Referral Program Terms & Conditions
The BitShares Referral system does not constitute a contract between any two parties. It’s actual rules are entirely defined by the BitShares source code and subject to the consensus of the network. Any statements made by this website are attempts to describe what the source code will automatically enforce. The source code defines the complete and accurate terms in an unambiguous manner and overrides any errors or ambiguity found in this document.
- User - any account that has not paid a lifetime membership fee.
- Member - any account that has paid a lifetime membership fee.
- Registrar - an existing account that pays a transaction fee necessary to create new accounts.
- Referrer - A Member account, defined by Member Registrars, that receives a percentage of referral fees.
Referral Process for Members
Any Member can also be a Registrar by creating an account for a friend. By default the Registrar and Referrer are the same account and will receive all of the referral rewards. A Member Registrar may optionally assign a different Referrer and specify the percentage of the referral rewards that go to the Registrar and to the Referrer. Only Member accounts can be set as Referrers.
Referral Process for Users
Any User can also be a Registrar by create an account for a friend; however, their friends account will be configured to have the same Registrar and Referrer settings as the User. There are no referrer rewards for regular Users.
Becoming a Member
At any time any User account may upgrade to a Member by paying the Membership Fee set by the BTS Stakeholders. When a User account upgrades they become their own Registrar and Referrer.
Reward Vesting Requirements
Cashback and referral income from Subscriptions, Lifetime Memberships, and Premium Names are deposited into a special balance which must vest linearly for 1 year. This means that after 6 months you can withdraw about 50% of your cash back, but your remaining funds will take an additional year to vest. This is because the vesting process is based upon accumulating “BTS-years”, for each BTS-year accumulated you can withdraw 1 BTS. If you leave 100 BTS in the account for 1 year then you will have accumulated 100 BTS-years and can withdraw 100 BTS. On the other hand, if you withdraw 50 BTS after 6 months, then you will have consumed 50 BTS-years leaving your account with 50 BTS and 0 BTS-years. It will take a full year to accumulate another 50 BTS-years.
Technically the division between vesting and non-vesting cashback depends only on whether the amount of the transaction fee exceeds a threshold that can be changed by consensus.
Fees and Commissions
All fees are set by the BTS shareholders through the elected delegates. Parameters on the referral program such as the 80/20 split of transaction fees and the 1 year vesting of cash back rewards are also set by the BTS shareholders. These fees and parameters can change at any time with 2 weeks notice. Funds held in vesting balances will continue to vest under their original terms.
User Issued Asset Fees
Some asset issuers may charge their own trading fees. These fees are not part of the referral program.
This information provided AS IS with NO WARRANTY OF ANY KIND, INCLUDING THE WARRANTY OF DESIGN, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE.
This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in a Company or any related or associated entity. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly this document does not constitute investment advice or counsel or solicitation for investment in any security. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. It expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the document, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.