For Open Community Review and Is Subject To Change
PLEASE READ THE ENTIRETY OF THIS "LEGAL DISCLAIMER" SECTION CAREFULLY. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER THE COMPANY, ANY OF THE PROJECT TEAM MEMBERS (THE PARROTFISH TEAM) WHO HAVE WORKED ON THE PARROTFISH ECOSYSTEM (AS DEFINED HEREIN) OR PROJECT TO DEVELOP PARROTFISH IN ANY WAY WHATSOEVER, ANY DISTRIBUTOR/VENDOR OF PARFI TOKENS (THE DISTRIBUTOR), NOR ANY SERVICE PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THIS WHITEPAPER, THE WEBSITE AT PARROTFISH.NGO (THE WEBSITE) OR ANY OTHER MATERIALS PUBLISHED BY THE COMPANY.
PROJECT PURPOSE
You agree that you are acquiring PARFI to participate in the ParrotFish ecosystem and to obtain services on the ecosystem thereon. The Company, the Distributor and their respective affiliates would develop and contribute to the underlying source code for the ParrotFish ecosystem. The Company is acting solely as an arms' length third party in relation to the PARFI distribution, and not in the capacity as a financial advisor or fiduciary of any person with regard to the distribution of PARFI.
NATURE OF THE WHITEPAPER
The Whitepaper and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, or any offer to sell any product, item, or asset (whether digital or otherwise). The information herein may not be exhaustive and does not imply any element of a contractual relationship. There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information.
TOKEN UTILITY
The native cryptographically-secure fungible protocol token of the ParrotFish ecosystem (ticker symbol PARFI) is a transferable representation of attributed utility functions specified in the protocol/code of the ParrotFish ecosystem, and which is designed to be used solely as an interoperable utility token thereon.
PARFI is a functional multi-utility token which will be used as the medium of exchange between supporters of the ParrotFish ecosystem in a decentralized manner. The goal of introducing PARFI is to provide a convenient and secure mode of donation and settlement between participants who interact within the ecosystem on the ParrotFish platform, specifically focused on ocean cleanup initiatives.
TOKEN DISTRIBUTION AND ALLOCATION
The total supply of PARFI tokens will be distributed as follows:
- 70% Liquidity Pool
- 21% Donations
- 6% Team & Marketing
- 3% Community
DEEMED REPRESENTATIONS AND WARRANTIES
By accessing the Whitepaper or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, the Distributor, their respective affiliates, and the ParrotFish team as follows:
(A) in any decision to acquire any PARF, you have not relied on and shall not rely on any statement set out in the Whitepaper or the Website;
(B) you will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you;
(C) you acknowledge, understand and agree that PARF may have no value, there is no guarantee or representation of value or liquidity for PARF, and PARF is not an investment product nor is it intended for any speculative investment whatsoever;
(D) none of the Company, the Distributor, their respective affiliates, and/or the ParrotFish team shall be responsible for or liable for the value of PARFI, the transferability and/or liquidity of PARF and/or the availability of any market for PARF through third parties or otherwise.
PARF TOKEN CHARACTERISTICS
PARF tokens are designed to be utilized within the ecosystem, and specifically:
(A) does not have any tangible or physical manifestation, and does not have any intrinsic value;
(B) is non-refundable and cannot be exchanged for cash or any payment obligation by the Company;
(C) does not represent or confer any ownership rights, shares, stakes, or equivalent rights;
(D) is not intended to be a security, commodity, bond, or investment instrument of any kind;
(E) is not a loan and is not intended to represent any debt instrument;
(F) does not provide the token holder with any ownership or other interest in the Company.
