Dear HBTC Captains and Users.
Since the real practice of HBC token Model has been executing for a while after it released, the results has proven that HBC model is able to meet our initial expectation which effectively to incentivise HBC Token holders to contribute to platform with high motivation, and also increased revenue.
The price of HBC on the secondary market has also proven that the 10x PE repurchase model works. The cumulative repurchase of HBC token which designed for the Captain’s reward will be distributed when the total number of Captains reaches 1,000. Captains who qualified with the performance in the early stage will enjoy profitable returns.
In order to support the 10x PE repurchase model to be more sustainable, we've decided to update our HBC Token model to version 1.0. This updates based on the real data from our HBTC Exchange, feedbacks collected from our community users and recommendations given by Financial and Tokenisation experts . The updated version of the guidelines for Captains will inspire the Captains' community to push for the rapid growth of HBTC Exchange and the value increasing of HBC Token. For details, please refer to Section 2.
As an absolute innovation design of token model, it has evolved to be perfecter after the release of this updated version 1.0, It is important and necessary to keep renewing and updating our system to keep up with the changes in the market. More importantly, the adjustments of the HBC Token model now needs a majority consensus from the community voting before any changes can take effect.
Therefore, after the release of the updated version 1.0, all future adjustments involving the rules of the HBC Token model will be decided by a voting process from the community with a governance plan in place. Each community vote requires more than 51% (excluding blank/spoilt votes) before any adjustments can be officially implemented.
HBC Token Model Version 1.0
Overview of HBC Token
HBC token is designed for the Mainnet of HBTC Chain, it is upgraded from the current ERC20 version of BHEX Token (BHT). HBC inherits the rights and interests of it's predecessor BHT Token. BHT will be replaced by the HBC gradually. HBC represents the key element for the three core businesses which includes HBTC Exchange, HBTC Chain and Bluehelix technology.
HBC carries two major innovations:
A .Brand New 10x PE Price Repurchase Model
HBTC will use 100% of the business revenue from the HBTC Exchange and 80% of Bluehelix technology profit in the brand new 10x PE repurchase mechanism. HBTC will conduct a daily repurchase of HBC in the secondary market on HBTC Exchange with the formula (10x PE = HBC price / annualized return of HBC * 10) which creates a support for HBC and a solution to the drawbacks of buyback-burn which has not associated the token price with the revenue of the growing business, with it, HBC model will reflect the platform revenue into the token price.
B .Brand New HBTC Captain Incentive Model
HBTC will use 50% of the HBC tokens obtained from the daily repurchase mechanism to reward the HBTC Captains for their contribution to the exchange. Any user who holds 1000 HBC can apply HBTC Captain. The role of "HBTC Captain" is that of a value-sharing with platform co-builder of HBTC Exchange. HBTC Captains use their influential capabilities and expertise to help HBTC expand and maintain the HBTC community and to drive trading business and project listings for HBTC Exchange. HBTC Exchange will share the growing revenue with our Captains through the captain incentive model.
The goal of a HBTC Captain is to create a new concept of self-employment in the new century. Its working style is similar to Amazon Merchants and Youtuber kind of Affiliate program. However, unlike traditional Affiliate program, HBTC Captains will receive not only commission-sharing through mechanisms such as invitation rebates but will also benefit by holding the HBC token reward and the revenue growth of HBTC Exchange.
One : HBC token information
Token name: HBTC Captain Token
Token Symbol: HBC
Blockchain Type: HBTC Chain (https://chain.hbtc.com/en-us/)
Issuance of Genesis Block: 21 million. all converted from the current circulation of BHT (401,629,892 BHT in circulation + 100,000,000 BHT in tokens lockup)
Consensus Algorithm: DPoS
Mining Reward: HBTC Chain is an innovative cross-chain technology that provides the fundamental infrastructure for the decentralized custody and DeFi business for crypto assets holders and players. A Validator ( node) can generate its income from transaction fees by processing blocks and get reward. It is mainly a form of incentive reward paid for a Validator ( node) who contributes to the growth of HBTC network. The incentive rate is from 0.5% to 3% per annum. Currently, the tentative annualized return incentive rate for block reward is 2%. In future, “Oracle” Analytics mechanism could be used to calculate the incentive rate adjustments based on the market price of HBC. At the current 2% interest rate, the expected staking rate is 51% which will increase the amount of HBC by 1.1% every year.
