SilentVault User Agreement

1. Introduction:

This agreement sets out the terms and conditions under which the user is able to use the SilentVault technology and services provided by SilentVault through our web site, wallet software, and payment system. Since we would prefer that you actually read, understand, and agree with the terms set forth here, we've tried to be clear, use simple language, and include some humour now and then. You'll know that our enterprise has been taken over by a giant conglomerate when the lawyers replace this agreement with something unreadable and ask you to pretend to have read it by clicking "acknowledge" on the screen.

2. Definitions:

Agreement is the terms and conditions specified in this document.

Asset refers to a class of item which has value to users. Assets represented in the SilentVault system are issued by issuers through the services of Voucher-Safe voucher publishers. Assets are represented in our system by vouchers. The actual assets are held by the issuers who issue vouchers to represent those assets. Assets are not transferred within the SilentVault system; only vouchers representing assets are transferred.

Bitcoin is a type of crypto-currency or mathematics-generated currency originally developed by Satoshi.

Blockchain is a mathematical ledger related to bitcoin and other types of crypto-currencies based on similar mathematics.

Exchange means the exchange of one type of issued asset for another type of issued asset.

IP address or Internet Protocol address is a system of identifying the computer system to which information, such as web pages, is served.

Issuer means a Voucher-Safe asset issuer complying with the requirements of the Voucher-Safe system and issuing assets represented in the SilentVault wallet technology.

Litecoin is a type of crypto-currency or mathematics generated currency based on a model originally developed by Satoshi.

P2P refers to person-to-person or peer-to-peer. It is distinct from client-server and other hierarchical models.

Payment means the transfer of some amount of an issued asset from one user to another.

Publisher means a Voucher-Safe voucher publisher.

PxGold is an asset-based gold currency based on the Pecunix technology.

Silent Bitcoin (SBC) is a currency issued by the Silent Bitcoin Trust. Use of the Silent Bitcoin currency involves terms of service from the Silent Bitcoin Trust.

Silent Litecoin is a currency issued by the Silent Litecoin Trust. Use of the Silent Litecoin currency involves terms of service from the Silent Litecoin Trust.

Silent Silver is a currency issued by the Silent Silver Trust. Use of the Silent Silver currency involves terms of service from the Silent Silver Trust.

SilentVault: For purposes of this agreement, SilentVault is our team members as a group, our systems, and our services.

SilentVault technology or "the technology" indicated in this agreement includes our web site and wallet software. SilentVault is the provider of the user client, network access gateways and the first SilentVault Exchange (SVX).

Spark is an open source Jabber client which supports a plugin architecture and is written in Java. SilentVault has developed a web app and a Spark plugin. The Spark plugin provides for the opportunity of built-in text chat with off-the-record technology.

Token: For purposes of this agreement, a token is a voucher-publisher-issued item which is used in the SilentVault system to pay for transfers, receipts, and other operations of the technology.

User: For purpose of this agreement, "the user" is any individual, company, agency, entity, partnership, or operator of at least one SilentVault wallet, any other software offered by SilentVault, or any logged-in user of our web site content. A user is indicated as a single operator, whether operating multiple wallets, acting in concert with other individuals, acting as a business enterprise, or acting in any other way. Where more than one user is indicated, the term "users" is shown in this agreement, and applies to each individual user. For purposes of conveying our terms in the English language we use the generic "his" to refer to the actions and property of a particular user, of whatever gender or gender-identity.

Voucher: For the purposes of this agreement, a voucher is a digital bearer certificate representing a quantity of an asset held by an Issuer.

Voucher-Safe refers to a technology for the publication and untraceable person-to-person circulation of issued assets or the digital representation of assets.

Wallet or SilentVault wallet is a user-operated application containing information about the user's holdings of assets. The application includes the ability to transfer assets to other users on a peer to peer or person to person basis. The application also includes an embedded exchange system with the ability to make transfer via escrow. The application includes hooks and scars for an agora or marketplace system with the ability to buy and sell products, services, and assets.

Wallet login refers to the process of identifying the user's ownership of a particular wallet by signifying knowledge of a user account, its long phrase, and its pass phrase.

Web site login refers to the SilentVault.com web site user system which permits registered users to post comments on our blogs and make other use of our web site while logged in.

