Everything you need to know.
The GIV Tokens are long-term entrepreneurial risk participations.
The Tokenholder shall be aware that the proceeds are used for
entrepreneurial purposes of Cryptolocally and represents liable
capital. Despite commercial diligence, it may occur that the
development of the investments made with the Purchase Price is
negative and that the business cannot be continued. Therefore, the
purchase of the Tokens is related to substantial risks and may
lead to a total loss of the invested capital. The Purchaser must
bear this in mind at any time.
Cryptolocally does not warrant or guarantee a specific life time of the services offered by Cryptolocally and, therefore, not the profitability of the investment and the usefulness of the services for the Investor.
But we operate open-source, and commit to do so in the future, to provide continuity to the ecosystem for this case.
Investments in start-ups including Cryptolocally involve a high
degree of risk, including a possible loss of the entire Purchase
Price. Participation in token offerings including the GIV Token
offerings may involve an even higher degree of risk. Financial and
operating risks confronting start-ups are significant:
Cryptolocally is not immune to these. The start-up market in which
Cryptolocally competes is highly competitive and the percentage of
companies that survive and prosper is small. In addition,
Cryptolocally is in direct competition with existing and yet to be
Start-ups often experience unexpected problems in the areas of product development, marketing, financing, and general management, among others, which frequently cannot be solved. In addition, start-ups may require substantial amounts of financing, which may not be available through institutional private placements, the public markets or otherwise. Cryptolocally may be forced to cease operations or take actions that result in its dissolution (such as (a) a voluntary termination of operations of Cryptolocally, (b) a general assignment for the benefit of Cryptolocally’s creditors or (c) any other liquidation, dissolution or winding up of Cryptolocally, whether voluntary or involuntary). It is possible that, due to any number of reasons, including, but not limited to, an unfavourable fluctuation in the value of cryptographic and state currencies, the inability of Cryptolocally to procure the necessary information to be fed into the GIV Token and/or put these GIV Tokens in operation, the failure of commercial relationships, or intellectual property ownership challenges, Cryptolocally may no longer be viable to operate and Cryptolocally may dissolve or take actions that result in a dissolution event.
Cryptolocally was founded on 27, Nov 2018.
RISK OF LOSING ACCESS TO TOKENS DUE TO LOSS OF PRIVATE KEY(S), CUSTODIAL OR PURCHASER ERROR
A private key, or a combination of private keys, is necessary to control and dispose of GIV Tokens stored in your digital wallet or vault. Accordingly, loss of requisite private key(s) associated with your digital wallet or vault storing GIV Tokens will result in a loss of such GIV Tokens. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet service you use, may be able to misappropriate your GIV Tokens. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault you choose to receive and store GIV Tokens, including your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of your GIV Tokens. Additionally, your failure to follow precisely the procedures set forth for buying and receiving GIV Tokens, including, for instance, if you provide the wrong address for the Purchaser Address, or provides an address that is not ERC-20 / ERC 223 compatible, may result in the loss of your GIV Tokens.
RISKS ASSOCIATED WITH THE DEVELOPMENT AND MAINTENANCE OF THE PLATFORM
The Platform is still under development and may undergo
significant changes over time. Although Cryptolocally intends for
the GIV Tokens and Platform to function as described ias of today,
and intends to take commercially reasonable steps toward those
ends, Cryptolocally may have to make changes to the specifications
of the GIV Tokens or Platform for any number of legitimate
reasons. Moreover, Cryptolocally has no control over how other
participants will use the Platform, what products or services will
be offered through the Platform by third parties, or how third
party products and services will utilize the GIV Tokens (if at
all). This could create the risk that the GIV Tokens or the
Platform, as further developed and maintained, may not meet your
expectations at the time of purchase. Furthermore, despite
Cryptolocally’s good faith efforts to develop and participate in
the Platform, it is still possible that the Platform will
experience malfunctions or otherwise fail to be adequately
developed or maintained, which may negatively impact the Platform
and GIV Tokens, and the potential utility of the GIV Tokens,
including the utility of the GIV Tokens for obtaining Services.
For this we also aim for your critical feedback, input, development on governance and product.
RISK OF HACKING OR SECURITY WEAKNESSES
Hackers or other malicious groups or organizations may attempt to interfere with the Platform or the GIV Tokens 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, because the Platform is based on opensource software, there is a risk that a third party or a member of Cryptolocally’s team may intentionally or unintentionally introduce weaknesses into the core infrastructure of the Platform, which could negatively affect the Platform and the GIV Tokens, including the utility of the GIV Tokens for obtaining Services. Hackers or other malicious groups of organizations may also attempt to get access to private key(s) or other access credentials in the Wallet or any other wallet, vault, or other storage mechanism used to receive and hold GIV Tokens. As a result, the GIV Tokens may be lost forever.
RISKS ASSOCIATED WITH UNCERTAIN REGULATIONS AND ENFORCEMENT ACTIONS
Excluded Jurisdiction for GIV Token distribution:
The United States (including its territories and dependencies, any state of the United States and the District of Columbia), Afghanistan, Cuba, Democratic People’s Republic of Korea, Ethiopia, Guyana, Irak, Iran, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Vanuatu and Yemen.
The regulatory status of the GIV Tokens and distributed ledger technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to such technology and its applications, including the Platform and the GIV Tokens. It is likewise difficult to predict how or whether legislatures or regulatory agencies may implement changes to law and regulation affecting distributed ledger technology and its applications, including the Platform and the GIV Tokens. Regulatory actions could negatively impact the Platform and the GIV Tokens in various ways, including, for purposes of illustration only, through a determination that the purchase, offerings and delivery of the GIV Tokens constitutes unlawful activity or that the GIV Tokens are a regulated instrument that requires registration or licensing of those instruments or some or all of the parties involved in the purchase, offerings and delivery thereof. Cryptolocally may cease to offer its services to people in specific jurisdictions 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.
RISKS ARISING FROM TAXATION
The tax characterization of Tokens is partially uncertain. You must seek your own tax advice in connection with purchasing and holding GIV Tokens, which may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.
RISK OF COMPETING PLATFORMS
It is possible that alternative Platforms could be established that utilize the same open source code and protocol underlying the Platform and attempt to facilitate services that are materially similar to the Services. The Platform may compete with these alternatives, which could negatively impact the Platform and Tokens, including the utility of the Tokens for obtaining Services.
RISK OF AN UNFAVOURABLE FLUCTUATION OF ETH, GIV, BTC OR OTHER COIN VALUE
If the value of GIV, UNI, DAI, USDC or other coins fluctuates unfavourably during or after the GIV Token offerings, Cryptolocally’s team may not be able to fund development or may not be able to develop or maintain the Platform in the manner that it intended. In addition to the usual market forces, there are several potential events which could exacerbate the risk of unfavourable fluctuation in the value of GIV, DAI, UNI, USDC or other coins, including another DAO-like attack on the Ethereum network, or significant security incidents or market irregularities at one or more of the major digital asset exchanges
The GIV Tokens are intended to represent a new capability on emerging technology that is not fully proven in use. As the technology matures, new capabilities may dramatically alter the usefulness of the GIV Tokens or the ability to use or sell them. The functionality of the GIV Tokens is complex, will require enhancements and product support over time, and full functionality may take longer than expected. The full functionality of the GIV Tokens is not yet complete and no assurance can be provided of such completion.
Cryptographic tokens such as the GIV Tokens are a new and untested technology. In addition to the risks included in this document, there are other risks associated with your purchase, possession, and use of the Tokens, including unanticipated risks. Such risks may further materialize as unanticipated variations or combinations of the risks discussed in this document.