Validator ( node) and Staking owner of HBC will benefit from the reward of HBC which generated by Mining and Staking.
HBC holders perspective will affect the HBC price in the secondary market. The HBC Mining reward rate will be reduced as the growth of the HBC value compared to the USD, the Mining reward of HBC could be possible reduced to a minimum of 0.5% rate per annum dynamically.
HBC Explorer: https://explorer.hbtc.com/
Two : Token Swap From BHT To HBC
- Swap Ratio: 1 HBC = 23.887 BHT
- Computation of Swap Ratio: The computation of swap ratio is based on the proportion of token supply and token in circulation. This will help to eliminate any price differences due to price fluctuation. BHT token has 501,629,892 BHT in total which consisting of 401,629,892 BHT in circulation and 100,000,000 BHT in tokens lockup.
The total supply of HBC token is 21,000,000 of which 80.06% of the total supply 16,812,600 HBC replaces the current 401,629,892 BHT in circulation. The other 19.94% of the total supply 4,187,400 HBC replaces the current 100,000,000 BHT in lockup. Our Bluehelix team will gradually unlock 1/36 of the 4,187,400 HBC over a period of 36 months for its business and development expenses.
- The interests of current BHT Holders are protected
Original BHT token has 2,100,000,000 in total, we have buy-backed and burnt 536,318,608 BHT, left 1,563,618,392 BHT . In which 401,629,892 is in circulating in secondary market, 100,000,000 is locked up, The rest is not circulated yet. All the lockup 1,062,051,500 BHT will be destroyed after release from the smart contract.
Pre-swap, the number of BHT in circulation is 401,629,892 which accounts for 25.68% of the total of 1,563,681,392.11 BHT.
Then we support the BHT swap to HBC with a fixed rate as 23.887 BHT : 1 HBC
Post-swap, the number of HBC in circulation is 16,812,600 HBC which accounts for 80.06% of the total supply. The rest HBC is locked up for operation and team supporting purposes.
The swap mechanism completely protects the value of BHT. The number of HBC tokens issued is lesser than the number of BHT in circulation in order to protect the market value of BHT which in turn helps to eliminate any selling pressure that may arise. This also helps to stabilise and establish confidence in the market.
- Token Swap Period
Users of HBTC Exchange are provided with direct access to the BHT token swap function. Holders of BHT can perform a token swap at HBTC.com starting from 13:00, 20 April to 13:00, 20 October 2020 (UTC+8), for a period of six (6) months. The principle of the token conversion should prevent any price differences due to price fluctuation. The price of the token will not affect the rate of conversion. Users who have not completed the token swap from BHT to HBC after the expiry date will have to submit a request to HBTC customer service for assistance.
Swap: https://www.hbtc.com/xo/item/HBC-BHT-6002-20200420120214
- HBTC platform assets transparency and trustworthiness in data trading mechanism
To ensure the safety of user assets during the transaction process and the credibility of the revenue generated by the transaction, we will introduce the following transparency mechanism:
（1）100% Proof of Asset Reserves
（2）100% Proof of Trading Income and Financial Statement
Three : New Innovative HBC 10x PE Repurchase-Airdrop-Burn Scheme
HBTC will use 100% of the revenue and 80% of Bluehelix technology profit for the 10x Repurchase-Airdrop-Burn scheme on a daily basis. Commission paid to the negative rate maker, invitation rebates and broker rebates do not fall into the token Repurchase-Airdrop-Burn scheme.