3. Declarations:

The SilentVault technology contains limitations that are designed into the technology. These limitations prevent the SilentVault team from having various kinds of specific knowledge.

We cannot tell who holds which wallet.

We cannot tell what assets are in each wallet.

We cannot prevent particular transactions from taking place, for any reason.

We cannot report on transactions in any way.

We have no way of discovering the identities, addresses, IP addresses, age, gender, religious preference, political preference, skin colour, fingerprints, nor photographic likenesses of any of our customers through our technology.

We have no way to report on the identities, activities, and users of our technology.

SilentVault disavows any obligation to any user to collect information from that user relating to identity, physical or virtual address, IP addresses used, age, gender, religious preference, political preference, skin colour, fingerprints, photographic likeness, tracking of transactions, tracking of assets, filing reports of any sort with any other entity or enterprise, or preventing transactions within our technology. We do not agree to keep track of the assets in your wallet, we do not agree to keep track of your identity, we do not agree to keep track of your use of our technology, we do not agree to report to anyone on any of these things.

If you feel that you are better served by a system which gathers "know your customer" and "anti-money laundering" information from its users, you would do well to find such a system and make use of its technologies, instead. We do not warrant, nor do we guarantee, any aspect of our technology for the purpose of gathering information on our users, for the purpose of reporting on users, for the purpose of tracking user assets, for the purpose of gathering tax information, nor for any other secondary or ancillary use of our technology to serve entities other than our users.

Our technology does allow the person logged into a particular wallet to receive, pay, exchange, offer, and accept vouchers for assets issued by various voucher issuers. Our technology does allow the person logged into a particular wallet to track their own assets with receipts and transaction records. We therefore strongly encourage users to keep their wallet login account particulars private.

We do not agree to limit the communications of our users in any way. If you choose to disclose to other people how you use your assets, how much of which types of assets you have, and otherwise indicate your use of income or wealth, you may create regulatory and tax liabilities for yourself outside of our control. Although we always very strongly encourage our users to use encryption for all communications under all
circumstances, we understand that we cannot compel our users to utilize encryption in any context beyond our control.

We do provide encrypted connections for the entering of login information when using our wallet technologies.

4. General terms and conditions:

The SilentVault technology is an information exchange system based on Voucher-Safe, Internet, and computer technology. It provides a platform that electronically facilitates trade, exchange, and commerce among and between users.

The user understands and declares his understanding that SilentVault is a technology provider. SilentVault is not the user of every wallet within our system and therefore has no ability to compel transactions by any wallet user. SilentVault does not have access to the login particulars of user wallets. We are therefore unable to assure users as to the individual integrity, account balances, or other information of other users.

SilentVault technology provides an escrow service within our exchange system for asset exchanges. We guarantee the escrow operation of all exchanges which are provided through our escrow service. We do not provide any guarantee for any transaction that is not exchanged within our escrow service.

The user declares his understanding that SilentVault is not a billing agent, accounting service, tax collector, information reporter, publisher of user account information, nor economic transaction regulator. We do not have the ability to compel any user to do things you expect of them. Your use of our technology to receive and make payments, offer and accept exchanges, buy or sell, or do any other asset-related operation, is at your own risk. We agree to provide the best technology possible; we make no guarantees about the people with whom you exchange and trade. If you have a problem with the fulfilment of an agreement by another user to provide goods, services, or assets in exchange for payments you make to that user, you should contact that user in particular.

User acknowledges his understanding that SilentVault is not party to agreements and dealings between users. We do not agree to mediate disputes among users. We do not have any power to arbitrate among users. We have no power to enforce judgements against users issued by courts, whether or not the courts are of competent jurisdiction.

User acknowledges that SilentVault will not be liable in any way to user for any activities or transactions between users nor any losses suffered by any user as a result of such activities.

User agrees that SilentVault is not an interested party in any dispute between or among users of the SilentVault technology.

SilentVault is not a bank. SilentVault does not agree to engage in banking operations in any jurisdiction. SilentVault does not provide banking services. SilentVault is not subject to any type of banking regulations, is not subject to any oversight bodies, in any jurisdiction. If you are looking for banking services, we strongly suggest you look elsewhere.

