- The user will deposit XRP to the generated wallet Reservoir provides using their destination address.
- Users will also receive their XRP to the user’s destination address when the set escrow date and time matures and is released by the user.
- For security reasons, Reservoir does not support exchange addresses. If an exchange shuts down, all addresses affiliated with that exchange could be lost.
- Secure Block Chains, LLC is not responsible for the loss of users’ XRP in the event the incorrect destination address is submitted. It is the user's responsibility to provide the destination address. This ensures the security of the user’s XRP. The user and Secure Block Chains, LLC agree that Secure Block Chains, LLC will send the XRP to the destination address provided.
- The destination address submitted for each transaction can not be altered once submitted. We vehemently caution users to secure their destination address information for each transaction.
- When users change their destination address they are emailed a verification code. This verification code must be provided to validate the change.
- The updated destination address will not be valid for previously submitted transactions to Escrow prior to the destination address change. Email firstname.lastname@example.org for more information.
- The purpose of the Reservoir wallet is to be a gateway between your destination address and Escrow.
- We do not advise permanent or long term storage of large amounts of XRP in the generated digital currency wallet Reservoir provides.
- If users attempt sending an amount of XRP, leaving the Reservoir wallet with less than the Base Reserve of 20 XRP and an Owner Reserve of 5 additional XRP per escrow, the transaction will fail and the 3% transaction fee still applies. Secure Block Chains, LLC is not obligated to refund this fee in the event the user does not hold the Base Reserve of 20 XRP and an Owner Reserve of 5 additional XRP per escrow in their Reservoir wallet. Email email@example.com for assistance.
1.0 To use Secure Block Chains, LLC’s services, the user must first create an account.
1.1 Eligibility. To create an account, the user must be legally capable of entering into the Customer Agreement.
1.2 Registration. In order to use the Reservoir Service, the user must first register by providing their email address, password, destination address and affirming their acceptance of this Agreement. An authenticated email address is required to access certain features. The user agrees that all information that the user submits to Reservoir Service shall be accurate and authentic.The user agrees to be held responsible for any losses the user incurs in connection with the user's use of the Reservoir application. Secure Block Chains is not liable for any losses.
1.2a Reservoir users are solely responsible for preserving the confidentiality of the information held on their account including their Reservoir username, password, Reservoir wallet, destinations address, and for any and all activity that occurs under the user’s account.
1.2b Reservoir users agree to notify Secure Block Chains by emailing firstname.lastname@example.org immediately of any unauthorized use of their account or password. Reservoir users will be held accountable for their losses due to another party using their account.
1.2c Reservoir users are not permitted to use anyone else’s Reservoir username, password, Reservoir wallet address, destinations address or account at any time without expressed permission and consent of the holder of that Reservoir username, password, Reservoir wallet address, destination address or account.
2.1 Escrow. “Escrow is a feature of the XRP Ledger that allows you to send conditional XRP payments. These conditional payments, called escrows, set aside XRP and deliver it later when certain conditions are met (ripple, 2017).”
2.2 Transaction cost. “The current minimum transaction cost required by the network for a standard transaction is 0.00001 XRP(10 drops). It sometimes increases due to higher than usual load (ripple, 2017).”
2.2a “The transaction cost is not paid to any party: the XRP is irrevocably destroyed. Since no new XRP can ever be created, this makes XRP more scarce and benefits all holders of XRP by making XRP more valuable (ripple, 2017).”
2.2b The transaction cost depends on the load of the ripple node thus there is no way for Reservoir to predict the transaction cost. Users my contact us by emailing email@example.com for further questions regarding the transaction cost.
2.3 Base Reserve.”The Base Reserve is a minimum amount of XRP that is required for every address in the ledger. Currently, this is 20 XRP (20000000 drops) (ripple, 2017).”
2.4 Owner Reserve. “The Owner Reserve is an increase to the reserve requirement for each object that the address owns in the ledger. Currently, this is 5 XRP (5000000 drops) per item (ripple, 2017).”
2.4a “Many objects in the ledger are owned by a particular address, and count toward the reserve requirement of that address. When objects are removed from the ledger, they no longer count against their owner's reserve requirement (ripple, 2017).”
3.1 General services. All Reservoir accounts include the following: One generated digital currency wallet that allows users to store XRP and transfer XRP to Escrow, a record of Escrow transactions, and a display of the total amount of XRP sent into Escrow by our users.
3.2 XRP transaction services. Reservoir only supports the digital currency, XRP, for transactions. The user agrees to never use any Reservoir service in connection with any transaction involving a digital currency that Reservoir Services does not support.
3.3 Access to Escrow. Escrow allows Reservoir users to send escrows. These escrows set aside and secure the user’s XRP. The user’s XRP is then delivered later once the user’s set date and time conditions are met.
4.1 Standard fees. The user’s Reservoir XRP balance will be charged a 3% XRP fee by Secure Block Chains, LLC to process a XRP transaction on their behalf, in addition to the transaction cost charged by the XRP Ledger.
4.2 Submitting escrows. Provided the user has a Base Reserve of 20 XRP and an Owner Reserve of 5 additional XRP per escrow in their Reservoir generated wallet and a valid destination address, additionally, Reservoir requires a minimum of 1 XRP, and a minimum 5 minute maturity time in order to successfully submit their escrows.
4.2a Users should verify all transaction information prior to submitting their XRP to Escrow. In the event the user initiates a transaction to Escrow, the user is responsible for invalid transaction information entered. The 3% XRP transaction fee still applies, Secure Block Chains, LLC is not obligated to refund this fee. Email firstname.lastname@example.org for further questions.
4.3 Releasing escrows. In order for the user to receive their XRP in their destination address they must select ‘release escrow’ and enter their verification code. This verification code will be sent to the user’s email. Completing the release transaction is already covered by the 3% XRP fee.
Reservoir’s purpose is to allow you to store XRP in Escrow. Users of Reservoir may not access or use the Site for any purpose other than that for which we make the Site available.
If you access the Site via a mobile application, then we grant you a limited right to install and use the mobile application on wireless electronic devices owned or controlled by you, and to access and use the mobile application on such devices strictly in accordance with the terms and conditions of the mobile application license contained in this terms and agreement.
Secure Block Chains reserve the right, but not the obligation to:
We reserve the right to change, modify, or remove the contents of the Site at anytime or for any reason at our sole discretion without notice. However, we have no obligation to update any information on our Site. We also reserve the right to modify or discontinue all or part of the Site without notice at any time. We will not be liable to you or any third party for any modification, suspension or discontinuance of the Site.