🔐Security & Legal

This whitepaper is for informational purposes only. It is not directly offering or soliciting any offers to buy or sell, recommendations or endorsement of any type of products, services or companies. VerseX does not provide investments, accounting, legal or tax advice. Neither is the author or its partners responsible, directly or indirectly, for any damages or losses or allegedly to be caused by nor in connection with the use of or being reliant on any content, goods or services mentioned in this whitepaper.

In VerseX, gross misconduct will not be tolerated in any way, implementing the below major security features, as well as other back-end features, will create a safe environment for both business practices and users.

VerseX User Agreement:

By using this VerseX website, products or services You agree to read, understand, and accept all of the terms and conditions contained in this Agreement when you create an account with Versex.io or any of its associated websites or mobile applications (collectively the "Site").

1. VX Studios LTD, a private limited company incorporated in England with company number 14026808) and whose registered office address is at 86-90 PAUL STREET, LONDON, ENGLAND, EC2A 4NE.

In order to trade or hold digital currencies, you should be aware that there is a substantial risk of loss. It is possible to lose money by buying, selling, holding, or investing in digital currencies, just like any other asset. At present, neither the Financial Conduct Authority nor the Central Bank of Ireland regulate Digital Currency Services and Additional Services. Neither the UK Financial Ombudsman Service nor the Irish Financial Services and Pensions Ombudsman have jurisdiction over Digital Currency Services and Additional Services, and neither the UK Financial Services Compensation Scheme nor the Irish Deposit Guarantee Scheme or Investor Compensation Scheme have jurisdiction over Digital Currencies or E-Money. In light of your financial situation, you should carefully consider whether trading or holding Digital Currencies is appropriate for you.

No Investment Advice

Please do not treat any information on this website as investment advice, financial advice, trading advice, or any other type of advice. Buying, selling, or holding crypto is not recommended by VX Studios LTD. Before making any investment decision, conduct your own due diligence and consult your financial advisor.

Accuracy of Information

VX Studios LTD will take appropriate steps to ensure the accuracy of the information on this website, but no responsibility can be taken for inaccurate or missing information. All information provided by VX Studios LTD is provided as is. This site contains information that is provided at the user's own risk.

Loss of Funds

The value of cryptocurrency (and investments linked to their performance) can fluctuate dramatically, so they may rise significantly, but they may also fall drastically, resulting in capital losses.

Protection

The FOS and the FSCS do not provide protections for crypto assets, so please be aware that they will not be covered by those schemes.

Risk of Regulatory Actions in One or More Jurisdictions

XRP, XMEN & XVR could be impacted by one or more regulatory inquiries or regulatory action, which could impede or limit your ability to access or use the Tools or XRPL blockchain. In order to trade or hold digital currencies, you should be aware that there is a substantial risk of loss. It is possible to lose money by buying, selling, holding, or investing in digital currencies, just like any other asset.

At present, neither the Financial Conduct Authority nor the Central Bank of Ireland regulate Digital Currency Services and Additional Services. Neither the UK Financial Ombudsman Service nor the Irish Financial Services VerseX LTD and Pensions Ombudsman have jurisdiction over Digital Currency Services and Additional Services, and neither the UK Financial Services Compensation Scheme nor the Irish Deposit Guarantee Scheme or Investor Compensation Scheme have jurisdiction over Digital Currencies or E-Money. In light of your financial situation, you should carefully consider whether trading or holding Digital Currencies is appropriate for you.

Random Items:

Paid random items are a particular form of optional in-game purchases (*): they comprise all in-game offers to purchase digital goods or premiums where players don’t know exactly what they are getting prior to the purchase (e.g. loot crates) Depending on the item, these items may be purely cosmetic or they may have functional value: they can include additional characters, outfits and other appearance upgrades, but also tools or weapons, etc. They may unlock extra levels, add new skills or provide performance upgrades. For the purpose of this descriptor, “paid” random items are those that can be purchased directly with real money and/or those that can be exchanged for an in-game virtual currency that itself can be purchased directly with real money.

Security Measures:

Cyber Security team - VerseX notices that server security is essential and will employ an in-house cyber security team that will implement various server security features and regularly maintain them to prevent potential server hack attempts or any malicious activity.

Blockchain Security - All transactions in VX will take place on the XRP ledger. Therefore, all transactions will be reflected on this ledger. This facilitates the identification of fraudulent activity and gross misconduct. As a matter of policy, steps will be taken to prevent the creation of duplicate accounts, and wallets will be limited to one per KYC'd user. In order to perform transactions, users are required to undergo KYC verification, and there can only be one XVR wallet associated with each account. As a result, transactions can be tracked if necessary.

Seed Phrases - In line with cryptocurrency wallets, VerseX’s associated wallets and accounts will only be initially accessible via a seed phrase only issued to the user. The user will then be prompted to keep a physical or offline note of this. Including this feature will protect users from account loss.

Blockchain Moderators - We at VerseX also recognise that, in the future; many economies, employment opportunities, and earning potentials will emerge that we will not be able to anticipate. Our commitment is to employ moderators to regulate these and ensure that all security measures are in place in order to prevent misuse, fraud, and misconduct in VerseX.

Security & Transparency for Investors - We at VerseX strongly believe that transparency will foster a similarly open environment. In order to maintain a positive relationship with our community and investors, we provide regular updates on our development and business progress. In addition, for larger investors coming in, we offer an NDA that allows them to participate in certain meetings between the founders, moderators, and team members in order to discuss the next steps.

In-game Moderators - VerseX will also employ moderators who act as users within the metaverse. This will help combat any community misconduct and provide a safer environment for all users.

Report & Reward Feature - Like most other platforms, VerseX will have a peer-to-peer report function that will enable the user to report any activity they deem offensive or against the terms & conditions for using VerseX. Unlike other platforms, if the investigated report is deemed to be correct, the reporting user will be rewarded in our native currency. This promotes safe peer to peer use, and also helps VerseX to moderate from within.

Auto-Bot Detectors - We will also implement detection bots that will automatically pick up on suspicious activity such as fraud, harassment, farming, cheating and block further actions from the account until the matter is brought to a security employee for inspection.

Anti-Cheat Software - Potential cheating within the gaming aspect will be wiped out with VerseX’s plans to develop and implement anti cheat technology.

Non-Custody of Personal Information - We strongly believe in the right to privacy for every user. Henceforth, VerseX will never store any data other than what is necessary to comply with legal obligations. VerseX will never share any personal information unless required to do so by law. VerseX will cooperate with any request made by official law enforcement.

Terms & Conditions - Rules and regulations will be clearly stated before any user enters VerseX for users and Vendors alike. Deviation from this will not be tolerated in any way.