User holds title to the assets in his respective SilentVault wallet or wallets. User retains all rights and privileges over this balance.

User uses his wallet and interacts with other individuals in the world on his own and at his own risk.

SilentVault provides the SilentVault technology on a best efforts basis, where is, and as is.

SilentVault is not the issuer of vouchers for any assets. SilentVault is not the voucher publisher for the Voucher-Safe system. SilentVault works with the Voucher-Safe technology, and we have agreed to make the published asset vouchers of various issuers available on our system. We are happy to introduce the owners of assets and those desiring to operate a future issuer enterprise to the voucher publisher for the Voucher-Safe system.

As discussed in the definitions, Silent Bitcoin, Silent Litecoin, and Silent Silver are issued by their respective trusts. Each issuer has their own terms of service.

SilentVault is a technology operator. We may choose to add the vouchers issued by other issuers, or to accept the published assets of other issuers through our wallet technology.

SilentVault makes available for payers, receivers, and exchangers the vouchers issued by what we regard as suitable and trustworthy voucher issuers. It is our understanding that vouchers issued by the Silent Bitcoin Trust are at all times redeemable for Bitcoin held in one or more wallets owned by that trust. It is our understanding that vouchers issued by Silent Litecoin Trust are at all times redeemable for Litecoin held by that trust. It is our understanding that vouchers issued by Silent Silver Trust are convertible to silver bullion or silver specie on demand through that trust. These understandings are based on representations made to SilentVault by those respective enterprises.

SilentVault makes no representation about the usefulness of Bitcoin, Litecoin, or other currencies, including fiat currencies such as the EU euro and USA dollar, for any purpose. Currencies have exchange rates that fluctuate according to market and political conditions beyond our control. We do not warrant any currency as to its fitness for any use.

User agrees to keep user's wallet login details private, secure, and confidential at all times, and further agrees that the protection of these login details are his sole responsibility. SilentVault is not liable for any loss in the event of the loss or misuse of the user's login details. Assets held in a wallet which cannot be accessed by any user are not recoverable.

IF YOU LOSE YOUR WALLET LOGIN AND YOUR LOGIN RECOVERY DATA, YOUR ASSETS ARE NOT ACCESSIBLE TO YOU. WHETHER OR NOT YOU HAVE ACCESS TO YOUR WALLET, THE ASSETS IN YOUR WALLET ARE NEVER ACCESSIBLE TO US. WE CANNOT GIVE YOU WHAT WE DO NOT HAVE. WE CANNOT RESTORE TO YOU ASSETS WHICH YOU LOST THROUGH YOUR ACTIONS OR INACTION. WE CANNOT ESCHEAT PROPERTY LOST OR ABANDONED IN THIS WAY TO ANY OTHER PARTY BECAUSE WE HAVE NO ACCESS TO THE ASSETS.

If you are not comfortable with a system of irrevocable asset transfer, where your account is your responsibility, and where there is no way for the technology developers to seize your assets on the part of governments, third parties, court order holders, nor on your behalf, you might not be comfortable with our system. We provide the SilentVault technology where is, as is, without warranty, without guarantee of its fitness for any purpose. If you choose to use our technology, you do so at your own risk.

User agrees not to attempt to tamper with, modify, nor gain unauthorised access to the technology of SilentVault, its web site, and the wallets of other users. Users who engage in such actions are liable for any damages which result from the actions described. User understands that SilentVault may take actions as it deems fit to limit the ability of persons violating this portion of the agreement from gaining access to the assets of other users.

5. Representations of SilentVault

SilentVault has created a technology that allows users to make and receive payments in currencies issued by issuers and published by publishers. Our technology is based upon and uses the Voucher-Safe technology. We have also created a technology to make exchanges between and among users, including with an escrow service. We are also developing a technology upgrade to allow for the establishment of one or more agoras or market places for users to buy and sell anything.

SilentVault is not an issuer of currencies. SilentVault is not an asset holder issuing vouchers that are redeemable for assets. SilentVault is not a voucher publisher. SilentVault is a technology developer that has developed a wallet technology.

