Terms of Service

Updated: 01 July 2020.

By using the JOULE app, you have agreed to all the terms included in this document.

User Account Limits

The platform is only for users above the age of 18. You confirm that yourself and all your referrals are above this age.

Each person can only own one account. In case it is found that a user has more than one account, or a user provides duplicated or fake account information, the system reserves to rights to freeze, suspend or close all the accounts involved. The funds in all the accounts will be forfeited.

There is a limit on the maximum number of referrals a user can make. The number can be adjusted in future subject to the overall development of the user community.

Account Security

Each Joule account has a wallet balance and a portfolio of net (Long or Short) positions on various items. The Joule app is built on the EOS blockchain. User selects their own password to generate a private key to sign transactions and control funds. As always, user needs to save their password carefully. For security, user should not use the same password as the one for their own email box. Any loss caused by a forgotten or compromised password is the sole responsibility of the user.

Transaction Fees

Use Case #1: Spending Joule tokens
Retailer fee: 2% of payment amount

Use Case #2: Trading Joule Index
Each successful trade incurs a transaction fee on each side of Long and Short. Currently, the unit fee is 0.05J per share transacted. A round-trip trade (e.g. Long, and then Short to close out position) will incur this transaction fee twice. The fee is standardized across all items.

Referrer Commission

For each transaction, one-fifth (1/5) of the transaction fee contributed by a user is credited to his/her Referrer’s account as Referrer Commission after month-end. This is a recurring reward and calculated each month. Note that if the Referrer’s own transaction volume in a certain month is less than the average of the direct Referrals’, the net receivable Referrer
Commission will be reduced proportionally by this discount factor:
(Referrer’s own volume) / (Average volume of all direct Referrals)

The transaction volumes, discount factors and Referrer Commission are calculated separately between the two use cases.

Referrer’s Role & Responsibility

In order to earn the recurring reward of Referrer Commissions, a Referrer has the following responsibilities:

  • Teach Referrals about the system and provide basic technical support.
  • In case a Referral has a negative balance and fails to deposit additional fund by the notified deadline, the Referrer will have to bear the shortfall owed to the system. The amount will be deducted from the Referrer’s Available fund.
  • Referrer should also trade actively to get the maximum Referrer Commissions.
  • Referrer also plays a role in social recovery of referrals’ account in case the account is hacked or password is lost.

Updating of Terms of Service

The platform reserves the rights to modify the Terms of Service for the overall development of the user community. The latest version will be published on the official website. By continuing to use platform, you have agreed to the latest Terms of Service.