The information provided on the MAXX website, the Staking platform, and the MAXX Knowledge Base does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. MAXX, the MAXX Foundation, and its development team do not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. By purchasing $MAXX, you agree that you are not purchasing a security or investment and you agree to hold the team harmless and not liable for any losses or taxes you may incur. You also agree that the team is presenting the token “as is” and is not required or obligated to provide any support or services. You should have no expectation of any form from MAXX and its team. Although MAXX is a community-driven DeFi (Decentralized Finance) token and not a registered digital currency, the team strongly recommends that citizens in areas with government bans on Crypto do not purchase it because the team cannot ensure compliance with your territories reagulations. Always make sure that you are in compliance with your local laws and regulations before you make any purchase.
The use of the MAXX website, the MAXX Staking Portal, or interacting with any of the MAXX Smart Contracts on the Blockchain means you agree with the Terms of Service as stated on our website.
Please note there are always risks associated with smart contracts. Please buy, stake, or sell at your own risk. MAXX, the MAXX Token, and the MAXX Foundation is not a registered broker, analyst or investment advisor. Everything that MAXX provides on this site is purely for guidance, theoretical, informational, and educational purposes. All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market. Do not trade with money that you cannot afford to lose. When in doubt, you should always consult a qualified financial advisor before making any investment decisions.
USING AND INTERACTING WITH MAXX
It is important for all investors to understand that MAXX is not a security. When MAXX talks about the “coins” or “tokens” that investors can purchase, there are no physical coins with inherent monetary value, they exist purely as numbers held in a distributed worldwide database. No person is given anything tangible or representation of a tangible item. Anyone can execute the code that comprises the MAXX Smart Contract on their own – as an individual – that, in its essence, changes a set of numbers in a counter on a database.
The MAXX Smart Contract code is only able to edit these specific values on the distributed database by valid key holders who have authorized and signed a cryptographic message. Any person can run different code that changes different variables on a database if they like. Interacting with the MAXX Smart Contract only edits a specific series of values in this distributed database, while other code edits other values on the same database that is not affiliated with MAXX.
MAXX does not promote or utilize a common enterprise. Each person is an individual investor that interacts with the MAXX Smart Contract on an individual basis, representing their own interests. There shall be no expectation of efforts of a promoter or third party to generate profits. There is no expectation of profit from the work of others. Individual investors pay the Polygon network to execute code of their choosing on an individual basis. The results of this executed code are saved in immutable blocks that exist on the Polygon blockchain, a distributed ledger of information comprised of unique blocks, which store the results of the transactions executed by individuals. The results stored in each block are inherently unchangeable numbers existing on the Internet. The code cannot do anything on its own, other than change numbers in this internet database. Anyone can choose to run this code, or not. If someone chooses not to run the code, the numbers on the database will not be changed. If someone chooses to run this code but then never runs the code again, the database will not be changed. If someone chooses to run this code regularly, then the result in the database will only be modified as the code allows, and will then remain unchained until the code that interacts with this specific database is executed again. The code and the numbers on the database that it modifies have no inherent value, financial or otherwise.
Individual investors generate their own cryptographic keys to validate that they can add or modify the values on the database that are unique to them and them alone. MAXX does not generate unique keys for investors to use, or hand out these kinds of keys. A person is wholly responsible for their own keys, and the code that they chose to run that modifies values associated with their unique keys.
When MAXX offers bonuses or incentives, they do not take, remove, or modify anyone’s database values. The bonuses are generated through the Smart Contract Code that adds or subtracts more or less database values based on the underlying math associated with a bonus or incentive. These bonuses or incentives do not hold any value, other than the proportion to which the code modifies the individual’s database values. Each person can choose whether or not to execute the code associated with the bonus or incentive on an individual basis. No values will be automatically edited.
Cryptocurrencies, the Polygon Blockchain, and its Smart Contracts are fundamentally complex. The code that comprises the network, and the Smart Contracts that are executed within it, are compilations of decades of work in computer science, mathematics, economics, cryptography, and more. It can be incredibly difficult for an individual to understand the nuances of cryptocurrencies and why and how they work. It is, however, important to understand the risks associated with executing code on the network. All users are advised to do their own research in order to maintain a healthy and well-grounded approach to cryptocurrencies and how they run and operate.
It is important to understand that any person who interacts with cryptocurrencies is acting as an individual and maintaining whole responsibility for what they do on the network. The great freedoms offered by cryptocurrencies can also be its greatest weakness, in the sense that all users are acting on their own, and wholly responsible for any and all transactions, interactions, and executed code they choose to operate. With great freedom comes great responsibility, and each person assumes this responsibility wholeheartedly whenever they interact with cryptocurrencies.
In all technologies, especially cutting-edge internet technologies like cryptocurrencies, there is a risk of total failure, however small and remote it might be. Designing and developing software to run on computers is a difficult task. Designing software to run on a decentralized global network is many orders of magnitude more difficult. There is a natural level of operating within great unknowns that are a part of any new technology. Many developers who build code to be run on the network may not fully understand the core infrastructure that allows their software to run, in the same way that a driver of a car does not understand the inner workings of the combustion engine when they drive. As such, there are opportunities, as remote as they might be, for potential exploits or points of failure that no one has thought of or designed around yet. Core components of cryptocurrencies, such as the cryptographic security that forms the underlying foundation of the network, seem at this time unlikely to be broken. But if ever an exploit is found, then it is highly likely that everything will completely break. In this event, there will be no support desk or government organization to recover what was lost. This is another one of the inherent risks that any person assumes when they invest in cryptocurrencies.