RISK FACTORS
The ParrotFish ecosystem is currently in the initial development stages and there are a variety of unforeseeable risks. You acknowledge and agree that there are numerous risks associated with acquiring PARFI, holding PARFI, and using PARFI for participation in the ParrotFish ecosystem. In the worst scenario, this could lead to the loss of all or part of PARF held. IF YOU DECIDE TO ACQUIRE PARF OR PARTICIPATE IN THE PARROTFISH ECOSYSTEM, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS:
UNCERTAIN REGULATIONS AND ENFORCEMENT ACTIONS
The regulatory status of the ParrotFish ecosystem, PARFI, and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of digital assets has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including PARFI and/or the ParrotFish ecosystem. Regulatory actions could negatively impact PARFI and/or the ParrotFish ecosystem in various ways. The Company, the Distributor (or their respective affiliates) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
ENVIRONMENTAL INITIATIVE RELATED RISKS
The success of the ParrotFish ecosystem is dependent on its ability to effectively support and fund ocean cleanup initiatives. There are inherent risks associated with environmental projects, including but not limited to:
- Uncertainty in the effectiveness of funded cleanup technologies
- Challenges in measuring and verifying environmental impact
- Potential changes in environmental regulations and policies
- Difficulties in coordinating with environmental organizations and local authorities
- Variations in the cost and feasibility of cleanup operations
INADEQUATE DISCLOSURE OF INFORMATION
As at the date hereof, the ParrotFish ecosystem is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this material contains the most current information relating to the ParrotFish ecosystem, it is not absolutely complete and may still be adjusted and updated by the ParrotFish early contributors from time to time. The ParrotFish early contributors have neither the ability nor obligation to keep holders of PARFI informed of every detail regarding the project development.
FAILURE TO DEVELOP
There is the risk that the development of the ParrotFish ecosystem will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or PARFI, unforeseen technical difficulties, and shortage of development funds for activities.
SECURITY WEAKNESSES
Hackers or other malicious groups or organizations may attempt to interfere with PARF and/or the ParrotFish ecosystem in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, because the ParrotFish ecosystem is based on open-source software, there is a risk that a third party may intentionally or unintentionally introduce weaknesses into the core infrastructure of the ParrotFish ecosystem, which could negatively affect it and PARFI.
RISK OF DISSOLUTION
It is possible that, due to any number of reasons, including but not limited to, an unfavorable fluctuation in the value of cryptographic and fiat currencies, decrease in PARFI utility, the failure of environmental partnerships, or intellectual property ownership challenges, the ParrotFish ecosystem may no longer be viable to operate and the Company may dissolve.
OTHER RISKS
In addition, the potential risks mentioned above are not exhaustive and there are other risks associated with your participation in the ParrotFish ecosystem, as well as acquisition of, holding and use of PARFI, including those that the Company or the Distributor cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the aforementioned risks.
TERMS AND CONDITIONS PRECEDENCE
The agreement for distribution of PARFI and/or continued holding of PARFI shall be governed by a separate set of Terms and Conditions or Token Distribution Agreement (the Terms and Conditions), which shall be separately provided or made available on the Website. In the event of any inconsistencies between the Terms and Conditions and the Whitepaper or the Website, the Terms and Conditions shall prevail.
REGULATORY APPROVAL
No regulatory authority has examined or approved any of the information set out in this documentation. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction.
FORWARD-LOOKING STATEMENTS
All statements contained herein that are forward-looking in nature come with no guarantee of accuracy. Forward-looking statements are applicable only as of the date indicated in the Whitepaper, and the Company, the Distributor, and the ParrotFish team expressly disclaim any responsibility to update such statements.
GOVERNING LAW AND JURISDICTION
These Terms shall be governed by and construed in accordance with the laws of The Republic of Panama, without regard to its conflict of law provisions. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of The Republic of Panama.
LANGUAGE AND TRANSLATIONS
The Whitepaper and the Website may be translated into languages other than English for reference purposes only. In the event of conflict or ambiguity between the English language version and translated versions, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Whitepaper and the Website.
NO DISTRIBUTION
No part of the Whitepaper or the Website is to be copied, reproduced, distributed or disseminated in any way without the prior written consent of the Company or the Distributor.
ENVIRONMENTAL IMPACT DISCLAIMER
While ParrotFish aims to support ocean cleanup initiatives, the success and impact of such initiatives cannot be guaranteed. The effectiveness of funded environmental projects depends on various factors beyond the control of the ParrotFish ecosystem.