Frequently Asked Questions

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1. What is the Mission of the Warrantoken Project?

The mission of the Warrantoken project is to secure property rights for people worldwide.


2. What is Warrantoken software?

Warrantoken is a software protocol for automating and securing warranties, consisting of the Warrantoken smart contract, the WTK tokens, and the Warrantoken Mobile Application. Warrantoken aims to reduce the $400 Billion lost due to online fraud and $7.5 Trillion spent on customer service annually. For more information, please read the Technical Whitepaper


3. Who is building the Warrantoken software?

UNIVEC FOUNDATION, a Cayman Islands exempted company, is building the Warrantoken software. With employees, contractors, partners and advisors based around the world, the company focuses on business-grade technology solutions, including blockchain software development. For more information about UNIVEC FOUNDATION, please visit UNIVEC.FOUNDATION.


4. What are WTK tokens?

WTK tokens are ERC-20 compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-20 smart contract (the “WTK Tokens”).


5. What features, uses or attributes do WTK Tokens have? Can the WTK Tokens be used on a blockchain adopting the Warrantoken Software?

The WTK Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the Warrantoken Platform.


6. Was there any WTK Token pre-sale or ways to obtain WTK Tokens prior to the commencement of the WTK Token distribution?

No.


7. Why are Reward Tokens being reserved for UNIVEC FOUNDATION?

Reward tokens were allocated to UNIVEC FOUNDATION pursuant to feedback we receieved from the community in order to ensure that UNIVEC FOUNDATION has incentive to rapidly speed up the on-boarding process for new users, by providing valuable tokens as Rewards or Gratuities. The Reward tokens represent 50% of the aggregate WTK Token distribution.


8. How can I participate in the Warrantoken distribution?

To participate in the WTK Token distribution, you will need an Ethereum compatible wallet or an application where you and only you hold the private keys. Private keys are needed to correctly interact with smart contract functions, like transferring cryptographic tokens. Do not send ether (“ETH”) directly from cryptocurrency exchanges, only an ETH compatible wallet.


9. How can I see how much ETH has been contributed during a specific period of the WTK Token distribution?

The amount of ETH received during each current period will be displayed on the Warrantoken website.


10. Why can’t U.S. citizens, residents or entities purchase WTK Tokens?

It was decided that U.S. citizens, residents and entities should be excluded from purchasing WTK Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America. UNIVEC FOUNDATION does not believe that the distribution of WTK Tokens or the WTK Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The WTK Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase WTK Tokens.


11. Are WTK Tokens transferable?

While UNIVEC FOUNDATION will not be involved in any way in the transferability of the WTK Tokens, it is possible that WTK Tokens could be transferred on a peer-to-peer basis or on platforms operated by 3rd parties during the WTK Token distribution period. WTK Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the WTK Token distribution period which will occur on January 1, 2019.


12. Are there network fees when transferring WTK Tokens?

Yes, the WTK Token is an ERC-20 compatible token; therefore, transfers will be subject to ETH gas fees like all other transactions on the Ethereum network.


13. What happens if I can’t contribute ETH or don’t receive my WTK Tokens?

The WTK Token distribution contract, WTK Token smart contract and the WTK Tokens are being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by UNIVEC FOUNDATION. Prior to purchasing WTK Tokens, you should ensure that you carry out your own examination and investigation and carefully review in their entirety the risks associated with purchasing WTK Tokens as set forth in the Purchase Agreement. Purchases of WTK Tokens are non-refundable and purchases cannot be cancelled. Under no circumstances will you be entitled to receive money or compensation for any WTK Tokens purchased or your inability to purchase WTK Tokens.


14. Where do the proceeds from the WTK Token distribution go?

Proceeds from the WTK Token distribution will be the revenue of UNIVEC FOUNDATION.


15. What does UNIVEC FOUNDATION plan to use proceeds from the WTK Token distribution for?

As a private company, proceeds of the WTK Token distribution will be utilized by UNIVEC FOUNDATION in its sole discretion. UNIVEC FOUNDATION intends to use certain of the proceeds for general administration and operating expenses, as well as for business development.



Disclaimer
UNIVEC FOUNDATION is a software company and is producing the Warrantoken software as free, open source software. This software may enable those who deploy it to track, manage, transfer, and view item and warranty information. UNIVEC FOUNDATION does not guarantee such features or that the Warrantoken software will be adopted and deployed in any way. All statements in this document, other than statements of historical facts, including any statements regarding UNIVEC FOUNDATION’s business strategy, plans, prospects, developments and objectives are forward looking statements. These statements are only predictions and reflect UNIVEC FOUNDATION’s current beliefs and expectations with respect to future events and are based on assumptions and are subject to risk, uncertainties and change at any time. We operate in a rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you are cautioned not to rely on these forward-looking statements. Actual results, performance or events may differ materially from those contained in the forward-looking statements. Some of the factors that could cause actual results, performance or events to differ materially from the forward-looking statements contained herein include, without limitation: market volatility; continued availability of capital, financing and personnel; product acceptance; the commercial success of any new products or technologies; competition; government regulation and laws; and general economic, market or business conditions. Any forward-looking statement made by UNIVEC FOUNDATION speaks only as of the date on which it is made and UNIVEC FOUNDATION is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

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