HackDefi Terms and Conditions
1. No Purchase Necessary. NO PURCHASE OR PAYMENT OF ANY MONEY IS NECESSARY TO PARTICIPATE IN THE HACKDEFI HACKATHON (“HACKATHON”). VOID WHERE PROHIBITED.
2. Sponsor. The sponsor of this Hackathon is Blockstack PBC (“Blockstack”), which is located at 101 W 23rd St Ste 224, New York, NY 10011.
3. Eligibility. The Hackathon is open to U.S. legal residents and residents of any other jurisdiction where the Hackathon is not prohibited or restricted by law. The Hackathon is not open to residents of any jurisdiction where the Hackathon would be restricted or prohibited by law. Participants, including individual participants and members of a team, must be at least 18 years of age (or the local age of majority where they live, if older) at the time of registration. Officers, directors, representatives, agents, employees, contractors, and affiliates of Blockstack and any other entity involved in the development or administration of the Hackathon, and immediate family members thereof, are not eligible to win.
4. Submission Period. The entry and submission period for the Hackathon commences on October 20, 2020 at 10:00 a.m. Eastern Time and ends on December 4, 2020 at 11:45 p.m. Eastern Time (“Submission Period”). Blockstack’s computer is the official time keeping device for the Hackathon.
5. How to Enter. Participants may enter the Hackathon at any time during the Submission Period. The steps listed below must be completed during the Submission Period for an entry to be considered. Internet access and a Devpost account are required to enter.
· Step One: An individual entering as a single participant, or an individual designated as a team captain by members of his or her team (“Team Captain”), must register for the Hackathon on the Devpost page located at https://hackdefi.devpost.com and fill out all requested information.
· Step Two: Participants must build a functioning decentralized application or platform that incorporates DeFi (e.g., payments, lending, margin trading, arbitrage products) using Blockstack technology. Blockstack has sole discretion to disqualify any participant suspected of trying to game the system by, for example, making slight changes to existing tools or products.
· Step Three: Before the end of the Submission Period, participants must submit to Blockstack the tools or products they have built for the Hackathon using the online submission function on the Devpost page.
All three steps described above must be completed to be deemed an eligible entry into the Hackathon.
6. Participating Team Rules. An individual may enter the Hackathon up to three (3) times maximum as an individual or as part of a team. Each member of a participating team must agree individually to and comply with these terms and conditions. The failure of any team member to comply in any manner with these terms and conditions may, in Blockstack’s sole discretion, result in the disqualification of the team as a whole. By entering as a member of a team, each member acknowledges and agrees to the following rules for teams:
a. After the end of the Submission Period, the membership of a team may not be changed.
b. A member of a participating team may not submit any materials on behalf of the team without the agreement of each member of the team.
c. Each member of the team is responsible for ensuring compliance of the other teammates with these terms and conditions, including compliance with any and all submission requirements, regardless of which member creates or submits the materials.
d. If a team is awarded a prize, such prize will be awarded to the Team Captain. It is up to the Team Captain to decide how to allocate the prize. Blockstack will have no responsibility for distribution or fulfillment of any prize to any team member other than the Team Captain.
7. Submission Requirements. All tools and products submitted for consideration during the Submission Period must be in English and comply with the following requirements:
a. Participants must build a functioning decentralized application or platform that incorporates DeFi (e.g., payments, lending, margin trading, arbitrage products) using Blockstack technology.
b. Winning submissions will be judged based on how well they serve the Stacks community.
c. Submissions will receive a score from 1-5 on each of these aspects and scores will be combined for a final total score. The highest total score will place 1st, the second-highest score will place 2nd, and so on.
d. For application submissions, applications must integrate Blockstack authentication for login. Finished apps should be available for public use. Applications must use registered domain names and should be hosted at a URL belonging to the domain. The app website must use a secured (https) connection.
e. Blockstack has sole discretion to disqualify a submission if it suspects a participant is trying to game the system by, for example, making slight changes to existing tools or products.
f. By submitting an entry, each participant and each member of a participating team jointly and severally represent and warrant that the entry, and all components thereof, do not violate any rights of any person or entity, including without limitation any copyright, trademark, patent, or other intellectual property rights, or violate any applicable national, federal, state, or local laws, regulations, or policies, including those relating to export control.