The SilentVault technology uses tokens to pay for asset transfers. There is no fee for creating a SilentVault wallet. There are costs for tokens which are collected automatically once the user adds vouchers representing assets to his wallet. These token quantity costs are set by the Voucher Publisher. SilentVault therefore has no control over these token rates, which at present are set as follows:

To receive a voucher payment costs four (4) tokens. To store a receipt costs one (1) token. To store a pending payment (which allows for reclaiming payments after the specified time has elapsed) costs one (1) token. To make a payment costs twelve (12) tokens. To revalidate a single voucher costs four (4) tokens. To manually split or merge vouchers costs twelve (12) tokens. Reclaiming an expired payment costs zero (0) tokens. Renewing an expired voucher (where the issuer terms of service permit) costs zero (0) tokens. Closing out a wallet costs twenty-five (25) tokens.

Making a payment requires storing a pending payment, so that you can reclaim the payment if the intended recipient fails to pick it up, so sending a voucher to another user costs a total of 12 +1 = 13 (thirteen) tokens.

Receiving a payment sends a receipt back to the payer, and, unless the user manually over-rides the option, also stores a receipt copy for the recipient, too. Therefore receiving the payment involves 4 + 1 + 1 = 6 (six) tokens.

However, there is an exception to this rule: if it is the first voucher of that asset type seen by the wallet, the cost will be 2 tokens because the 4 tokens for receiving a voucher payment is waived.

Note that within our technology, picking up a payment is functionally similar to revalidating a voucher. The old voucher, whose serial number was known to both payer and payee, is replaced by a new voucher of exactly equivalent amount with a fresh serial number known only to the recipient.

The payer would need to store the receipt from the recipient, thus bringing the total cost of a given payment to 14 tokens, provided that the recipient actually accepts and picks up the payment and provided the payer picks up the receipt within seven (7) days and stores it. A user can, of course, refuse to accept a payment. A user can, of course, set their wallet to refuse to pick up and store receipts.

Storing receipts is the default choice. However, by selecting "manual housekeeping" in the user preferences settings and then discarding the receipt when it is sent to the user, storing receipts can be avoided. Stored receipts can be downloaded to the user's local disk. They can also be deleted individually or purged categorically. Deleted receipts cannot be recovered or restored.

There is a special case where a payment would only cost four (4) tokens (the same as a revalidation of a voucher) if, and only if, the amount of the payment is exactly equal to the value of the voucher, so that there is no change back. Otherwise, an implicit split/merge action is performed, so the cost becomes 12 tokens.

The value of a token is set by each individual voucher Issuer. For example, the cost per token set by the issuer of PxGold is 0.0005 grams of gold (GAU) per token. For purposes of comparison only, we note that in August 2014 the exchange rate of a gram of gold to a USA dollar was $41.60 for a time, so the cost of a token purchased with PxGold was 0.0005x41.6 = 0.0208 or about two cents. The published cost per token set by the issuer of Silent Bitcoin is 0.0001 bitcoin. Again, for purposes of comparison only, we note that in August 2014 the exchange rate of a bitcoin was $589.30 for a time, so the cost of a token purchased with Silent Bitcoin was 0.0001x$589.30 = 0.0589 or about 6 cents. We currently publish the fee schedules given to us by various voucher Issuers at our web site at https://silentvault.com/tiki-index.php in the horizontal menu at the top of the page under the item "Assets."

Tokens never expire, no matter what happens to the exchange rates set by Issuers for tokens purchased with their assets. Old tokens continue to work until they are used.

Tokens are automatically bought by the system when a voucher from a new asset type is first seen by the wallet client, or whenever the number of tokens of that asset type is insufficient to pay for any operation performed by the user.. The amount of the lot size of tokens purchased can be manually set by the user. The default setting is 50 tokens. This auto-purchase feature is necessary so that receipts can be stored.

It is due to this feature that lower limits on order sizes exist. For example, currently, Silent Bitcoin requires a minimum purchase of 0.01 bitcoin and a minimum redemption of 0.02 bitcoin. If you attempt to purchase a fraction of an asset so small that the SilentVault wallet cannot auto-purchase tokens needed to send the SVX exchange a receipt, the exchange attempt will fail.

