.5. If you print or save a copy of the 12-word password, it is your responsibility to keep it strictly confidential. The company is not responsible for any transaction, transfer, damage or loss of your wallet caused by failure to fulfill this obligation or by sharing it with others.
4.6. If you (the user) forget your 12-digit combination password, you will not be able to recover your crypto wallet. The company does not undertake any obligation to recover passwords or compensate or transfer virtual assets in encrypted wallets to users.
4.7. When you create an IH Wallet crypto wallet, you need to create a 6-digit password to access the app to protect your crypto wallet. You cannot recover this password, so the company is not responsible for storing or retrieving it.
5.1. When depositing virtual assets in the IH Wallet crypto wallet, select the coins in the ASSETS section, click the accept button, select the transaction network BEP-20 or ERC-20, copy the address or scan the QR code.
5.2. The company is not responsible for any damage to the user caused by mistakenly copying the trading network or the address of the crypto wallet when depositing in the crypto wallet.
6.1. Your virtual assets are stored on a public blockchain network. After the virtual asset is registered on the public blockchain network and meets the verification requirements, the transaction is successfully completed. Therefore, please note that the Company will not be able to refund or compensate your transaction.
6.2. Your transactions on the blockchain using the crypto wallet may be delayed or postponed by the Ethereum and Binance Smart Chain networks, and the Company is not responsible for any loss or damage caused by non-transactions or delays.
6.3. It is the user’s responsibility to carefully check that the information entered is correct when transacting through a crypto wallet. The company is not responsible for any damages caused to others or you due to incorrect input of transaction information.
6.4. Please note that users cannot cancel your cryptocurrency transactions on IH Wallet or change transaction information.
6.5. Before users start transactions, please check that your wallet has sufficient balance to transfer tokens and gas fees (Etherium or BNB, depending on the blockchain). You agree that the Company is not responsible for failed transactions due to insufficient funds in your IH Wallet account or insufficient cryptocurrency balance to cover gas fees.
6.6. A user making an incorrect transaction to an incorrect or uncreated wallet shall not be a reason to waive the transaction fees set forth in these Terms of Service or reimburse the Company for such fees.
7.1. Swap interacts and runs with software developed by third parties. We make no representations or warranties regarding the software developed by these third parties, including any warranties regarding its availability, security or reliability.
7.2. By using Swap, you are responsible for complying with the third party’s terms of service. Please note that you have the right to refuse service if you do not accept the requirements. (When using IH Wallet for Swap operation, it is recommended that you carefully read the Warning section that appears on the screen and be familiar with the terms of the Swap service provided by the third party.) Please note that if the third party refuses to provide the service, the company will not be able to provide the Swap service.
7.3. The Company is not responsible for any risk, loss or damage that occurs during the swap service.
8.1. You, User, can keep IHC in your crypto wallet for the period provided by the mobile app and earn interest by staking (yield farm).
8.2. During the staking or storage period, you may not transfer or dispose of your deposited IHCoin, change the staking period or terminate the staking period before the staking period expires.
9.1. The user hereby makes the following representations and warranties. This includes:
9.1.1. The user has completely read and familiar with the terms of service, and fully understands the consequences and risks of using the crypto wallet;
9.1.2. The user has full legal capacity to participate in the virtual asset relationship;
9.1.3. The user acknowledges that the Company makes no guarantees about the value of your virtual assets.
10.1. Weaknesses of cryptography and risk of use
You acknowledge and understand that cryptography is an evolving industry. Technological advancements, such as password cracking or the development of quantum computers, can introduce risks to cryptocurrencies and services on the blockchain, which could result in the theft or loss of your crypto tokens or assets.
Accordingly, the Company intends to update the core protocols of the Service to accommodate any cryptographic advancements and include additional security measures, but does not guarantee or otherwise represent the complete security of the system. By starting to use the Services, you fully accept such risks.
10.2. Volatility of virtual assets
You, the user, hereby accept that the valuation of any virtual asset is subject to a high degree of volatility due to its privacy, technology used, penetration of applications, extreme assumptions and projections. In addition, users fully understand that the transaction costs of using the technology are always changing, and this cost change directly affects the cost of any operation on the blockchain network. Therefore, the company does not make any guarantees or assume any obligations regarding transaction costs or changes in the value of virtual assets.
10.3. Application privacy
Some applications may intentionally collect your personal information for illegal purposes, in which case the company will not be held responsible. Therefore, the company is not responsible for any damage to you or others caused by the loss of wallet privacy due to the use or access to such applications.
Crypto Wallet may link to other web pages, sites and web browsers, depending on the functionality of the service used by the user. Cryptowallet has no control over such websites and therefore the Company cannot be held responsible for any problems related to the proper functioning of such third party websites. You agree that the Company does not endorse and is not responsible for any such content, advertising, products or other materials. You further agree that the Company shall not be liable, directly or indirectly, for any damage or loss incurred or likely to be incurred as a result of the use of such content, goods or services.
11.1. You acknowledge and agree that we have no control over, and no duty to take any action regarding:
11.1.1. failures, disruptions, errors, or delays in the processing of digital assets
11.1.2. the risk of failure of hardware, software, and Internet connections;
11.1.3. the risk of malicious software being introduced or found in the core software in the crypto wallet;
11.1.4. the risk that third parties may obtain unauthorized access to information stored within your wallet, including, but not limited to your wallet address, private key, and Secret Phrase; and
11.1.5.the risk of unknown vulnerabilities in or unanticipated changes to the Ethereum and Binance Smart Chain networks;
11.2. The company has no control over the service quality standards of third parties and We are not responsible for any Third Party Content contained in or accessed through our Services.
11.3. You, user, release the Company from all liability related to any losses, damages, or claims arising from:
11.3.1. user error such as forgotten passwords, incorrectly constructed transactions, or mistyped Digital Asset addresses;
11.3.2. server failure or data loss;
11.3.3. unauthorized access to the crypto wallet and mobile application;
11.3.4. bugs or other errors in the crypto wallet software and codification of the mobile application;
11.3.5. any unauthorized third party activities, including, but not limited to, the use of viruses, phishing, brute forcing, or other means of attack against the crypto wallet.
11.4. We make no representations concerning any Third Party Content contained in or accessed through our Services. Any other terms, conditions, warranties, or representations associated with such content, are solely between you and such organizations and/or individuals.
11.5. YOU, THE USER, HAVE NO RIGHT TO CLAIM ANY DAMAGES, LOSSES, INCOME OR COMPENSATION FROM THE COMPANY WITH RESPECT TO THE MATTERS SPECIFICALLY SET FORTH IN SECTION 11 OF THIS AGREEMENT AND THE REST OF THIS AGREEMENT. YOU HEREBY WARRANT THAT YOU WILL NOT HAVE ANY CLAIMS OR DEMANDS AGAINST THE COMPANY REGARDING THESE MATTERS.
12.1. The Company shall not be held liable for any causes, including act of civil or military authorities, act of terrorism, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, or any other occurrence which is beyond our reasonable control.
14.1. Users are responsible for complying with local laws when using the IH Wallet app. Taxation, withholding and reporting must be done within the framework of your local laws
14.2. The user acknowledges that the source of his/her funds is legitimate or not from illegal activities.
14.3. User acknowledges that the Company has the right to cooperate with law enforcement agencies of any country and support their investigations.
14.4. Any disputes arising between the company and customers shall be resolved in accordance with Mongolian law.