Trading cryptocurrencies involves significant risk and can result in your capital loss. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, and purchase objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use cryptocurrencies based on the legal requirements in your country of residence. Purchasing crypto assets are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme. Please read the security information.
Cryptocurrencies are extremely volatile. Bitcoin went from a penny to $32, then it crashed 94% to $2. Then it went from $2 to $270 then crashed 81%. Then it went from $51 to $1200 then crashed 86%. Then it went from $164 to $20,000, then crashed 84%. Then it went from $3,150 to $14,000 and crashed 72%. And that's the most liquid, oldest cryptocurrency in the world. Nearly every crypto currency drops 85% to 95% at some point. Some get back up and make new all time highs.
Disclaimer - Website/dAPP
The rex.io website and the app.rex.io dApp have been voluntarily created by the crypto community to allow an easier interaction with the "REX" Smart Contracts.
Disclaimer - "REX" Smart Contracts
"REX" is the name of a public and fully decentralized software running on a blockchain, that consists of a set of smart contracts, as described in its technical description, the whitepaper.
The software is immutable and will continue running on the blockchain, as long as the blockchain exists. The software does not have an owner or admin. The software is not more than immutable compiled bytecode sitting on the BSC network, that can do nothing on its own but sit there. People can run the code if they want to, or not.
The source code of the software was written by "Thomas Rex", who chose to remain anonymous. The source code has been fully published so that everyone can read, understand, analyze and test it themselves. There is no such thing as 100% certainty that the blockchain and smart contracts will work flawlessly forever. In order to achieve the highest possible probability that the software works exactly according to the white paper, it has been independently audited by three market-leading auditing firms. Everyone may use the software at will, taking into account the above risk warning.
"REX" is not a legal entity, a company, enterprise, institution or other organization.
Consequently, there are no managers, no employees and no authorized representatives. Accordingly, any person who does anything related to “REX”, such as talking about, discussing, promoting, creating videos, posts or other content about REX, does not represent “REX” but rather expresses their own personal ideas and views.
For anyone using blockchain technology, cryptocurrencies and Smart Contracts, make sure to fully understand what you are doing and the associated risks -
Please read and understand and stick to the security information.
DeFi / KYC
REX is a Decentralized Finance ("DeFi") protocol.
REX users are able to interact with the Smart Contracts when they bought BNB tokens (to pay for the network's transaction fees) and BUSD tokens (to participate in the daily auctions) before, mostly using Centralized Exchanges (linke Binance), who take care of the on-ramping and off-ramping and any KYC processes. The usage of the REX smart contracts does not require an additional KYC process.
In the U.S., the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) enforces the Bank Secrecy Act (BSA) - the primary AML law in the U.S. The BSA requires that any money services business (MSB), a person or an entity that provides money transmission services or engages in the transfer of funds (e.g., a “money transmitter”), implement and maintain a modern risk-based AML program. In a 2019 guidance, FinCEN made clear that many cryptocurrency businesses are MSBs. Persons that by any means accept and transmit currency, funds or other “value that substitutes for currency” from one person to another location or person fall within the federal definition of “money transmitter”. According to FinCEN, virtual currency “has an equivalent value as currency, or acts as a substitute for real currency”. Since a money transmitter is a type of MSB, cryptocurrency exchanges, brokers, custodians, ATMs and a myriad of others are required to build AML compliance programs. Registering with FinCEN, maintaining written policies and procedures, filing suspicious activity reports (SARs), utilizing a blockchain intelligence solution to monitor transactions, screening wallets as well as mitigating the risk of fraud and financial crime are some of those requirements.
The "REX" Software is not covered by the Bank Secrecy Act, because
- "REX" is not a business, person or entity.
- "REX" does not provide money transmission services: It's a cryptocurrency that has a "transfer" function implemented, like any other cryptocurrency - think of it like a Dollar Note providing a transfer function "being handed over". This does not make REX "providing a service".
- "REX" does not engage in the transfer of funds.
- "REX" is not an exchange, a broker or a custodian.
- The "REX" software does nothing itself, so there shall be no expectation of efforts of others, a promoter or other third party.
"REX" is not more than immutable compiled bytecode sitting on the BSC network, that can do nothing on its own but sit there. People can run the code if they want to, or not.
The Howey test
The howey test (https://www.google.com/search?q=Howey+test) defines what U.S. federal securities laws apply to, which the SEC administers.
You must have no expectation of any benefit whatsoever from any BUSD sent to the REX contracts. You must have no expectation of profit from the efforts of others. You must have no reliance on the effort of others. REX is just a piece of inert code at a contract address on the BSC network. It can do absolutely nothing on its own. Every REX that ever exists is caused to exist by a user creating it himself per the rules of the code that he chooses to run that lives at a BSC contract address, and people might refer to as REX, mining his own BSC block or paying a BSC miner to do it for him. Only you can mint your own REX when you run the "endStake" function's code, as it requires your private key. Only you can run the "createStake" function's code to stake your REX, as it requires your private key. Staked REX are actually "burnt" or "destroyed". Only you can mint your own REX when you run the "endStake" function's code, as it requires your private key. The users themselves perform all the work. This is the same way that all BTC are caused to exist, people run code and "coins" are created when the network's rules are met. Wherever possible you agree there is no investment of money. Wherever possible you agree there is no common enterprise.