SilentVault technology uses various tools, servers, and systems, to attempt to make available access to user wallets for users on a 24 hour a day, 7 days a week, 52 weeks a year basis. Where we are able to control the tools and technologies in operation, we do, on a best efforts basis, provide access as often as possible.

We do not control the Internet, nor do we control your ability to access the Internet. Your ability to access your wallet and the assets in your wallet may be limited by third parties, including your Internet service provider, including government agencies. Where we are or become aware of impediments to user access, we will, on a best efforts basis, make available information about potential work-arounds and circumventions to interference with your ability to access your account.

It is our understanding that the issuer of Silent Bitcoin owns and operates various wallet IDs for Bitcoin. We are informed that they seek to use best practices for bitcoin (BTC) merchants with a unique bitcoin hash generated for each customer order. The user signals when they believe (or allege) they have completed the bitcoin spend to this SilentVault wallet address. This signal triggers a check for a spend to that hash having 6 (six) confirmations made at roughly ten-minute intervals. We expect it takes approximately one (1) hour to establish these 6 blocks on the relevant block chain. If the amount of bitcoin actually received changes, the order size is adjusted up or down to correspond to what is received. Silent Bitcoin (SBC) is issued to the user, less tokens deducted as indicated above, on a one-to-one basis for the BTC actually received.

When the confirmations are sufficient, the SilentVault system generates a voucher spend for the matching amount in SBC to the user's SV wallet ID. The user will have seven (7) days to pick up their voucher. If they fail to do so, the bitcoin will be returned to the refund wallet hash they entered while placing the order. We do not have any control over what wallet hash was indicated by the user to receive the refund, and cannot validate that it belongs to the owner of the SilentVault wallet.

When a user wants to exit from Silent Bitcoin (SBC) into bitcoin, he makes a payment of SBC and indicates the intended destination bitcoin wallet. This transaction takes place after the voucher spend which de-circulates the SBC from the user wallet. The SBC voucher involved is destroyed and not replaced when spent back to the Issuer. The customer would need to wait to see at least one (1) confirmation before they could spend that bitcoin to another user of bitcoin.

As of August 2014, the published fees for purchasing or redeeming bitcoin into the Silent Bitcoin system are 0.0%. So a user with 0.022 bitcoin should be able to experiment with the system by purchasing 0.022 Silent Bitcoin and redeeming it - with the understanding that tokens will be auto-purchased to cover the cost of relevant receipts in the system.

We have a similar understanding for the procedures with Silent Litecoin.

SilentVault cannot sell, rent, nor make available any user data to any third party without the user disclosing that information to SilentVault independently. We do not have any information about users other than what they communicate to us in e-mails or other written disclosures of their own choosing, so we cannot make information available that we do not have.

SilentVault cannot monitor traffic nor write log files that contain personal data, including Internet Protocol or IP addresses.

SilentVault cannot monitor traffic usage, even for accounting purposes.

SilentVault does not collect user identity information and related data in any way.

SilentVault will not pass any user data provided by a user directly to SilentVault unless legally compelled to do so, by a binding court order from a court of competent jurisdiction.

6. Operations:

SilentVault has established suitable parties to fulfil the roles of: custodian, repository, technical maintenance, customer support, and technical development.

SilentVault does not publish activity statistics, details of overall assets, nor other information on its technology.

SilentVault is based upon technology from Voucher-Safe. The wallet technology for Voucher-Safe is open source. The source for the SilentVault wallet clients is also published, and may be downloaded from our website.

SilentVault has developed an application which can be operated from a laptop or other device equipped with web access and a suitable supported version of the Java runtime environment (JRE or JDK). SilentVault has also developed a version of its wallet which is a "plugin" for Spark, which can be operated from various computer devices. Since Spark is a Jabber client, users of the Spark-based wallet can use text chat (with "off-the-record" if they prefer) while making and receiving payments or exchanges.

7. Payments:

The user can make payments to or receive payments from any other user wallet.

Users have access to their wallets through the on-line interface which involves Page Kite gateways and other technology. Users can use their wallets to make or receive payments, view account transactions, delete records of transactions, make exchange offers, accept exchange offers, search for exchange offers, use the escrow system to complete exchange transactions, and, at a date to be provided in the future, buy and sell goods and services through the market places or agoras to be provided.