Repurchase Price Computation:
Repurchase Price = Total Revenue in the last 30 days * 12/21 million (HBC in circulation) * 10 (10x PE)
Rules for Repurchase (PE):
Within the 100% of total revenue, 80% of the revenue will be repurchased HBC as 10 x PE price and 20% is used to repurchased for 5 x PE price. For example, assuming that the generated revenue in average is USD 7000, 80% of total is $5600, the repurchasing will be conducted by placing a limit buy order at 1.2 USDT(10x PE price = $7000*30*12/21 million * 10) until the order is fulfilled. The remaining 20% of repurchase amount is $1400, a limit buy order at price of 0.6 USDT( 5 x PE price) will be placed on the HBC/USDT trading pair. This order will provide a source of liquidity for HBTC Exchange, reflect the value of the platform.
Daily Airdrop and Repurchase-and-Burn:
Starting from 14:00, 20 April 2020 Singapore Time (UTC+8), daily revenue generated from HBTC trading fees will be used for automated repurchase between 11:00 AM to 16:00 PM. The result of the Repurchase report will be announced on a daily basis.
Rules for Daily Allocation of HBC Airdrop and Token Burn
1) 50% of the repurchased HBC is allocated to the HBTC Captains based on an allocation ratio of 3:2. 30% is shared equally amongst the total number of qualified Captains and 20% is distributed to the Captains based on performance. All the airdrop token will be locked up for 12 months period.
2) 30% of the repurchased HBC is deposited into the Bluehelix Reserve Fund which will be unlocked every month over 12 months period. The entire process and use of fund with be transparent to the public.
3) 20% of the repurchased HBC is placed under token destruction. It will be sent for destruction quarterly.
Rules for Unlock for Captain's HBC Airdrop
The Captains who meet the 30-days performance requisite:
1) 8.37% of HBC for Captain's airdrop reward will unlock automatically and will be credited into the Captain's account after 30 days. These unlocked HBC can be traded on HBTC Exchange.
2) The remaining 91.63% will automatically be locked up and transferred to the management account for Captains' HBC exclusive reward.
8.33% of the HBC in the management account for The Captains' HBC exclusive reward will be unlocked each month over a period of eleven (11) months. These unlocked HBC becomes “Restricted Circulation HBC” which can’t withdraw, these Token need follow the “Rule of Restricted Circulation HBC” to be released.
Captains who choose to opt-out from the Captain's program will lose all the HBC Tokens that are still in lockup status. These unclaimed HBC Tokens will transfer into reserved operation fund in HBTC Exchange.
All HBC Tokens in the lockup will be pledged to support the nodes of HBTC Chain. Captains who own these HBC Tokens will get to enjoy mining rewards.
Rule of Restricted Circulation HBC
Under the management account for the Captains' HBC exclusive reward, the HBCs are categorised into 'Locked' and 'Matured'.
In the 'Matured' category :
Captain could apply “Matured HBC” release based on total daily release quota, this rule will ensure the price of HBC will not be affected due to oversupply.
The process for applying for the release of 'Matured' HBCs is as follows:
- HBTC Exchange will automatically calculate the amount of HBCs available for the total daily release quota based on the revenue for daily repurchase in USDT and the average market price of HBCs for the past seven (7) days.
If the average market price of HBC for the last seven (7) days is less than the 10x PE price, the total daily release quota is based on 10% of the revenue (USDT) for daily repurchase of the day. If the average market price for the last seven (7) days is more than or equivalent to 10X PE 10x PE price, the total daily release quota will be equivalent to the total revenue (USDT) for daily repurchase of the day.
The system will convert the total daily release quota from USDT to HBCs using the formula: Total daily release quota (USDT) / average price of HBC for the last seven (7) days. The resulting total number of HBCs will be the total daily release quota for the day and will be updated via the Captain's management center.
- Captains who are planning to release his/her 'Matured' HBCs may apply for the daily release quota by applying through the Captain's management center. The amount submitted by each Captain shall not be greater than the total amount of available HBCs release quota for the day.
