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Copyright (c) 2024 Elys Network PTE LTD and Elys Network Inc.

This License is based in part on the Business Source License (BSL) created by MariaDB Corporation Ab. Permission is granted to use, adapt, and redistribute the BSL license structure and text, provided that proper attribution is included and no modification is made to the core BSL terms outside the permitted parameters defined by MariaDB. Attribution: Portions of this License text are © MariaDB Corporation Ab. Licensed under their permissive reuse policy for the Business Source License. For more details, see https://mariadb.com/bsl.

This License is not an Open Source license. However, the Licensed Work will eventually be made available under an Open Source License as stated in this License.

Business Source License 1.1 – Elys Network

**Licensor:** Elys Network PTE LTD (Singapore) and Elys Network Inc. (Panama), jointly

**Licensed Work:** Elys Network Protocol

**Copyright:** © 2025 Elys Network PTE LTD and Elys Network Inc.

**Additional Use Grant:** Any uses listed and defined at grants.elys.network

**Change Date:** December 17, 2027

**Change License:** GNU General Public License v3.0

1. Ownership and Intellectual Property Rights
(a) All intellectual property (IP) rights in the Licensed Work, including copyright, trademarks, patents, and trade secrets, are owned jointly by the Licensor.
(b) The Singapore Entity is the primary holder and administrator of all such rights.
(c) The Panama Entity is responsible solely for decentralized token deployment via governance-based mechanisms.
(d) This dual-entity structure protects IP jurisdictionally and supports compliant decentralized governance.
(e) This License does not grant any rights to equity, ownership, tokens, or governance participation in either entity.

2. License Grant
(a) All grants must be in writing and signed by both Elys Network PTE LTD and Elys Network Inc. (b) The Licensor grants the Licensee the right to copy, modify, create derivative works, redistribute, and make non-production use of the Licensed Work.
(c) Production use is prohibited unless explicitly granted under an Additional Use Grant.
(d) “Production use” includes any live blockchain deployment, token use with real assets, or commercial application.

3. Additional Use Grants
(a) Additional Use Grants permit limited production use under specified conditions.
(b) All such grants must be published at grants.elys.network.
(c) Grants may only be issued jointly by both Licensor entities.
(d) Each Grant must state the entity, scope, restrictions, compensation (if any), and term.
(e) Grants may optionally be registered with IPOS (Singapore) to protect against conflicting rights.

4. Term and Termination
(a) This License is valid until the Change Date.
(b) On the Change Date, the Licensed Work will be licensed under GPL v3.0.
(c) Use of the Licensed Work in violation of this License results in automatic termination.
(d) Sections 1, 7, 8, 9, and 10 survive termination.
(e) The protection period extends through December 17, 2027, unless updated.

5. Distribution and Modification
(a) All original or modified copies of the Licensed Work must include this License.
(b) This License applies per version.
(c) You must display this License with all redistributed versions.
(d) Terms apply even when receiving the work via third parties.
(e) Panama’s Law 15 of 1994 recognizes moral rights which remain with authors.

6. Blockchain-Based Verification
(a) An immutable record of this License shall be maintained on public blockchains.
(b) Cryptographic mechanisms such as digital signatures or on-chain hashes will verify authorized use.
(c) Unauthorized forks or deployments may be flagged automatically by technical measures.

7. Technical Protection Measures
(a) The Licensed Work may include mechanisms to control or limit access and use.
(b) Circumventing, disabling, or tampering with these measures is prohibited.
(c) Code may be obfuscated to protect proprietary functions.
(d) Violators may be subject to penalties under enhanced anti-piracy laws (e.g. Panama Law 15 of 1994).

8. Compliance with Laws
(a) The Licensee is solely responsible for ensuring legal use of the Licensed Work.
(b) This License does not grant permission to violate local, national, or international law.
(c) Crypto-related use cases must follow applicable jurisdictional regulations.

9. Disclaimer and Limitation of Liability
(a) The Licensed Work is provided “AS IS” without warranties of any kind.
(b) Licensor shall not be liable for any damages arising from use, including direct, indirect, or consequential losses.

10. Governing Law and Dispute Resolution
(a) Intellectual property rights are governed by the laws of Singapore.
(b) Decentralized deployment and token execution are governed by the laws of Panama.
(c) Disputes will be arbitrated as follows:
  (i) IP disputes: SIAC arbitration in Singapore
  (ii) Deployment-related disputes: ICC arbitration in Panama
  (iii) Mixed disputes: Coordinated proceedings, Singapore arbitration takes precedence for IP.

11. Miscellaneous
(a) No rights are granted to trademarks, logos, or service marks of the Licensor.
(b) If any clause is found unenforceable, it shall be adjusted and the remainder shall continue.
(c) This document is the complete agreement.
(d) Blockchain-based or electronic signatures are legally binding.

Covenants of Licensor

In consideration of the right to use this License’s text and the “Business Source License” name and trademark, Licensor covenants to MariaDB, and to all other recipients of the licensed work to be provided by Licensor:

  1. To specify as the Change License the GPL Version 3.0 or a license that is compatible with GPL Version 3.0, where “compatible” means that software provided under the Change License can be included in a program with software provided under GPL Version 3.0. Licensor may specify additional Change Licenses without limitation.

  2. To either: (a) specify an additional grant of rights to use that does not impose any additional restriction on the right granted in this License, as the Additional Use Grant; or (b) insert the text “None”.

  3. To specify a Change Date.

  4. Not to modify this License in any other way.

Notice
This License is not an open-source license. The Licensed Work will become open-source under GPL v3.0 on or after the Change Date.

Signed for and on behalf of:
Elys Network PTE LTD
3 Fraser Street, #05-25 DUO Tower
Singapore (189352)

Elys Network Inc.
World Trade Center 200-B, Suite 209
Calle 53 Este, Marbella
Panama, PA, 0832-1626
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