Just like traditional finance, "decentralized finance" requires liquidity. But rather than that liquidity coming from institutions, DeFi users create liquidity pools, which are crowdsourced token pools that are locked in a smart contract that facilitates trades between the assets on a decentralized exchange (DEX). The REX software has automatically created an automated market maker (AMM), which allow the automatic and permissionless trade of digital assets through liquidity pools. The LP tokens received from adding liquidity to the pool are "burnt" - so the REX Smart Contracts do not hold custody of those tokens ever.
Blockchains, smart contracts, and cryptocurrencies are cutting edge technologies and there is a risk of total failure, however small.
Software is hard. Computers are hard. Distributed software on distributed computers is harder. It's a miracle this stuff works at all.
Strong cryptography seems unlikely to be broken, but if it is, everything will probably be broken.
Bitcoin Miners run computations and mint their own BTC reward if their computation matches what the network consensus code requires. REX stakers run computations and mint their own REX reward if their computation matches what the network consensus code requires. In either network you can run your own code on your own machine, or pay someone else to run the code your choose for you to mint your reward. In Bitcoin the code lives in the node, in REX the code lives in the node at a contract address. Paying a fee is paying someone to run your code.
REX is not an airdrop or a fork.
An airdrop requires someone else control the coins and give them to you.
A fork requires that some code exist and be forked.
Website Terms and Conditions of Use
By accessing this Website, accessible from https://rex.io, you are agreeing to be bound by these Website Terms and Conditions of Use and agree that you are responsible for the agreement with any applicable local laws. If you disagree with any of these terms, you are prohibited from accessing this site. The materials contained in this Website are protected by copyright and trade mark law.
2. Use License
Permission is granted to temporarily download one copy of the materials on REX's Website for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license you may not:
- modify or copy the materials;
- use the materials for any commercial purpose or for any public display;
- attempt to reverse engineer any software contained on REX Website;
- remove any copyright or other proprietary notations from the materials; or
- transferring the materials to another person or "mirror" the materials on any other server.
This will let REX to terminate upon violations of any of these restrictions. Upon termination, your viewing right will also be terminated and you should destroy any downloaded materials in your possession whether it is printed or electronic format.
All the materials on REX’s Website are provided "as is". REX website creators make no warranties, may it be expressed or implied, therefore negates all other warranties. Furthermore, REX website creators do not make any representations concerning the accuracy or reliability of the use of the materials on its Website or otherwise relating to such materials or any sites linked to this Website.
REX website creators or its suppliers will not be hold accountable for any damages that will arise with the use or inability to use the materials on REX’s Website, even if REX website creators have been notified, orally or written, of the possibility of such damage. Some jurisdiction does not allow limitations on implied warranties or limitations of liability for incidental damages, these limitations may not apply to you.
5. Revisions and Errata
The materials appearing on REX’s Website may include technical, typographical, or photographic errors. REX website creators will not promise that any of the materials in this Website are accurate, complete, or current. REX website creators may change the materials contained on its Website at any time without notice. REX website creators does not make any commitment to update the materials.
REX website creators have not reviewed all of the sites linked to its Website and are not responsible for the contents of any such linked site. The presence of any link does not imply endorsement by REX website creators of the site. The use of any linked website is at the user’s own risk.
8. Your Privacy
9. Governing Law
Any claim related to REX's Website shall be governed by the laws of Malta without regards to its conflict of law provisions.
If you really care about your privacy you should be using the tor browser from http://tor.eff.org. The website creators prefer not to have any data about you at all really, as it's just a liability. The website creators do use google analytics to try to figure out where traffic is coming from and which pages on the site are being read the most. Many hosting companies do this and a part of hosting services' analytics. The information collected by analytics includes internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These are not linked to any information that is personally identifiable. The purpose of the information is for analyzing trends, administering the site, tracking users' movement on the website, and gathering demographic information. No matter what any company writes in their terms of service, they can always change them, or break their own rules, so you must be responsible for protecting your own privacy.
Cookies and Web Beacons
Like any other website, rex.io uses 'cookies'. These cookies are used to store information including visitors' preferences, and the pages on the website that the visitor accessed or visited. The information is used to optimize the users' experience by customizing the website content based on visitors' browser type and/or other information.
Note that rex.io has no access to or control over these cookies that are used by third-party advertisers.
Third Party Privacy Policies
Another part of the website creators' priority is adding protection for children while using the internet. The website creators encourage parents and guardians to observe, participate in, and/or monitor and guide their online activity. rex.io does not knowingly collect any Personal Identifiable Information from children under the age of 13. If you think that your child provided this kind of information on this website, the website creators strongly encourage you to contact them immediately and they will do their best efforts to promptly remove such information from the records.
If you've read down this far, congratulations. You will notice the theme of all of the above text is that you should have absolutely no expectations of any sort regarding anything, and if anything goes wrong, you shouldn't look for redress anywhere, and you should receive none. When you send BUSD to the contract, you don't get the BUSD back. The only way to possibly get BUSD back via "BigPayDays" is precisely explained in the whitepaper and in the published code itself, but there is no guarantee at all. Software is hard. Blockchain software is harder. We're lucky any of this stuff works at all.