- HBTC Exchange will update the total daily release quota every day to enable Captains to submit his/her request. Applications submitted before 18:00 Singapore Time (UTC+8) will be evaluated according to the formula of {The amount of HBCs applied for by each Captain / Total amount of daily release quota * The total number of release HBCs for the day}
Each Captain will be allotted a number of HBCs quota corresponding to daily available release quota and on the overall volume of applications received that he/she can trade (Sell) under the 'Matured' HBCs on the secondary market.
- Captains are not allowed to apply for another batch of daily release quota when he/her still has balance quota in his/her Captain’s management center.
In the near future, OTC will be included for trading (Selling) of 'Matured' HBCs. However, 'Matured' HBCs that are traded (Sold) on OTC platform will remain as 'Matured' HBCs. Rule of Restricted Circulation of HBCs applied. Traders who bought the 'Matured' HBCs from OTC can access the Captain's daily release quota function via WEB and APP when it is launched.
The Use of Bluehelix Reserve and Ecological Funds
30% of the repurchased tokens will be allocated to HBTC operation expenses and will be unlocked over a twelve (12) months period. Unlocked HBC use to support the cost of servers for Bluehelix technology business. Announcement and publication of financial reports will be transparent to the public and the community. Any changes to HBTC business operations have to be made through a series of community voting.
All HBCs unlocked and procured from the Bluehelix Team and Shareholders will be subjected to the “Rules Restricted Circulation for HBC”.
Community Voting & Governance
After the release of the updated version of HBC Token model 1.0, any adjustments to HBC Token model will require a consensus taken from HBTC Captains (excluding Candidate Captain). This consensus is done via community voting and more than 51% votes are required before any adjustments can be officially implemented.
Section 1: Examples of HBC Repurchase Price from the secondary market:
An average daily income of 5,833 USDT; a monthly income of 175,000 USDT; an annualized income of 2.1 million USDT; the HBC repo price from the secondary market is: 210 * 10/2100 = 1 USDT
An average daily income of 23,333 USDT; a monthly income of 700,000 USDT; an annualized income of 8.4 million USDT; the HBC repo price from the secondary market is: 840 * 10 / 2100 = 4 USDT
An average daily income of 184,000 USDT; a monthly income of 5,520,000 USDT; an annualized income of 66.24 million USDT; the HBC repo price from the secondary market is: 6624.0 * 10 / 2100 = 31.54 USDT
An average daily income of 2,000,000 USDT; a monthly income of 60,000,000 USDT; an annualized income of 720 million USDT; the HBC repo price from the secondary market is: 720 mil * 10 / 2100 = 342 USDT
Based on the trading volume generated by the top exchanges like Huobi, OKEX and Binance, each exchange produces more than 1 billion USDT in trading revenue per year. If HBTC Exchange manages to acquire 20% of the market share, HBTC will be able to support the 10x PE repurchase ratio and push the price of HBC to 342 USDT.
Based on a scenario of a user holding 1000 HBC, holders of HBC can generate an income of 1000 * 342 = 34,2000 USDT. If a user holds 1000 HBC and becomes a partner of HBTC, he/she can earn up to 684,000 USDT income. The above forecast of the maximum profit made is based on the collaboration and contribution efforts of all partners to achieve a 20% market share of the trading volume generated by the three major exchanges mentioned above.
Projection chart of the price differences for 10x Repurchase from the secondary market: 
Section 2: HBTC Captain System
- What is HBTC Captain?
HBTC Captain is a form of partnership between contributors and HBTC Exchange as co-builder and is a direct beneficiary of HBTC growth.
Purchase 1000 HBC through the secondary market and apply for HBC lockup to become a HBTC Captain.
The main role of a Captain is to grow and develop the business of HBTC Exchange in areas of resource contribution and community building to generate revenue.