8. Other Entry Terms.
- Blockstack reserves the right to make modifications to entry, judging, or other criteria (for example, additional clarification or detail for submission requirements) as deemed appropriate by Blockstack, in its sole discretion. Blockstack reserves the right to modify or supplement these terms and conditions and to communicate such modifications or supplements to participants in any manner that Blockstack deems reasonable.
- An individual participant or a member of a team may submit more than one project, up to a maximum of three (3) submission, to the Hackathon but must register each project separately in accordance with the three steps described in Section 5. Each project will be evaluated independently.
- In the event of a dispute between members of a submission team, the submission will be deemed to have been submitted by the Team Captain, provided that such individual satisfies all other Hackathon eligibility requirements. If multiple individuals submit for the same submission (whether in their individual capacities or claiming to be Team Captains), Blockstack reserves the right to resolve the discrepancy by any means in its sole discretion or to disqualify all related submissions.
- Any questions regarding the eligibility or appropriateness of any submissions shall be resolved by Blockstack in its sole discretion. Blockstack reserves the right to disqualify any entries by persons who submit false or misleading entry information or who Blockstack determines to be tampering with or abusing any aspect of the Hackathon. Blockstack reserves the right to disqualify participants whose submissions are frivolous or fail to meet applicable requirements.
9. Competition Criteria and Winner Selection. After the end of the Submission Period, individual participants or participating teams will be selected as winners for the prizes indicated in Section 10. Judging will be conducted by judges whose decisions will be final and binding on all matters relating to the Hackathon. Submissions will be evaluated on the basis of the submitted materials listed at https://hackdefi.devpost.com. Only materials submitted in accordance with these terms and conditions will be deemed part of the official entry. Any required materials not included in the submitted materials will not be considered.
Blockstack will notify winning participants or participating teams within approximately one (1) week following selection as a winner, by message sent to the e-mail address used at the time of registration on Devpost. Blockstack may also announce winners on Twitter at twitter.com/blockstack.
10. Prize and Prize Claim. Individual participants or participating teams selected as winners will be awarded the following prizes, subject to verification of eligibility and compliance with these terms and conditions:
● Grand prize: Three thousand U.S. dollars ($3,000) and a selection of Blockstack swag, chosen at Blockstack’s discretion.
● Second place: Two thousand U.S. dollars ($2,000) and a selection of Blockstack swag, chosen at Blockstack’s discretion.
● Third place: One thousand U.S. dollars ($1,000) and a selection of Blockstack swag, chosen at Blockstack’s discretion.
● Fourth place: Six hundred U.S. dollars ($600) and a selection of Blockstack swag, chosen at Blockstack’s discretion.
● Fifth place: Four hundred U.S. dollars ($400) and a selection of Blockstack swag, chosen at Blockstack’s discretion.
The winning individual or team is subject to verification, including verification of age and residency. The prize is non-transferable and no prize substitution is permitted. If the prize is awarded to a team, it is the responsibility of the Team Captain to allocate the prize to the team members.
The prize will be fulfilled within approximately four (4) to six (6) weeks following the announcement of the winner and the completion by the winner of all steps necessary to receive the prize in accordance with these terms and conditions. Blockstack is not responsible for any fluctuations in the value of any prize (e.g., due to differences in exchange rates) occurring throughout the duration of the Hackathon, before the prize is fulfilled, or any other time. In order to claim the prize, the winner must respond to Blockstack’s notification within five (5) business days by emailing Blockstack at firstname.lastname@example.org, with any requested information, including but not limited to wire transfer instructions where the prize will be deposited. Blockstack is not responsible for any delay or failure to receive notification for any reason, including inactive email accounts, technical difficulties associated therewith, or winner’s failure to adequately monitor any account.