User agrees that all payments initiated by the user and completed through the SilentVault system are final and irrevocable. Payments will automatically generate deductions from the payment-originating account and additions to the payment-receiving account, using the voucher system.

Users who wish to do so may set a time limit for the payment transaction to be accepted by the payment-receiving account, after which time, if the payment is not accepted, the payment-originating account would receive a refund of the transacted amount (less vouchers expended, if any).

User acknowledges that any payments he initiates from his wallet are his sole responsibility. User is responsible to set up the payment particulars, identify the correct wallet to which the payment is to be sent, and identify the time limit for the recipient to accept the payment. SilentVault has no ability to reverse or interfere with payments, even if the user incorrectly makes the payment, or makes the payment correctly to the wrong user wallet, or in some other way makes an error of judgement or operation.

Payments can be made in any amount and in any published asset, to the limits of the decimal places available in the wallet. The granularity is currently 0.0001 units of the issued assets. That would be 0.0001 GAU, USD, BTC, etc. For bitcoin at recent prices that would be a granularity of about 6 cents. As a result of this granularity limitation, tokens cannot ever cost less than 0.0001 units of an issued currency.

The value of payments in other currencies, including in the national or fiat currencies of various nations, is dependent on market forces and political risk factors, typically reflected in the exchange rates available on web sites and by exchange service operators. SilentVault has no control over exchange rates of any currencies, including of the currencies issued by SilentVault.

Payments can only be completed if the vouchers representing assets in your wallet are greater or equal to the amount of the payment you are making, and if you have sufficient tokens to complete the transaction. If you have insufficient tokens, the system automatically provides for token purchases from assets in your wallet. You can set the number of tokens auto-purchased at any one time in the user preferences section of your wallet.

8. Indemnification:

SilentVault makes every effort to ensure that the SilentVault technology and access to the users wallets by the respective users is available all day, every day, SilentVault makes no representation that the user will be able to access our technology at any particular time. User agrees that SilentVault will not be held liable for nor responsible for any loss or damage, whether direct or indirect, that may result from the use, operation, or performance of the SilentVault technology, other than as a direct result of the deliberate or negligent acts or omissions of SilentVault.

User agrees to indemnify and hold harmless SilentVault and its appointees, directors, affiliates, officers, employees, team members, franchisees, agents, heirs, and assigns from and against any and all claims, losses, liabilities, damages, costs, and expenses, including legal fees, court costs, fines, and levies, arising out of or related to breach of the terms and conditions contained in this agreement, or from the use of the SilentVault technology by the user.

User agrees that SilentVault shall under no circumstances be liable to user for any damages of whatever nature, kind, or description in any location in the universe, except for any loss caused by wilful misconduct of SilentVault. This indemnification shall be binding upon user and user's administrators, executors, heirs, successors, and permitted assigns.

9. Confidentiality:

SilentVault recognises the user's right to confidentiality and privacy. The SilentVault technology is designed with confidentiality and privacy built in.

User does not have any obligation to impose legal obligations on SilentVault including obligations relating to international agreements by various national governments and other entities relating to "know your customer," "anti-money-laundering," and other infringements on privacy and confidentiality. User agrees not to impose any such obligations upon SilentVault, nor to seek the imposition of such obligations by third parties for any reason.

User may at user's choice disclose information to SilentVault team members, including customer service members, relating to user, user's contact particulars, user's attempts to make or receive payments, user's experiences with other users, user's concerns, or any other information, through the contact information provided on our web site, through e-mail, in chat rooms or in private chats with customer support, and by other means as they become available. User agrees and understands that, notwithstanding extensive efforts to safeguard the confidentiality and privacy of the user, including through the use of e-mail encryption, SilentVault may be ordered by a court of competent jurisdiction to disclose information it has been provided by the user. Unless ordered to do so by a court of competent jurisdiction, SilentVault will not make any such disclosure without the express written consent of the user.

User agrees that SilentVault monitors the systems, tools, and technologies involved in making its technology available to user in order to keep it functioning to the best of SilentVault's ability.

10. Third Party links:

On our web site, in its blogs, and in various other locations, we sometimes provide links to other web sites which we believe may have topical information or may be useful to users in some way. We do so solely for the convenience of ourselves and users unless otherwise indicated.