HBTC Captains will get 50% of the tokens attained from the daily 10x repurchase by the revenue generated from HBTC Exchange. This aligns the interests of beneficiaries and contributors and transforms HBTC Exchange into a world-first trading platform with a 100% profit-sharing mechanism to benefit its stakeholders.
Three types of Captains
(1) Founder Captain: The first 1000 Captains who completed the 1000 HBC lockup will be titled Founder Captains. If a Founder Captain decides to opt-out from the Captain program, no replacement will be made. A Founder Captain will receive an additional 5% of airdrop reward more than the Partner Captain.
(2) Partner Captain: The 1001-10,000 Captains who completed the 1000 HBC lockup will be titled Partner Captain. If a Partner Captain decides to opt-out from the Captain program, a Candidate Captain will fill the vacancy.
(3) Candidate Captain: The 10,001 to 20,000 Captains who completed the 1000 HBC lockup will be called Candidate Captain. When there is a vacancy for Partner Captain, the system will automatically select a Candidate Captain with the best performance to fill the vacant. The minimum required performance and the airdrop reward ratio are only 50% of the Partner Captain, the rest of benefits remain the same with Partner Captain.
- Benefits of HBTC Captains
Four Core Benefits
(1) Airdrop Rewards
(i) HBC Repurchase Airdrop Reward:
50% of the tokens attained from the daily repurchase will be airdropped to the Captain. 30% will be equally distributed to Captains who meet the Basic Performance Quota.
20% will be distributed to the Captains whose performance exceed his/her Basic Performance Quota for the daily basis. Please refer to the Rules of HBC Token Model for more details.
(ii) Referral Rewards: An inviter of the HBTC Captain program will receive 2% share from the reward that the invited Captain has in his/her airdrop and no ceiling. The invited Captain will receive 2% less in his/her Airdrop Rewards.
(iii) Rules of Calculation
HBTC Exchange will activate the Captain's Airdrop Reward when the number of Captains reaches 1,000.
Details of the Daily Repurchase of HBC will be published on HBTC Exchange.
The definition and calculation of performance are explained in detail in Section 3.
(iv) Rewarding System
30% Uniform Distribution
50% of the tokens attained from the daily repurchase (PE) will be airdropped to all the Captains. 30% will be equally distributed to Captains who meet the Basic Performance Quota.
Basic Performance Quota: An average monthly cumulated contribution value of 8.33 HBC is required to qualify for airdrop rewards. If the price of HBC changed in the future, the community will adjust the required volume of HBC through community voting.
20% Distribution Based on Performance
50% of the tokens attained from the daily repurchase will be airdropped to the Captains. 20% will be allocated for distribution pro rata to Captains whose performance exceed the Basic Performance Quota for the day.
The performance composition is explained in Section 3.
A Captain who has successfully invited a new Founder Captain or Partner Captain, will receive 2% Referral Reward from the invitee’s Captain's total reward. (E.g. Inviter Captain will get invitee’s Captain 2% total reward which included 30% Uniform Distribution and 20% Distribution Based on Performance of the Invitee’s Captain Reward). Referral Reward will be deducted from the Invitee’s
A Captain who has successfully invited a new Candidate Captain, will receive 1% Referral Reward from the invitee’s Candidate Captain's reward. (E.g. Inviter Captain will get invitee’s Captain 1% total reward which included 30% Uniform Distribution and 20% Distribution Based on Performance of the Invitee’s Captain Rewards). Referral Reward will be deducted from the Invitee’s
The first 1,000 Founder Captains will automatically receive a boost of 5% in performance result.
(2) VIP Benefits
(i) Profits Gained from Token Value: Gains from the HBC appreciation of in the secondary market;
(ii) HBC Mining Rewards: Income distribution of HBC locked-up tokens in the Mining of DPoS Nodes staking;
(iii) Invitation Rebates: With no expiry on invitation rebates you can now enjoy a 40% commission on the transaction fees generated by the invited users;
(iv) Trading Fee Discount: Receive VIP Level 1 status discounts on trading fees (kindly refer to VIP discount guide);
(v) Key Account Service: Exclusive One-to-One customer service.
