The Coda Genesis Program prepares participants to become the network’s first block producers upon mainnet launch. Up to 1,000 members will be selected from the Coda testnet community to receive a distribution of 66,000 tokens as founding members of the Genesis Program.
Members will be able to participate in Coda testnet by completing challenges, learning how to operate the protocol, strengthening and hardening the protocol through feedback, creating tooling and documentation and building the community.
At mainnet launch, 6.6% of coda tokens will be distributed amongst Genesis founding members. All Genesis founding members who qualify will receive the same amount of coda tokens. No mainnet token distributions will be confirmed or guaranteed at any time before mainnet launch.
Genesis founding members will be required to participate as block producers on mainnet by staking all tokens received for a continuous period of one year starting on mainnet launch. Members who do not stake all of their tokens for the duration of the 1 year staking period will forfeit their entire distribution of tokens.
Distributions will be locked up for four years after mainnet launch. During this time, locked tokens will not be able to be transferred. After the first year, one quarter of tokens will become unlocked. The rest will become unlocked in equal monthly tranches over the following three years. Additional tokens that members earn as staking rewards will not be locked up or subject to any restrictions.
To become a founding member, you must complete the application, pass KYC checks and provide all required documentation, and agree to the Terms and Conditions.
Terms and Conditions
The Program prepares participants to become the first block producers upon Coda Protocol’s mainnet launch. It is designed to enable a wide range of independent participants to become significant block producers. In order to have a sufficiently large set of block producers, there needs to be a large number of independent participants who hold coda tokens immediately after mainnet launch and have the technical knowledge and competence to stake tokens. Participants who hold coda tokens may also be incentivized to make other valuable contributions to Coda Protocol and its community of users.
APPLYING TO PARTICIPATE IN THE PROGRAM OR BECOMING A MEMBER DOES NOT GRANT YOU ANY RIGHTS OR ENTITLEMENTS AND SPECIFICALLY DOES NOT GUARANTEE THAT YOU WILL RECEIVE ANY PAYMENT, COMPENSATION, REWARD OR OTHER VALUE, INCLUDING CODA TOKENS.
To become a Member you must:
4.1. be at least 18 years of age and not be prohibited from participating in the Program by any applicable law or regulation,
4.2. not be a citizen or resident of any jurisdiction subject to sanctions as enforced by the Office of Foreign Assets Control, including without limitation Burma, Crimea and Sevastopol, Cote d’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Libya, North Korea, Sudan, Syria, Zimbabwe, and you must not be named by OFAC as a Specially Designated National or Blocked Person;
4.3. not be an employee, contractor, shareholder, investor or other related party of O(1) Labs,
4.4. not be an employee, contractor, shareholder, investor or other related party of any company, organization or entity that operates a business as a miner, staker or other validator on a public blockchain, if another Member shares the same affiliation(s) - i.e. only one person per company can be a Member;
4.5. confirm your intent and ability, if you were to receive coda tokens in the future, to participate as a block producer by staking the tokens,
4.6. pass KYC checks by proving your identity, or if you represent an entity, by also providing the required corporate documents and proving the identity of the ultimate beneficial owner(s) of the entity.
If you have met the requirements above, then you may be registered as a Member. Meeting the requirements does not guarantee that you will become a Member. Becoming a Member does not guarantee that you will receive coda tokens or any other benefits.
When identifying participants who may qualify as Members, the following contributions may be taken into account: being a testnet participant, creating documentation, including explanatory documents and blog posts, stress-testing the protocol, creating tooling for the protocol or applications that use the protocol, translating documentation into different languages, providing help and support to users and other participants, including creating and moderating chats, forums, social media channels and meetups, and reporting bugs and issues in the protocol.
Coda Protocol Testnet points may be taken into consideration when determining whether you qualify as a Member. However, testnet points do not guarantee eligibility for the Program or receipt of any benefits, and are not redeemable for cash or other value.Testnet points are an indication of the participant’s technical competence and commitment to support the protocol. For example, a participant with more testnet points is more likely to have the know-how to be a Block Producer on Coda Protocol mainnet, or to detect and report bugs effectively. However, O1 Labs will not make any discretionary judgment about the value of any participant’s contributions.
No distributions will be made before the mainnet launch of Coda Protocol. You are not guaranteed to receive a distribution until the time that you actually receive coda tokens and fully satisfy the staking and lock-up requirements.
All Members who receive a distribution will receive the same amount of coda tokens. O(1) Labs will not have discretion to allocate more or less coda to any participant.
All distributions are subject to the requirements of staking and lock-up as follows. These requirements will be enforced at the protocol level.
