Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with HNT.
No securities regulatory authority has expressed an opinion about HNT, including an opinion that HNT itself is not a security and/or derivative.
Token Description & Project Background
The HNT token and associated Mainnet launched in July 2019.
The Helium network is a decentralized, interconnected system of wireless devices, the Helium hotspot, powered by blockchain technology.
The linchpins of the infrastructure base are the hotspots comprising two main elements: the physical blockchain node and a wireless gateway.
The node serves as a device by which blockchain mining can be conducted by platform users. The wireless gateway functions to connect a user to the network and other devices that make up that network, thereby regulating data traffic between the IoT–Internet of Things.
Overall, a fully operational network of hotspots allows connected devices to use the Helium LongFi wireless protocol to transmit data across large geographical distances, all without having to route data flows through a centralized source.
HNT is Helium’s native token.
The token is designed to facilitate the growth and operational efficacy of the infrastructure that powers the network. HNT tokens are an incentive for users to become nodes on Helium’s network. Network participants who create hotspots are compensated with distributions of HNT tokens.
HNT tokens are an incentive for users to become nodes on Helium’s network.
Helium was founded as a private company, Helium System Inc., in San Francisco in 2013 by Shawn Fanning, Amir Haleem, and Sean Carey.
Haleem along with co-founder Shawn Fanning, one of the original developers of Napster, and Sean Carey all had experience in peer-to-peer internet connectivity services.
Risks of HNT
Like an investment in other crypto assets, there are some general risks to investing in HNT. 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 HNT is subject to the following specific risks:
- Any potential success with HNT depends on Helium’s rate of adoption, as well as the growth in demand for IoT products and services.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with HNT. 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 HNT community and Helium founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of HNT have no recourse to the HNT community, helium founding team, or Uphold if HNT 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 HNT on the Uphold Platform, Uphold performed due diligence on HNT and determined that HNT 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 HNT, 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 HNT.
- Any marketing materials put forward by the HNT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with HNT, including any code defects, security breaches and other threats concerning HNT 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 HNT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of HNT.
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 21, 2023.
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