(3) Platform Development Rights
(i) Voting Rights: Voting rights on major decisions such as project listing and community development
(ii) Project Recommendation Rewards: Get a commission fee by recommending of successful listing, get Airdrop by voting for listing .
(4) Free HBTC Whitelable Trading Platform
Set up exchange business with Bluehelix Whitelabel Exchange System at zero cost
(i) Lockup 1000 HBCs to become a HBTC Captain;
(ii) Pass a comprehensive evaluation for operational capabilities, (those who fail will be excluded) to get right to use Bluehelix Whitelabel Exchange Solution for free;
(iii) HBTC will share the 50% of the operational revenue, Captain will have the rest 50% revenue.
(iv) Profit-sharing generated from Bluehelix SaaS Cloud Trading platform and Bluehelix Whitelabel solution will be included in the Captain KPI, according to the Rules of Performance Eligibility; namely to generate an average of 8.33 HBC per month;
(v) Self prepare Domain Name, Apps Certificate and subscribe to Zendesk Services;
(vi) Content Delivery Network (CDN), SMS and mailbox services will be pre-paid by the Captain at the cost of 10,000 USDT;
(vii) No listing rights;
(viii) Trading fees must be the same as that of HBTC Exchange.
- Captain's Performance Standards
(1) Definition of a Captain's Revenue Performance
i) Trading fees generated on HBTC（ Minus Cost of Invitation Rebates）
ii) Profit-sharing of revenue generated from Bluehelix SaaS Cloud Trading platform and Bluehelix Whitelabel solution.
iii) Commission earned from successful referrals of clients for Bluehelix Cloud Exchange.
iv) Income generated by referrals using Bluehelix Cloud Exchange.
(2) How to qualify for Captain's Reward:
A monthly average transaction volume worth 8.33 HBC or its equivalent is required to qualify for airdrop rewards. (Should the price of HBC rise in the future, the community will adjust the required volume of monthly average performance quota through community voting)
(3) Definition of Revenue Performance (Trading fee is calculated in HBC. Trading fee for other assets is calculated based on USDT and will be converted to HBC)
(i) Revenue generated by the Captain on HBTC Exchange. Net Revenue Earned(Captain) = (Transaction Fees - Invitation Rebates Earned);
(ii) 20% of the daily trading fee generated from the invited Captains (direct invite & indirect invite with a maximum of 2 tiers) will be accounted for Net Revenue Earned. Net Revenue Earned(Captain) = (Transaction Fee - Invitation Rebate Earned) *20%;
(iii) All transaction fee generated from the invited users (direct invite & indirect invite with a maximum of 2 tiers) will be accounted for Net Revenue Earned. Net Revenue Earned(iUser) = (Transaction Fee - Invitation Rebate Earned);
(vi) Revenue earned from project listing fees of successful recommendations for HBTC Exchange (less commission and other expenses).
(v) Revenue generated from the sales of Bluehelix Cloud Exchange products by referred clients. (less 20% commission and other expenses)
(vi) Revenue generated from operating HBTC Whitelabel Cloud Exchange. 20% of the revenue generated is set aside as Net Revenue Earned. Net Revenue Earned(CaptainCE) = (Transaction Fee - Invitation Rebate Earned) *20%;
Important note: Invitation rebates, commission earned, transaction fee waivers and other expenses are excluded from Net Revenue Earned.
- Application for HBTC Captain Requirements and Procedures:
To Apply for HBTC Captain to participate in the profit-sharing and co-building of HBTC Exchange, the applicant must fulfil the following requirements:
(i) Register an account with HBTC Exchange at www.hbtc.com and complete Verification Level 2;
(ii) Hold a minimum of 1000 HBC in HBTC Exchange (HBC cannot be in the frozen state or in pending orders); (Please note that this amount of 1,000 HBC will be locked up upon successful application for HBTC Captain status)
(iii) 1000 HBC will be placed in lockup once the application is approved;
When the above requirements are met, you'll receive an official confirmation of your HBTC Captain status. All Captains will be able to view their Captain status "Founder Captain", "Partner Captain" or "Candidate Captain" in their HBTC account.