If you receive a distribution, you must stake or delegate your entire distribution for a continuous period of 365 days commencing on the day of Coda Protocol’s mainnet genesis block (“Staking Period”). IF YOU DO NOT STAKE OR DELEGATE THE ENTIRE AMOUNT OF YOUR DISTRIBUTION FOR THE DURATION OF THE STAKING PERIOD THEN YOU WILL FORFEIT YOUR ENTIRE DISTRIBUTION.
During the Staking Period, forfeiture will be enforced automatically at the protocol level. This means that if you fail to meet the staking requirement, Coda Protocol will automatically enforce the forfeiture of your tokens, which will be irreversible and not subject to dispute. O(1) Labs will not be able to prevent forfeiture from being enforced by Coda Protocol and will not compensate you in the event that your tokens are forfeited.
At the end of the Staking Period, provided that you have met the staking requirements, your tokens will no longer be subject to forfeiture. However your tokens will still be subject to lock-up as follows.
At the end of the Staking Period, one-quarter of your coda tokens will be fully released from lock-up. Those tokens will be immediately available to you, with no further restrictions on transfer or sale. The remaining three quarters of the tokens will be subject to a further 3 year lock-up period (“Lock-up Period”) commencing at the end of the Staking Period.
During the Lock-up Period:
15.1. your full entitlement of tokens will be available for staking or delegating,
15.2. the tokens that are locked up will be unable to be sold or transferred to any other address - this will be enforced automatically at the protocol level,
15.3. 1/36th of each distribution will be released from lock-up at the end of each month,
15.4. any additional tokens that you receive as a reward for staking or delegating are not subject to any lock-up or any further restrictions.
When tokens are released from lock-up those tokens will immediately be fully functional and not subject to any further restrictions.
YOU ACCEPT AND ACKNOWLEDGE THAT THERE ARE RISKS ASSOCIATED WITH USING ANY CRYPTOCURRENCY NETWORK, INCLUDING, BUT NOT LIMITED TO, THE RISK OF UNKNOWN VULNERABILITIES IN OR UNANTICIPATED CHANGES TO THE NETWORK PROTOCOL. YOU ACKNOWLEDGE AND ACCEPT THE RISKS OF FUTURE CHANGES TO CODA PROTOCOL AND AGREE THAT O1 LABS IS NOT RESPONSIBLE FOR SUCH OPERATING CHANGES AND IS NOT LIABLE FOR ANY LOSS OF VALUE YOU MAY EXPERIENCE AS A RESULT OF SUCH CHANGES IN OPERATING RULES. YOU ACCEPT AND ACKNOWLEDGE THAT O1 LABS WILL NOT BE RESPONSIBLE FOR ANY LOSSES, FAILURES, DISRUPTIONS, ERRORS, DISTORTIONS OR DELAYS YOU MAY EXPERIENCE WHEN PARTICIPATING IN THE PROGRAM, HOWEVER CAUSED. YOU ACKNOWLEDGE AND ACCEPT THAT O1 LABS HAS NO CONTROL OVER ANY CRYPTOCURRENCY NETWORK AND WILL NOT BE RESPONSIBLE FOR ANY HARM OCCURRING AS A RESULT OF SUCH RISKS.
O1 LABS WILL NOT BE RESPONSIBLE OR LIABLE TO YOU FOR ANY LOSS AND TAKES NO RESPONSIBILITY FOR AND WILL NOT BE LIABLE TO YOU FOR YOUR PARTICIPATION IN THE PROGRAM, INCLUDING BUT NOT LIMITED TO ANY LOSSES, DAMAGES OR CLAIMS ARISING FROM: (I) USER ERROR SUCH AS FORGOTTEN PASSWORDS, LOST OR MISSING PRIVATE KEYS, INCORRECTLY CONSTRUCTED TRANSACTIONS, OR MISTYPED ADDRESSES; (II) SERVER FAILURE; (III) CORRUPTED WALLET FILES; (IV) UNAUTHORIZED ACCESS TO APPLICATIONS; OR (V) ANY UNAUTHORIZED THIRD PARTY ACTIVITIES, INCLUDING WITHOUT LIMITATION THE USE OF VIRUSES, PHISHING, BRUTE FORCING OR OTHER MEANS OF ATTACK.
O1 LABS MAKES NO WARRANTY THAT ANY CODA TESTNET OR CODA MAINNET INCLUDING WALLETS, NODES OR ANY OTHER SOFTWARE RELEASED BY O1 LABS, ARE FREE OF VIRUSES OR ERRORS, WILL BE UNINTERRUPTED, OR THAT DEFECTS WILL BE CORRECTED. O1 LABS WILL NOT BE RESPONSIBLE OR LIABLE TO YOU FOR ANY LOSS OF ANY KIND, FROM ACTION TAKEN, OR TAKEN IN RELIANCE ON MATERIAL, OR INFORMATION, CONTAINED OR MADE AVAILABLE THROUGH THE PROGRAM.