User agrees that such convenience-motivated links to third party web sites or other information about third parties are not recommendations, endorsements, or encouragements to the user to follow such links. User understands that any links which do imply endorsement or recommendation will be clearly indicated as such. User agrees that following links on our web site to third party sites is at the user's own risk.

User agrees that SilentVault is not a party to agreements it is not a party to, including agreements amongst and between users, between the user and third parties, and that therefore, SilentVault cannot be held liable for losses or damages that may arise from such agreements, nor form any sort of intermediary between the user and other parties. User understands that user enters into agreements with other parties at user's own risk.

11. Franchising:

User acknowledges that franchise operations working with SilentVault to provide any part of any of our issued currencies do so as independent operations, not as part of the SilentVault technology and system. Therefore, SilentVault can not be responsible for losses or damages that result from interactions between users and franchisees.

User acknowledges that franchise operators may be obliged to adhere to laws and regulations in given jurisdictions, especially if they are store-front operations, and that, as a result, may have different terms, conditions, rules, and limitations, including "know your customer" and "anti-money-laundering" requirements to obey. User agrees that if user works with a franchise operator, user may be bound to a separate agreement with that franchise operator.

At all times, the performance and success of franchise operators are of interest to SilentVault, and we are interested in hearing from users about the successes and failures of franchise activities. If a franchise operator fails you in some particular, please do let us know. Depending on the political risks and current contractual obligations under which that franchise operator is conducting business, we may be able to help on a best efforts basis.

12. Outages and Force Majeur:

We live in strange times in a weird world. Entities of all kinds exercise various types of power which may interfere with our ability to provide services to you. We do our best to avoid being subject to arbitrary power, and so should you, but not every effort is successful.

User agrees not to hold SilentVault responsible for any damages, delays, failures in transmissions, or losses resulting from situations or circumstances beyond the control of SilentVault, including but not limited to, acts of God and of nature, acts of terrorism, civil disobedience, lockouts, riots, social or economic upheaval, strikes, wars, acts of governments, acts of agents of government operating beyond or within the scope of their authority, or any breakdown in normal communications or utilities infrastructure services or any other cause beyond the reasonable control of SilentVault and to indemnify and hold harmless SilentVault and its appointees, directors, officers, staff, employees, franchisees, agents, heirs, and assigns against any such losses or damages.

13. Fees:

SilentVault and the Voucher-Safe technologies charge fees. The token fees are outlined above in section 5. Token fees are collected automatically. Tokens may be purchased with any of the published assets you hold in your wallet.

Our escrow service fee is currently 1% of the exchanged vouchers.

Fees that are charged by voucher Issuers are provided to us by agreement with the Issuers and published on our site under "assets."

It is the case in August 2014 that fees are not charged for converting Silent Bitcoin to and from Bitcoin, nor for converting Silent Litecoin to and from Litecoin, but it is possible that the fee schedule will change in the future. There is a fee for converting Silent Silver to and from Bitcoin, as published on our site.

SilentVault does not charge storage fees.

SilentVault does not make any warranties nor any representations about exchange rate risks. Bitcoin, Silent Bitcoin, Litecoin, Silent Litecoin, and Silent Silver may be subject to legal, political, and economic risks and their exchange rates will change without notice according to market preferences beyond our control.

SilentVault does not have any way of contacting its users without first being contacted by a user. Therefore we do not charge any fees through postal mail nor through e-mail. If you receive any notification in e-mail or by postal mail indicating that you owe "SilentVault" a fee, you are receiving a scam message which you should ignore. We won't bill you, so if you receive a bill purporting to be from us, don't pay it.

14. Account access recovery:

When you sign up with SilentVault to create a new wallet, you are provided with the login particulars for your wallet. You choose and are also provided one time, on screen, with a copy of account recovery security information. If you lose or forget your wallet's login details, you should be able to recover new login information using the recovery information. If you lose both your wallet's login details and the recovery information, your wallet is not recoverable.

User agrees that SilentVault has no capability to lock user accounts, change user login particulars, or recover access to an account without either the login details or the recovery information. SilentVault will not make any attempt to lock user accounts, change user login particulars, or seize assets in a wallet for anyone, for any reason. We are not in the business of taking your property, assigning it to regulatory or tax authorities, or fixing problems beyond the scope of our technology.