The winner may be required to complete an affidavit of eligibility and/or provide other documentation that Blockstack reasonably requires to verify eligibility and compliance with these terms and conditions, as well as a liability and publicity release (except where prohibited by law). Required documents must be notarized, if applicable, and returned within five (5) business days of request of such documents. The potential winner, by entering, agrees to a criminal and personal social media background investigation during the winner notification process. In the event a criminal background investigation reveals any criminal record, the Blockstack reserves the right, at its sole discretion, to disqualify that winner. In the event a winner’s personal social media investigation consists of content found in any social medium that is false or contains misleading claims, that defames, misrepresents or contains disparaging remarks, or communicates any message or image that is inconsistent with Blockstack’s positive image and/or good will with which Blockstack wishes to associate or contains content that violates any rule, law or regulation, Blockstack reserves the right, at its sole discretion, to disqualify the potential winner
Blockstack's inability to reach a potential winner after a reasonable (as solely determined by Blockstack) effort has been made, the failure of a potential winner to timely respond to a prize notification, the return of any prize notification as undeliverable, and/or a potential winner's failure to comply with any term or condition of these terms and conditions may, in Blockstack 's sole discretion, result in the potential winner's disqualification. Blockstack in its sole discretion may select a substitute winner by awarding the prize to another member of a winning team or by awarding the prize to the submission that received the next highest score according to the judging criteria. If Blockstack makes a reasonable effort to select another potential winner and that winner does not respond or is ineligible, the prize will not be awarded and will remain the property of Blockstack.
The winner is solely responsible for reporting and payment of any taxes on the prize. The winner is solely responsible for all national, federal, state, and local taxes on prize value and, as applicable, the individual winner or Team Captain of the winning team, will be issued an IRS Form 1099 (or other applicable form) and if a U.S. resident, will be required to submit his or her social security number. The prize winner agrees and acknowledges that Blockstack may be required to withhold and remit a portion of the prize to comply with applicable tax laws and winner agrees to provide Blockstack with any information it requires for tax reporting requirements.
11. Conditions of Participation. By participating, you agree to abide by these terms and conditions and any decision Blockstack makes regarding this Hackathon (including awarding of any prize), which Blockstack shall make in its sole discretion. Blockstack reserves the right to disqualify and prosecute to the fullest extent permitted by law any participant or winner who, in Blockstack’s reasonable suspicion, tampers with the entry or Hackathon process, intentionally submits a fraudulent entry, violates these terms and conditions, or acts in an unsportsmanlike or disruptive manner.
12. Disqualification and Termination. Participants found engaging in any of the following activities may be disqualified and ineligible for any prize: (i) tampering with, disrupting, or attempting to disrupt, or any unauthorized use, misuse or abuse of any aspect of an entry or the Hackathon; (ii) violating any applicable law; (iii) allowing any unauthorized person to use your email address or other account related to an entry; (iv) attempting to perpetuate fraud on the entry, false identification or email addresses, false registration, false impersonation, false information provided or any other means; (v) failing to provide complete and accurate information required for prize payment and/or tax reporting purposes; or (vi) for any other breach of these terms and conditions. Termination for any of these reasons may also subject participants to civil and criminal penalties and may result in legal action. Blockstack may invalidate participation in an entry if Blockstack believes, in its sole discretion, that the participant does not meet eligibility requirements.
13. Publicity. By entering the Hackathon or by accepting any prize, each participant allows Blockstack to use the participant’s name, photograph, likeness, voice, prize information, and biographical information for publicity and promotional purposes without further compensation where permitted by law. Except where prohibited, participation constitutes participant’s consent to Blockstack’s use of participant’s name, likeness, voice, opinions, biographical information, hometown and state for promotional purposes in any media without further payment or consideration.
14. Ownership of Submissions; Licenses. As between Blockstack and an individual participant or participating team, the participant or participating team retains ownership of all intellectual property rights in and to the application and all other materials submitted during the Hackathon. Notwithstanding the foregoing, each participant acknowledges that a goal of the Hackathon is to encourage the development of contributions which may be freely used by the Blockstack user community, including users of Blockstack, and that the application should be made available subject to an open source license, which would permit copying, distribution, remixing, building upon or other uses for any purpose. Blockstack is not responsible for any failure by any Blockstack user or other third party to comply with any license or restriction applicable to any application submitted through the Hackathon, or any other use, replication, distribution, and/or modification of any application by any person other than Blockstack (including, without limitation, the commercialization of any ideas). Each individual participant and each member of a participating team, jointly and severally, waives all moral rights in and to any application submitted in connection with the Hackathon, to the extent such rights are waivable.