ALL PROGRAMS, APPLICATIONS, SOFTWARE, DOCUMENTATION AND OTHER MATERIALS RELATED TO CODA PROTOCOL ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, O1 LABS SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. O1 LABS DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO AND PART OF CODA PROTOCOL OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE. EXCEPT FOR THE EXPRESS STATEMENTS SET FORTH IN THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR APPLICATION TO OR PARTICIPATION IN THE PROGRAM.
It is your sole responsibility to determine whether, and to what extent, any taxes apply as a result of your participation in the Program, including as a result of acquiring or staking coda tokens, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. For the avoidance of doubt, O1 Labs does not provide investment, tax, or legal advice. You should consult with a professional tax adviser regarding your specific situation.
You will indemnify and hold harmless O1 Labs, its affiliates, and their respective officers, directors, employees and agents (together, the “Released Parties”), from and against any claims, disputes, demands, liabilities, damages, losses, and costs and expenses, including, without limitation, reasonable legal and accounting fees arising out of or in any way connected with your participation in the Program.
NEITHER THE RELEASED PARTIES NOR ANY OTHER PARTY INVOLVED IN THE PROGRAM WILL BE LIABLE FOR ANY INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOST BUSINESS OPPORTUNITY, LOSS OF DATA OR GOODWILL, SERVICE INTERRUPTION, COMPUTER DAMAGE OR SYSTEM FAILURE OR THE COST OF SUBSTITUTE ACTIVITIES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR YOUR PARTICIPATION IN, OR INABILITY TO PARTICIPATE IN, THE PROGRAM, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT O1 LABS OR ANY OTHER PARTY HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGE, EVEN IF A LIMITED REMEDY SET FORTH HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
THE EXCLUSIONS AND LIMITATIONS OF DAMAGES SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE BASIS OF THE BARGAIN BETWEEN O1 LABS AND YOU.
These Terms and any action related thereto will be governed by the laws of the state of California in the United States of America without regard to its conflict of laws provisions. The exclusive jurisdiction for all disputes will be in San Francisco, California, and you and O1 Labs each waive any objection to such jurisdiction and venue.
You and we agree that any dispute arising out of or relating to the Program or these Terms, including, without limitation, federal and state statutory claims, common law claims, and those based in contract, tort, fraud, misrepresentation, or any other legal theory, shall be resolved through binding arbitration, on an individual basis. Subject to applicable jurisdictional requirements, you may elect to pursue your claim in your local small claims court rather than through arbitration so long as your matter remains in small claims court and proceeds only on an individual (non-class and non-representative) basis. Arbitration shall be conducted in accordance with the American Arbitration Association's rules for arbitration of consumer-related disputes. This agreement to arbitrate includes, without limitation, disputes arising out of or related to the interpretation or application of the Arbitration Agreement, including the enforceability, revocability, scope, or validity of the Arbitration Agreement or any portion of the Arbitration Agreement. All such matters shall be decided by an arbitrator and not by a court or judge.
The place of arbitration shall be in San Francisco, California. The language of arbitration shall be English. The arbitral award shall be final and binding upon both parties. TO THE EXTENT PERMISSIBLE BY LAW, ALL CLAIMS MUST BE BROUGHT IN A PARTY’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING. THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON'S CLAIMS OR ENGAGE IN ANY CLASS ARBITRATION. YOU ACKNOWLEDGE THAT, BY AGREEING TO THESE TERMS, YOU ARE WAIVING THE RIGHT TO A TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION
These Terms constitute the entire and exclusive understanding and agreement between O1 Labs and you regarding the Program, and the Terms supersede and replace any and all prior oral or written understandings or agreements between O1 Labs and you. To the extent of any conflict or inconsistency between these Terms and any other documents or materials provided by O1 Labs, these Terms prevail. If any provision of the Terms is held invalid or unenforceable by an arbitrator or a court of competent jurisdiction, that provision will be enforced to the maximum extent permissible and the other provisions of the Terms will remain in full force and effect. You may not assign or transfer the Terms, by operation of law or otherwise, without O1 Labs’s prior written consent. Any attempt by you to assign or transfer the Terms, without such consent, will be null and void. O1 Labs may freely assign or transfer these Terms without restriction. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors and permitted assigns.
O1 Labs’s failure to enforce any right or provision of these Terms will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of O1 Labs. Except as expressly set forth in these Terms, the exercise by either party of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise.
O1 Labs may, with or without prior notice and at any time, modify or terminate, temporarily or permanently, any part or all of the Program, except for distributions of coda that have been confirmed in the genesis block. Once distributions have been confirmed at the protocol level, neither O1 Labs nor any other party has the ability to cancel or change them. Any notices or other communications provided by O1 Labs under the Terms, including those regarding modifications to the Terms, will be posted at www.codaprotocol.com.