Terms of Service

§1 — Definitions

This Terms of Service Agreement ("Agreement") is entered into by and between VeldtInk LLC, a New York limited liability company operating the Veldt.ink platform ("Company"), and any individual or entity accessing or using the platform ("User").

• Platform: The Company's website (veldt.ink), mobile applications, APIs, and all related services.
• Content: Literary works (books, stories, essays), metadata, cover images, and related materials made available through the Platform.
• $BOUND Token: The Company's proprietary digital utility credit used within the Platform for purchasing Content, renting Content, and receiving rewards. As of the Effective Date, $BOUND is non-transferable, non-tradable, and has no value outside the Platform.
• Proof-of-Read: The Company's system for tracking reading progress — page position, session duration, time spent, and interaction with Content (highlights, annotations, bookmarks).
• DNF (Did Not Finish): A User's decision to mark a book as abandoned before completion (progress < 100%). DNF books are automatically added to a User's public DNF shelf.
• Library Entry: A User's record of a purchased or rented book, including access level (PURCHASED, RENTED), acquisition date, progress percentage, and reading sessions.
• Review: A User-submitted written assessment of Content, including a rating, text, and metadata.
• Discussion Board: A per-book forum for readers to discuss passages, ask questions, and share insights. Access restricted to Users with an active Library Entry or published Review.
• Author: A User who uploads Content for distribution on the Platform.
• Reader: A User who purchases or rents Content.

§2 — License and Access

2.1 Grant. The Company grants each User a limited, revocable, non-exclusive, non-transferable license to access and use the Platform in accordance with this Agreement.

2.2 Permitted Uses. Users may browse and search Content, purchase or rent books using $BOUND tokens, read Content via the web reader or mobile app, post reviews and ratings, participate in Discussion Boards (if eligible), and track reading progress.

2.3 Restrictions. Users may not copy, modify, or distribute Content; reverse engineer the Platform; remove watermarks or DRM; share access credentials; or resell rented books.

2.4 Revocation. The Company may revoke access at any time for violations of this Agreement or applicable law.

§3 — Reader-Specific Terms

3.1 Purchase vs. Rent. A one-time $BOUND payment grants perpetual access to Content. A rental grants 30-calendar-day access; after 30 days, access is automatically revoked. No refund for early termination.

3.2 Proof-of-Read Consent. By accessing Content, you consent to the Company's tracking and storage of reading progress, session data, and interaction events. This data is used to calculate review reward eligibility and detect fraudulent reviews. You may request deletion by contacting support@veldt.ink.

3.3 Watermarking. Purchased books downloaded as EPUB files contain embedded watermarks identifying the buyer. Removal or redistribution of watermarked files is a material breach of this Agreement.

3.4 Refund Policy. Purchases are non-refundable. Rentals may be refunded in full within 24 hours if Content has not been opened. Technical malfunctions are eligible for refund or credit.

3.5 Age Requirement. Users must be 18 or older to purchase, rent, review, or earn/spend $BOUND tokens.

§4 — Author-Specific Terms

4.1 Content License. By uploading Content, the Author grants the Company a worldwide, non-exclusive, royalty-bearing license to reproduce, distribute, display, and transmit the Content for the purpose of fulfilling purchases and rentals. The Author retains 100% copyright. The Company shall not use Content as AI/ML training data without separate written consent.

4.2 Warranties. Authors warrant they own or control all rights necessary to grant the license; the Content does not infringe third-party rights; and the Content complies with applicable law.

4.3 Royalties. Authors receive 85% of net revenue per sale or rental. Payments are denominated in $BOUND. Authors may elect fiat-equivalent settlement via Stripe Connect at their option. Minimum disbursement: $50 USD monthly.

4.4 Content Removal. Authors may withdraw Content from future sale at any time. Upon withdrawal, existing purchasers retain perpetual access; renters retain access for the remainder of the original rental term. Discussion Boards for withdrawn books are preserved in read-only status unless removed for legal cause.

§5 — Review System and Rewards

5.1 Eligibility. Users may submit a review only if they purchased the book (not rented) and their reading progress is 50% or greater, as confirmed by Proof-of-Read data.

5.2 Rewards. Published reviews earn $BOUND based on content quality, reviewer reputation, time-weighted discovery bonus, and the DNF Multiplier. Rentals are not eligible for reviews.

5.3 DNF Penalties. DNF counts reduce your review reward multiplier: 0–1 DNF = 1.0x; 2 DNF = 0.85x; 3 DNF = 0.70x; 4 DNF = 0.55x; 5+ DNF = 0.25x. Auto-DNF triggers after 60 consecutive days of no progress. Users may appeal within 30 days.

5.4 Fraud Detection. Reviews submitted without adequate reading time, coordinated review campaigns, bot-generated content, or artificial rating inflation will be deleted and rewards forfeited. Repeat offenders are subject to account suspension or termination.

§6 — Discussion Boards and User-Generated Content

Access to a book's Discussion Board requires an active Library Entry, a published Review, or being the book's Author. Non-qualifying users see an AccessGate modal explaining the requirement.

The Company may delete posts that violate this Agreement, lock Discussion Boards experiencing abuse, and suspend users for repeated violations. Authors may pin posts, lock threads, and request removal of posts that reveal personal information or contain direct threats. Requests to remove posts solely because they contain negative reviews or criticism will not be honored.

6.5 DMCA. The Company respects copyright and will remove content upon receipt of a valid DMCA takedown notice per 17 U.S.C. § 512. See §17 for the Designated Agent's contact information.