An individual can choose to run the code that edits the database on their own machine or pay someone else to run the code for them. The choice of the code is entirely up to the individual. The individual pays a fee in the form of MATIC for the code to be run, and the code itself is pulled from the Contract Address, which is a series of unique numbers and letters that points to the location of the database editing software. From this Contract Address, the software is loaded and then executed, and the cost for running this software is paid from the individual to the code validators on the network in the form of Gas, measured in Gwei, a fraction of Polygon (MATIC).
MAXX does not transfer coins from one wallet address to another whenever you interact with the Smart Contract. Transferring coins from wallet to wallet is commonly known as an ‘airdrop’. Individuals mint their own coins whenever they interact with MAXX’s Smart Contracts in the form of bidding into the auctions. When you enter MAXX’s auctions, you sacrafice MATIC for ar reservation of $MAXX at a set time, and then later mint the amount of $MAXX coins equal to your allocation into a staking contract. If an investor chooses to buy MAXX on Uniswap, they are merely choosing to exchange their MATIC for someone elses’ minted MAXX, not from a wallet source that MAXX owns, maintains, or controls. MAXX is able to offer bonuses or incentives by adjusting the amount of $MAXX you mint when you enter into its auctions. This is done by adjusting the calculations in the code that you chose to run when you interact with MAXX’s auction systems. The same system applies when you convert your $MAXX into shares. Shares are not transferred from a wallet or pool that MAXX owns into your wallet. Shares are created as numbers in a database assigned to your unique wallet address, and the $MAXX you minted is ‘burned’ or removed entirely from the supply. When your stake completes or if you perform an early withdrawal, the amount of shares you own is reversed and new $MAXX is minted by the code you run and assigned to your wallet.
MAXX AND BOTS
If you use a Smart Contract that operates a frontrunning, arbitrage, or automatic purchasing utility to buy, sell, or stake $MAXX tokens, you may be subject to the loss of your ability to trade $MAXX, including the loss of the $MAXX itself. MAXX does not offer support to anyone using any such Smart Contracts. You assume the full risk and liability whenever you use any third-party Smart Contract within the MAXX Ecosystem.
IS MAXX A SECURITY?
A Security, as defined by Investopedia, is as follows:
The term “security” refers to a fungible, negotiable financial instrument that holds some type of monetary value. It represents an ownership position in a publicly-traded corporation via stock; a creditor relationship with a governmental body or a corporation represented by owning that entity’s bond; or rights to ownership as represented by an option.
Securities are determined by the Howey Test, a test that defines what U.S. Federal Securities Laws apply to, administered by the SEC. Under current interpretations of the Howey Test, Staking cryptocurrencies like MAXX are exempt from consideration as securities.
For an in-depth breakdown, here is an excellent writeup from the Blockchain Association:
When you interact with MAXX, you must have no expectation of any benefit, be it financial or otherwise, from any MATIC sent to the MAXX contract, or any $MAXX that your address receives. You must have no expectation of profit or reliance on the efforts of others. As explained above, $MAXX is purely a piece of inert computer code at a contract address on the Polygon network. It can do absolutely nothing on its own. Every single $MAXX token that existed, currently exists, or will exist in the future, is caused to exist by a person creating it themselves as per the rules of the code that is executed by that person at the MAXX Contract Address. You can mint this $MAXX yourself or by paying an Polygon-based miner or group of miners.
Only you can mint your own $MAXX by running the Auction Code found at the Contract Address, and only you can stake your $MAXX by running the Staking Code found at the Contract Address, as it requires the private key you generated when you created your Polygon wallet. All staked $MAXX is “burnt” or “destroyed” as stated above during the staking process, and upon completion of the stake, only you can mint your own $MAXX when you run the Withdraw Code found at the Contract Address. You, as an individual, perform all the work required to interact with $MAXX on your own, with no assistance or control by the MAXX team.
Wherever possible, you agree there is no investment of money. You are just running computer code. Wherever possible, you agree there is no common enterprise. You are just running computer code on your own. There is no inherent financial value in MAXX or its computer code, and you agree that no past, current, or future financial value is implied or guaranteed. Therefore there is no guarantee of any market conditions that would allow you to exchange your numbers in a database for numbers in another database at a favorable rate or valuation.
Cryptocurrencies are extremely volatile, based entirely on speculation, sentiment, and one’s own personal valuation. Bitcoin, the largest cryptocurrency in the world, has had many times where its valuation tumbled significantly, losing up to 94% of its valuation over the course of days or months- all while Bitcoin is considered the most stable and oldest cryptocurrency. All cryptos experience this high volatility, with valuations plunging or rising on an hourly basis. Some cryptos recover and experience exponential growth, but many fade into nothingness, with their users holding millions, billions, or trillions of those tokens that have absolutely no inherent value.
MAXX pledges to do everything in its power to reduce volatility, provide long-term stable growth, create a safe place for enthusiasts and investors, and make staking, holding, and owning $MAXX a rewarding and satisfying experience.