Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with ONE.
No securities regulatory authority has expressed an opinion about ONE, including an opinion that ONE itself is not a security and/or derivative.
Token Description & Project Background
Harmony is a Layer-1 protocol designed to run Ethereum decentralized applications more efficiently. Harmony, per its website, views itself as an "Ethereum bridge”, and is built around the concept of ‘sharding’.
ONE is Harmony’s native coin, and serves as a means of rewarding stakeholders, paying transaction fees and facilitating governance.
The project was founded in 2018 by Stephen Tse, Nick White, Sahil Dewan, and Rongjian Lan. Tse previously worked at Microsoft, Google, and Apple, and launched Harmony with a dozen former Silicon Valley engineering cohorts.
Harmony’s mainnet launched in 2019 with open staking following in mid 2020.
Harmony uses a novel proof of stake mechanism, Effective Proof of Stake, which is a delegated proof of stake variant. The majority of the nodes that power the network are run by the community.
Risks of ONE
Like an investment in other crypto assets, there are some general risks to investing in ONE. 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 ONE is subject to the following specific risks:
- The Layer-1 space faces intense competition, with many projects vying to be the next ‘Ethereum killer’ or solution to Ethereum’s scalability issues. Any potential success with ONE is dependent on Harmony’s rate of adoption by users and developers.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with ONE. 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 ONE community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of ONE have no recourse to the ONE community, its founding team, or Uphold if ONE 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 ONE on the Uphold Platform, Uphold performed due diligence on ONE and determined that ONE 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 ONE, 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 ONE.
- Any marketing materials put forward by the ONE social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with ONE, including any code defects, security breaches and other threats concerning ONE 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 ONE, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of ONE.
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 14, 2023.
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