As a condition of participation in the Hackathon, each participant and each member of a participating team grants Blockstack, its affiliates, subsidiaries, agents, and advertising partners, a perpetual, irrevocable, worldwide, royalty-free, non-exclusive license to use, reproduce, adapt, modify, publish, distribute, publicly perform, create a derivative work from, and publicly display, in any and all media (now known or later developed), any submissions in which the participant or team member claims rights (including, without limitation, the application) (1) for the purposes of reviewing, assessing, testing, and evaluating the submission in connection with the Hackathon; (2) for the purpose of promoting the application and/or the Hackathon to members of the Blockstack community or others; and (3) in connection with advertising and promotion for the benefit of Blockstack, the judges and any advertising partners associated with Blockstack or the Hackathon. Participant agrees to sign any additional waivers, licenses or releases that Blockstack reasonably requests in order to make use of the rights granted herein.
Each individual participant and participating team understands that, excluding the opportunity to win a prize, such participant or participating team will not receive any compensation from Blockstack in connection with participation in the Hackathon, and the participating or participating team is solely responsible for any costs or expenses arising from such participation.
15. No Conflicting Obligations; Government Employees. By participating, each individual participant and team member represents and warrants that she or he is not subject to any conflicting obligations that may restrict his or her participation in the Hackathon or the use of his or her submissions by Blockstack, judges, or other parties as contemplated herein. An individual participant or team member who is an employee of the U.S. government, or who is employed by any other entity or government that may restrict participation in the Hackathon, represents and warrants that he or she has obtained all necessary approvals needed to participate in the Hackathon and submit intellectual property as contemplated by these terms and conditions.
16. Disclaimer, Release, and Limit of Liability. BLOCKSTACK MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING ANY PRIZE OR YOUR PARTICIPATION IN THE HACKATHON. BY PARTICIPATING IN THE HACKATHON OR RECEIPT OF ANY PRIZE, EACH PARTICIPANT AGREES TO RELEASE AND HOLD HARMLESS BLOCKSTACK AND ITS SUBSIDIARIES, AFFILIATES, SUPPLIERS, DISTRIBUTORS, ADVERTISING/PROMOTION AGENCIES, AND PRIZE SUPPLIERS, AND EACH OF THEIR RESPECTIVE PARENT COMPANIES AND EACH SUCH COMPANY’S OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM AND AGAINST ANY CLAIM OR CAUSE OF ACTION, INCLUDING, BUT NOT LIMITED TO, PERSONAL INJURY, DEATH, OR DAMAGE TO OR LOSS OF PROPERTY, ARISING OUT OF PARTICIPATION IN THE HACKATHON OR RECEIPT OR USE OR MISUSE OF ANY PRIZE. THE RELEASED PARTIES ARE NOT RESPONSIBLE FOR: (1) ANY INCORRECT OR INACCURATE INFORMATION, WHETHER CAUSED BY PARTICIPANTS, PRINTING ERRORS OR BY ANY OF THE EQUIPMENT OR PROGRAMMING ASSOCIATED WITH OR UTILIZED IN THE HACKATHON; (2) TECHNICAL FAILURES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO MALFUNCTIONS, INTERRUPTIONS, OR DISCONNECTIONS IN PHONE LINES OR NETWORK HARDWARE OR SOFTWARE; (3) UNAUTHORIZED HUMAN INTERVENTION IN ANY PART OF THE HACKATHON; (4) TECHNICAL OR HUMAN ERROR WHICH MAY OCCUR IN THE ADMINISTRATION OF THE HACKATHON; OR (5) ANY INJURY OR DAMAGE TO PERSONS OR PROPERTY WHICH MAY BE CAUSED, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, FROM PARTICIPANT’S PARTICIPATION IN THE HACKATHON OR RECEIPT OR USE OR MISUSE OF ANY PRIZE. If for any reason a participant’s entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, participant’s sole remedy is another entry in the Hackathon, provided that if it is not possible to award another entry due to discontinuance of the Hackathon, or any part of it, for any reason, Blockstack, at its discretion, may elect to hold a random drawing from among all participants up to the date of discontinuance for any or all of the prizes offered herein. No more than the stated number of prizes will be awarded. In event that production, technical, programming or any other reasons cause more than stated number of prizes as set forth in these terms and conditions to be available and/or claimed Blockstack reserves the right to award only the stated number of prizes by a random drawing among all legitimate, unawarded, eligible prize claims. Blockstack reserves the right to cancel, amend, or suspend the Hackathon at any time, with or without prior notice, including if the Hackathon encounters any unexpected problems.
