Terms of service

CrowdNode is owned and operated by the Danish company; CrowdNode ApS, Strynøgade 7, 2100 Copenhagen Ø, Denmark, Registration number (CVR): 39460521

Our services

CrowdNode pools deposits into collateral for masternodes in order for members to benefit from masternode rewards.

Rewards
Masternodes receive rewards, which are distributed according to the following formula:

Fractional payment (after fees) = Reward x (1- CrowdNode Fee) x Member Active Balance / Total Active Balance

Where,

Fractional payment (after fees):  Actual payment to the customer in digital currency

Reward:                               Payment from the network to a CrowdNode operated Masternode

CrowdNode Fee:                Our fee for the services provided, please see specific fee section

Active Balance:                  Deposits of 1 Dash or more become part of a member’s active balance after a qualification period of 1 reward from any of the Masternodes hosted by CrowdNode. Reinvested fractional payments are active immediately. It is the intention to gradually increase the qualification period to 3 rewards whenever a stable pool of masternodes have been established.

Member active balance:  Active balance for a given member

Total active balance:        Active balance for all CrowdNode members

Although we try to maximize the total amount of masternodes operating at any given time, we reserve the right to decide this at our own discretion.

Deposits

Members are to deposit from an address registered with CrowdNode and an address cannot be changed unless the balance is empty.

When depositing with CrowdNode, the member takes full responsibility of keeping control of the private key(s) to the address(es) registered with CrowdNode and the addresses being sent from.

Deposits sent from adresses unknown to CrowdNode will be sent back to the original input address(es) less the network transaction fee. 

Withdrawals

Members are able to withdraw their balances at any time, however, CrowdNode reserves the right for a withdrawal processing time of up to two weeks. This is due to security reasons, as our multi-sig authorizations forces us to meet in person in order to take out balances from cold storage.

Withdrawals can only be made to the address registered with CrowdNode.

Fees

CrowdNode charges members a fee for its services. The fee is currently 15% of rewards received (i.e. CrowdNode fee = 0.15). CrowdNode reserves the right to change the fee.

Withdrawals and send-backs are charged with the standard network fee.

CrowdNode reserves the right to take an administration fee for services that go beyond those described in these terms.

Know-Your-Customer and anti-money laundering

CrowdNode actively works to remain compliant in all aspects, including procedures surrounding KYC/AML. The Danish FSA has stated that current anti-money-laundering obligations are not relevant for the CrowdNode services at present.

We reserve the right to request and obtain further identification from you as a member, if needed for security reasons or if the regulatory conditions change.

Membership

By opening an account you expressively agree that you:

• are of legal age to form a binding contract (at least 18 years old in the U.S.)
• have full power and authority to enter into this agreement
• are not under the control of, or a national or resident of a country for which our services are covered by the European Union sanction list
• will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms.

CrowdNode reserves the right to terminate the services provided.

Business clients

CrowdNode is open towards onboarding business clients. If interested, please reach out to us.

Disclaimer of responsibility

We do not take any responsibility for tax claims or other claims that could be directed at you as a member as a result of using our service. Any answers given at our site in relation to taxation or legality, is not to be considered legal advice, but to serve as general guidance.

It is your full responsibility to adhere to and keep yourself updated on existing as well as new laws and regulations and to assume all legal risks (if any) of your local jurisdiction, in relation to using our service.

Governing law

The laws of Denmark shall apply to all of CrowdNode’s activities.