§7 — Prohibited Conduct

Users shall not engage in review collusion, bot activity, multi-accounting, fake reading, watermark removal, credential sharing, or artificial ranking inflation. Posting threats, harassment, hate speech, defamation, non-consensual intimate imagery, CSAM, or spam is prohibited. The Platform may not be used for money laundering, fraud, or copyright infringement.

Enforcement: First offense — written warning and 7-day suspension. Second — 30-day suspension and forfeiture of rewards earned during violation. Third — permanent termination; all $BOUND balances forfeited.

§8 — Tokens and Disclaimers

Present Utility-Only Status. As of the Effective Date, $BOUND Tokens are proprietary digital credits used solely to purchase Content, rent Content, and receive rewards. They have no value, market, or use outside the Platform. They are not securities, commodities, financial instruments, or investments.

No Expectation of Profit. Users acknowledge they have no expectation of financial return from holding $BOUND. The Company makes no promise that $BOUND will ever become tradable, transferable, or convertible to fiat.

Material Changes. Any material change to $BOUND's characteristics — enabling tradability, secondary market listing, or fiat redemption — requires 30 days' written notice, publication of amended terms, and affirmative re-consent from each affected User.

Risk Acknowledgments. Users assume all risk of loss associated with $BOUND, including account compromise, platform outages, forfeiture due to termination, and regulatory action.

§9 — Termination and Account Deletion

By Company. The Company may suspend or terminate access for material violations, fraud, illegal activity, or regulatory requirement. Except in fraud or illegal activity cases, 7 days' written notice is provided. On termination for cause, $BOUND held in Company-controlled custodial wallets is not altered, but Platform access is revoked.

By User (Account Deletion). Users may request deletion by emailing support@veldt.ink. A 30-day Final Redemption Window opens before permanent closure, during which users may spend remaining $BOUND and export data.

Unredeemed $BOUND. 50% permanently burned; 50% returned to the Rewards Pool. No portion goes to the Company treasury.

Purchased Content. Upon any account closure, users may request a one-time download of all purchased EPUB files (watermarked) during the Final Redemption Window. This right is revoked if the account is terminated for fraud or copyright infringement.

§10 — Limitation of Liability

The Platform and Content are provided "AS IS" without warranties of merchantability, fitness, accuracy, or uninterrupted service. To the maximum extent permitted by law, the Company shall not be liable for indirect, incidental, consequential, punitive, or special damages. The Company's total liability shall not exceed the amount paid by the User in the 12 months preceding the claim.

§11 — Indemnification

Users agree to indemnify the Company, its officers, directors, and employees from any claims, damages, or liabilities arising from the User's violation of this Agreement, applicable law, third-party intellectual property rights, or unauthorized use of the Platform.

§12 — Privacy and Data Collection

The Company collects reading progress, session data, interaction events, device information, IP address, and location data. This data is retained indefinitely unless the User requests deletion. The Company does not sell reading data to third parties. Disclosure may occur to comply with legal process or law enforcement. EU (GDPR) and California (CCPA) users have rights to access, correct, and delete their data. Contact privacy@veldt.ink.

§13 — Dispute Resolution

All disputes shall be resolved through final and binding arbitration administered by JAMS in New York, NY. The Company pays filing fees for non-frivolous claims. Either party may pursue claims under $5,000 in small claims court without arbitration. Both parties waive jury trial and class action lawsuits.

§14 — Age Restrictions

Users must be 18 or older to purchase, rent, review, or earn/spend $BOUND tokens. Users under 18 may browse Content but cannot transact.

§15 — Modification of Terms

The Company may modify this Agreement at any time. Material changes are communicated via email. Continued use after notification constitutes acceptance. Users who do not accept modified terms must delete their account within 30 days.

§16 — Miscellaneous

This Agreement constitutes the entire agreement between the parties. If any provision is found invalid, remaining provisions remain in full force. Users may not assign this Agreement. The Company may assign this Agreement to a successor in the event of merger or acquisition. This Agreement is governed by the laws of the State of New York. The parties consent to the exclusive jurisdiction of state and federal courts in New York County, New York.

§17 — Contact and Support

§18 — Geographic Restrictions and Sanctions Compliance

18.1 Restricted Jurisdictions. The Platform is not available to individuals or entities located in, organized under the laws of, or otherwise subject to the jurisdiction of countries subject to comprehensive U.S. OFAC sanctions, including Cuba, Iran, North Korea, Russia, Syria, the Crimea region of Ukraine, the Donetsk People's Republic, and the Luhansk People's Republic.

18.2 Restricted Persons. The Platform is not available to persons or entities on the OFAC SDN List, Sectoral Sanctions Identifications List, U.S. Department of Commerce Denied Persons or Entity List, or U.S. Department of State debarment lists — or entities owned 50% or more by any of the foregoing.

18.3 Technical Enforcement. The Company implements IP-based geolocation blocking for all Restricted Jurisdictions. Circumvention by VPN or proxy constitutes a breach of this Agreement.

18.4 User Representations. By using the Platform, Users represent on a continuing basis that they are not located in a Restricted Jurisdiction, are not a Restricted Person, and will not export Platform output to any Restricted Jurisdiction or Restricted Person.

18.5 Remedies. Breach of this Section may result in immediate account suspension or termination, withholding of refunds and rewards, and referral to OFAC or other authorities.

The list of Restricted Jurisdictions in §18.1 reflects the comprehensive U.S. sanctions program as of the Last Updated date and is illustrative, not exhaustive. The Company updates its geolocation block as the sanctions program changes.