17. Indemnification. By participating in the Hackathon, each individual participant or member of a participating team agrees to release, defend, indemnify, and hold harmless each of the Released Parties from any and all claims, lawsuits, judgments, causes of action, proceedings, demands, fines, penalties, liability, costs and expenses (including, without limitation, reasonable outside attorneys' fees) that may arise in connection with (i) his or her violation of these terms and conditions or breach of any representation or warranty hereunder; (ii) the submitted materials, including the submitted application; or (iii) his or her acceptance, use, or misuse of the prize. To the extent the laws of an individual's country, state, or province limit or do not permit any of the foregoing indemnifications, such individual agrees that the indemnification obligations that are permissible shall apply to the maximum extent permitted by law.
19. GOVERNING LAW AND DISPUTES. THESE TERMS AND CONDITIONS AND THE HACKATHON ARE GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE UNITED STATES AND THE FORUM AND VENUE FOR ANY DISPUTE ARISING OUT OF OR RELATING TO THESE OFFICIAL RULES SHALL BE IN THE COUNTY OF NEW YORK COUNTY, NEW YORK. IF THE CONTROVERSY OR CLAIM IS NOT OTHERWISE RESOLVED THROUGH DIRECT DISCUSSIONS OR MEDIATION, IT SHALL THEN BE RESOLVED BY FINAL AND BINDING ARBITRATION ADMINISTERED BY JUDICIAL ARBITRATION AND MEDIATION SERVICES, INC., IN ACCORDANCE WITH ITS STREAMLINED ARBITRATION RULES AND PROCEDURES OR SUBSEQUENT VERSIONS THEREOF (“JAMS RULES”). THE JAMS RULES FOR SELECTION OF AN ARBITRATOR SHALL BE FOLLOWED, EXCEPT THAT THE ARBITRATOR SHALL BE EXPERIENCED AND LICENSED TO PRACTICE LAW IN NEW YORK. ANY SUCH CONTROVERSY OR CLAIM WILL BE ARBITRATED ON AN INDIVIDUAL BASIS, AND WILL NOT BE CONSOLIDATED IN ANY ARBITRATION WITH ANY CLAIM OR CONTROVERSY OF ANY OTHER PARTY. ALL PROCEEDINGS BROUGHT PURSUANT TO THIS PARAGRAPH WILL BE CONDUCTED IN THE COUNTY OF NEW YORK, NEW YORK, UNITED STATES. THE REMEDY FOR ANY CLAIM SHALL BE LIMITED TO ACTUAL DAMAGES, AND IN NO EVENT SHALL ANY PARTY BE ENTITLED TO RECOVER PUNITIVE, EXEMPLARY, CONSEQUENTIAL, OR INCIDENTAL DAMAGES, INCLUDING ATTORNEY’S FEES OR OTHER SUCH RELATED COSTS OF BRINGING A CLAIM, OR TO RESCIND THIS AGREEMENT OR SEEK INJUNCTIVE OR ANY OTHER EQUITABLE RELIEF.
20. Contact. Any questions, complaints, or issues regarding these terms and conditions or the Hackathon should be addressed to email@example.com. For an email with the name of the individual winner or winning team, email firstname.lastname@example.org after December 11, 2020. Any such request must be received no later than thirty (30) calendar days after such date.