There is one possible way that a wallet becomes invalid: if the owning user closes it. In order to do this, the wallet must either be empty of vouchers and tokens, or contain vouchers/tokens of only one asset type. A successor wallet is created, and all value is transferred to it. The fee for this is 25 tokens, and after it's done, the old wallet's public key goes on a "certificate revocation list." This approach means that while the owner can still log into it (to examine old receipts, for example), it can no longer be used to receive voucher payments.

We use this system to prevent a "dead wallet spend," which is an Achilles heel of bitcoin. Of course an abandoned wallet also will not pick up a payment, which means it becomes reclaimable after at most 7 days. But an attempt to spend to a closed wallet will fail immediately, owing to its public key being withdrawn from the public key server.

SilentVault urges all users to learn and use encryption for their e-mails. SilentVault team members use Open PGP encryption. Our public keys are available upon request.

DO NOT SEND US YOUR LOGIN DETAILS. WE WON'T LOG INTO YOUR WALLET FOR ANY REASON.

Unless a user sends the login details or account recovery details for their account to a SilentVault team member, we cannot log into that account. We don't want to log into any user wallet, ever. User agrees not to send user's login details to SilentVault team members under any circumstances.

15. Licensing of Published Source Code:

All SilentVault client source code which runs on a user's computing device is published on the SilentVault.com website, or can be obtained via links posted on our website. All such published source code authored by us is licensed under the Apache License, version 2.0 which can be obtained from the Apache Software Foundation.

16. Arbitration:

Any controversy or claim arising under this agreement or arising as a result of a dispute between SilentVault and one or more user(s) shall be discussed among the parties to the dispute, shall be referred to competent mediator(s) as mutually agreed, and may be referred to an arbitrator appointed by mutual consent of the parties.

17. Waiver:

Failure to exercise or delay in exercising any right, power, or remedy hereunder by SilentVault shall not operate as a waiver of that right, power, or remedy, nor shall any single or partial exercise of any right, power, or remedy of SilentVault hereunder preclude any other or future exercise thereof or the exercise of any other right, power, or remedy.

18. Assignment:

The provisions of this agreement shall be continuous and shall inure to the benefit of SilentVault, its successors and assigns, and shall be binding upon user and or the estate, personal representatives, administrators, agents, and successors of user.

SilentVault may assign its rights and delegate its duties as to any or all aspects of this agreement. User shall not delegate any obligations hereunder without the prior written consent of a duly authorised officer of SilentVault signed by the officer's Open PGP private key and counter-signed by at least one other duly authorised officer of SilentVault by Open PGP key. Any attempt at such delegation without such consent shall be void.

19. Jurisdiction:

Members of the SilentVault team are users of the SilentVault technology and, as such, are functionally anonymous. SilentVault has made no attempt to collect the identity and location particulars of any users.

Notices of actions against SilentVault may be sent by e-mail to relevant members of the SilentVault team. User agrees that SilentVault team members are under no obligation to disclose their location, identities, or other particulars.

20. Severability:

In the event that any provision(s) of this agreement are determined by an arbitrator appointed by mutual consent of the parties of this agreement, or by a court of competent jurisdiction to be unenforceable, such provision(s) shall not be enforced in that particular jurisdiction, while the remainder of the agreement shall remain binding upon the parties as if such provision was not contained therein. The enforcement of such provision(s) shall otherwise remain unaffected and be enforceable in all other jurisdictions.

21: Entirety:

This agreement is the complete, entire, and whole agreement between user and SilentVault and is intended as a complete and exclusive statement of the terms of the agreement. This agreement supersedes all other communications between the parties. This agreement may not be modified by third parties through the establishment of regulations, nor through the passage of laws, under any circumstances. User agrees to abide by the terms of this agreement notwithstanding user living in a jurisdiction that prohibits entering into this agreement. This agreement may be amended only upon execution of a subsequent agreement or upon user's failure to object within 10 days to modifications to this user agreement posted to the SilentVault web site. This agreement cannot be modified by third party seizure of the SilentVault.com web site.