Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with BLZ.
No securities regulatory authority has expressed an opinion about BLZ, including an opinion that BLZ itself is not a security and/or derivative.
Token Description & Project Background
Bluzelle leverages resources (e.g. disk space, bandwidth, etc.) from a global network of nodes to provide decentralized storage services for GameFi titles and other applications.
Bluzelle’s BLZ is an ERC-20 token used as the primary means of payment on the Network. BLZ also confers voting rights within the platform's governance system and can be staked to the protocol for an annual yield. The token launched in 2018.
Resource providers must stake BLZ proportional to the amount of storage they wish to provide. The more BLZ a provider stakes, the more data they can store on the network. Game/application developers are required to pay a BLZ denominated fee – sent to resource providers – to store GameFi-based non fungible tokens (NFTs), files and other data.
In addition to storage services, Bluzelle operates their own Cosmos-backed Proof-of-Stake (PoS) ledger, Bluzelle Net. Bluzelle also provides DeFi functionality to crypto gamers. Backed by Cosmos, the protocol piggybacks on the interoperable network’s suite of yield-generating products to offer lending/staking services for in-game assets.
Bluzelle was founded by Pavel Baines and Neeraj Merarka, who launched the platform in 2014.
Prior to their foray into decentralized development, Baines and Merarka gained experience working with leading video game publishers such as Electronic Arts and Nintendo.
Initially created to build decentralized applications for large banks, Bluzelle shifted their focus towards database services in 2017.
Risks of BLZ
Like an investment in other crypto assets, there are some general risks to investing in BLZ. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in BLZ is subject to the following specific risks:
- Any potential success associated with BLZ depends on Bluzelle’s rate of adoption.
- Any potential success associated with BLZ depends on a range of external factors, including the growth of the NFT economy, blockchain-based gaming, as well as the continued security and growth of the Cosmos ecosystem.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with BLZ. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The BLZ community and its founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of BLZ have no recourse to the BLZ community, Bluzelle founding team, or Uphold if BLZ declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing BLZ on the Uphold Platform, Uphold performed due diligence on BLZ and determined that BLZ is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of BLZ, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of BLZ.
- Any marketing materials put forward by the BLZ social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with BLZ, including any code defects, security breaches and other threats concerning BLZ and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with BLZ, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of BLZ.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 19, 2023.
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