Procedure for application is as follows:
Step 1 - Register an account and purchase HBC: User need to register an account
with HBTC Exchange on www.hbtc.com. Deposit or purchase 1000 HBC and maintain it in the account. (please note that the HBCs cannot be in the frozen state or in pending orders);
Step 2 - Verification: User MUST complete Verification Level 2;
Step 3 - Submit your application: User needs to submit an application via http://hbtchbc1.mikecrm.com/XAoyMla4;
Step 4 - HBC Lockup: The 1000 HBC maintained in your account will be placed in lockup when your application is approved.
The applicant will receive an official confirmation of your HBTC Captain status with all the benefits enabled.
If you have any questions, please contact our customer service officer for assistance. Alternatively, you may also approach your inviter for assistance.
Note: Priority will be given to Blockchain Professionals, Key Opinion Leaders (KOLs), Private Equity Traders, Fund Managers, Insurance Brokers, Media Person, Exchange Operation Professionals, Community Leaders and HBTC VIPs.
- Captain status maintenance and Opt-out of HBTC Captain
Minimum Quota:
Founder Captain: At least 8.33 HBC or equivalent revenue contribution per month
Partner Captain: At least 8.33 HBC or equivalent revenue contribution per month
Candidate Captain: At least 4.165 HBC or equivalent revenue contribution per month
On the day of you obtaining your HBTC Captain status, the system will automatically calculate the Net Revenue Earned for the past 30 days. When the resulting total meets the corresponding minimum quota, Captain's airdrop rewards will be activated.
Voluntary Opt-out:
A Captain can voluntarily opt-out from the Captain scheme at any time. After forgoing the status of a Captain, he/she will immediately lose all the benefits of a Captain and the system will unlock and refund the security deposit of 1000 HBC within ten (10) working days. The HBC airdrop earned and are released as 'Matured' HBCs will remain in the user's account. However, any HBCs that are still in the 'Lockup' phase will be forfeited. Forfeited HBCs will be transferred to the HBTC Exchange Operations Reserve Fund.
Downgrade of Captain Status:
If a Captain's performance not meet the minimum quota for three (3) consecutive months and his/her performance is ranked in the last 5%, he/she will be downgraded to Candidate Captain. The system will automatically cancel the HBC airdrop rewards of the month but other benefits will remain intact. A Candidate Captain can be promoted to Partner Captain when the required performance is met.
Termination of Captain Status:
Should a Captain fail to abide by the agreement of HBTC Exchange, or should he/she be found guilty of abusing the rights of his/her status or for causing damage to HBTC Exchange business, he/she will be terminated from the Captain's program. The system will automatically cancel the HBC airdrop rewards and withdraw all the benefits for a Captain. HBCs that are still in the 'Lockup' phase will be forfeited. Forfeited HBCs will be transferred to the HBTC Exchange Operations Reserve Fund. HBTC Exchange reserves the rights to confiscate the 1000 HBC security deposit in lockup.
Re-apply:
Captains who have been terminated are not allowed to re-apply. Those who have voluntarily opted-out from the Captain's scheme can re-apply for the Captain status. However, these applications will be put on the waiting list. Successful applicants will get to enjoy the benefits of being a HBTC Captain again.
Risk Warning and Disclaimer
HBC Token is a digital asset created through Blockchain technology. The value of HBC Token is determined by market and is thereby subjected to fluctuations and the risk of falling to zero value. HBC Token is not for sale on any public/private platforms. HBC Token is not a security, a stock, a bond, an option, a future, nor a financial derivative. Holders of HBC Token shall comply with the laws and regulations of their country for staking and/or trading in HBC Token. HBTC Exchange shall not be responsible for any losses incurred by any user staking HBC Token for any reason whatsoever.