SpiritSwap is currently in the initial development stages and there are a variety of unforeseeable risks. You acknowledge and agree that there are numerous risks associated with acquiring $SPIRIT, holding $SPIRIT, and using $SPIRIT for participation in SpiritSwap. In the worst scenario, this could lead to the loss of all or part of $SPIRIT held. IF YOU DECIDE TO ACQUIRE $SPIRIT OR PARTICIPATE IN SPIRITSWAP, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS:
1. Uncertain Regulations and Enforcement Actions
The regulatory status of SpiritSwap, $SPIRIT and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of digital assets has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, including $SPIRIT and/or SpiritSwap. Regulatory actions could negatively impact $SPIRIT and/or SpiritSwap in various ways. The Company, the Distributor (or their respective affiliates) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
2. Inadequate disclosure of information
As at the date hereof, SpiritSwap is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this Token Documentation contains the most current information relating to SpiritSwap, it is not absolutely complete and may still be adjusted and updated by the SpiritSwap team from time to time. The SpiritSwap team has neither the ability nor obligation to keep holders of $SPIRIT informed of every detail (including development progress and expected milestones) regarding the project to develop SpiritSwap, hence insufficient information disclosure is inevitable and reasonable.
Various types of decentralised applications and networks are emerging at a rapid rate, and the industry is increasingly competitive. It is possible that alternative networks could be established that utilise the same or similar code and protocol underlying $SPIRIT and/or SpiritSwap and attempt to re-create similar facilities. SpiritSwap may be required to compete with these alternative networks, which could negatively impact $SPIRIT and/or SpiritSwap.
5. Failure to develop
There is the risk that the development of SpiritSwap will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or $SPIRIT, unforeseen technical difficulties, and shortage of development funds for activities.
6. Security weaknesses
Hackers or other malicious groups or organisations may attempt to interfere with $SPIRIT and/or SpiritSwap in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of the Company, the Distributor or their respective affiliates may intentionally or unintentionally introduce weaknesses into the core infrastructure of $SPIRIT and/or SpiritSwap, which could negatively affect $SPIRIT and/or SpiritSwap.
Further, the future of cryptography and security innovations are highly unpredictable and advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to $SPIRIT and/or SpiritSwap by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol.
7. Other risks
In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more particularly set out in the Terms and Conditions) associated with your participation in SpiritSwap, as well as acquisition of, holding and use of $SPIRIT, including those that the Company or the Distributor cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the aforementioned risks. You should conduct full due diligence on the Company, the Distributor, their respective affiliates, and the SpiritSwap team, as well as understand the overall framework, mission and vision for SpiritSwap prior to participating in the same and/or acquiring $SPIRIT.
Last modified 1yr ago