Smart Contract Policy

Policy Date: August 15, 2019

The following policy (“Smart Contract Policy”) provides the terms and process that will govern transactions in goods and services from, from, to, and between Members within the ImagineBC community (the “Community”) as well as the disbursement of any resulting credits to Member Referrers, the Genesis Pool and Third Party Referrers (as each are defined below).

Acceptance

This Smart Contract Policy will be effective as of the policy date listed above and will apply to all transactions conducted within the Community. By entering into transactions on the ImagineBC mobile application or BizBase web application (the “Applications”) you consent to this Smart Contract Policy. If you do not consent to this Smart Contract Policy, do not enter into transactions using the Applications.

Objectives

As a service to our Members, ImagineBC provides tools for Members to buy and sell goods and services. Members may also buy from or sell to third parties (e.g., access to data). To maintain, promote, and grow the Community, various other parties (Referrers, the Genesis Pool, and Third Party Referrers) will also receive a portion of credits for each transaction. Payment to the seller and disbursement of these credits will all be automatically processed by smart contract software based on the rules set forth herein.

Changes to the Smart Contract Policy

The Smart Contract Policy will only be changed as follows:

    1. Changes may be proposed by ImagineBC and put to the Members for a vote using functionality within the ImagineBC mobile application;

    2. Members will vote for or against the proposed change; and

    3. If greater than 50% of the Members voting vote in favor of the change, then the change will be deemed approved and will be implemented.

Parties to a Transaction

The parties potentially involved in a completed transaction are listed below:

Smart Contract Rules

The following rules will apply to the distribution of proceeds from any completed sale.

Payment : The Buyer will be responsible for payment of 100% of the transaction amount. Payment is due immediately upon entering the transaction and will be made in U.S. Dollars from the Members ImagineBC available balance.

All Sales are Final : All transactions within the Community are final, and refunds or exchanges will not be provided.

Distribution of Purchase Amount : Funds from a completed transaction will be distributed to the parties in accordance with the following rules:

Percentage Distribution

Percentage Allocation

Seller

ImagineBC

Seller’s Referrer

Buyer’s Referrer

Genesis Pool

ImagineBC For Social/Charity

70% 10% 5% 10% 5% --

Sample Allocation of $100 Transactions

Case 1

Seller’s Referrer: Member

Buyer’s Referrer: Member

$70 $10 $5 $10 $5 $0

Case 2

Seller’s Referrer: Member

Buyer’s Referrer: None

$70 $10 $5 - $5 $10

Case 3

Seller’s Referrer: None

Buyer’s Referrer: Member

$70 $10 - $10 $5 $5

Case 4

Seller’s Referrer: None

Buyer’s Referrer: None

$70 $10 - - $5 $15

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1 The base percentage allocation for the Genesis Pool will be 5% of a transaction, however in certain circumstances where additional percentages are allocated to another party, the Genesis Pool may receive as little as 2.5%