GLX is committed to the highest standards of Corporate Governance and Social Responsibility.
Updated on June 26, 2017
This document is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in GLX (as defined below). Any such offer or solicitation will be made only by means of a confidential offering memorandum and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly this document does not constitute investment advice or counsel or solicitation for investment in any security. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. GLX expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from:
(a) reliance on any information contained in this document or on any site in the GLX Network (as defined below);
(b) any error, omission or inaccuracy in any such information; or
(c) any action resulting therefrom.
- “GLX” means GLX, Inc., GLX IP, LLC, GLX Data Services, LLC, GLX Pty Ltd, or any other related or associated company (herein “GLX”, “we”, “us”, or “our”).
- “The GLX Network and / or GLX Sites” means http://glx.com, http://ico.glx.com, http://glx.co, and any successor or related site used by us.
- “The GLX Class A Dollar (X)” is an ERC20 compliant Ethereum based cryptographic token used in the GLX Network (herein “X” or “Xs”).
- “The GLX Class B Dollar (X)” is an Ethereum based cryptographic token used in the GLX Network.
- “Initial Dollar Offering (IDO)” means the initial coin offering of the GLX Class A Dollar (X).
- “The GLX White Paper” is the document that is publicly available and accessible by CLICKING HERE.
THE X IS NOT A CRYPTOCURRENCY.
As of the date stated above, the X:
(a) can only be exchanged for goods or services in the GLX Network;
(b) has no known use outside of the GLX Network; and
(c) cannot be traded peer-to-peer or on any known exchanges.
THE X IS NOT AN INVESTMENT
There is no guarantee that the Xs you purchase will ever:
(a) be able to be exchanged for goods or services anywhere other than the GLX Network;
(b) be traded peer-to-peer or on any known exchanges; or
(c) increase in value. It is possible that, at some point in time, the X may decrease in value.
THE X IS NOT EVIDENCE OF OWNERSHIP OR RIGHT TO CONTROL
Ownership or control of Xs does not grant its controller equity or debt in GLX. Ownership or control of Xs does not grant any right to participate in the control, direction, or decision making of GLX with the exception that each X has voting rights only with regards to effecting policies and decisions related to the X.
RISKS ASSOCIATED WITH THE ETHEREUM PROTOCOL
The X is based upon the Ethereum protocol. As such, any malfunction, unintended function or unexpected functioning of the Ethereum protocol may cause the X to malfunction or function in an unexpected or unintended manner. Ether, the native unit of account of the Ethereum Protocol may itself lose value in ways similar to the X, and also other ways. More information about the Ethereum protocol is available at www.ethereum.org.
RISKS ASSOCIATED WITH PURCHASER CREDENTIALS
Any third party that gains access to a purchaser’s GLX login credentials or private keys may be able to transfer the purchaser’s Xs. To minimize this risk, the purchaser should guard against unauthorized access to their electronic devices.
RISK OF UNFAVORABLE REGULATORY ACTION IN ONE OR MORE JURISDICTIONS
Blockchain technologies and cryptocurrencies have been the subject of scrutiny by various regulatory bodies around the world. The GLX Network and the X could be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions on the use or possession of digital tokens like the X, which could impede or limit the development of the GLX Network.
COMPETITIVE RISKS AND ALTERNATIVE NETWORKS
GLX’s industry is highly competitive, and should intensify in the future. There many primary competitors in the financial services, news services, and social media services industry. Additional competitors are likely to enter the industry in the future. There is also competition from the traditional investment information and networking media, all of which could potentially negatively impact the X.
RISK OF INSUFFICIENT INTEREST IN THE GLX NETWORK
It is possible that the GLX Network will not be used by a large number of businesses, individuals, and other organizations and that there will be limited public interest. Such a lack of interest could impact the development of the GLX Network and therefore the potential uses and / or value of the X.
RISK THAT THE GLX NETWORK, AS DEVELOPED, WILL NOT MEET THE EXPECTATIONS OF THE PURCHASER’S
The GLX Network is presently under development and may undergo significant changes before Beta and final release. Any expectations regarding the form and functionality of the X or the GLX Network held by the purchaser’s may not be met upon release, for any number of reasons including a change in the design and implementation plans and execution of the GLX Network.
RISK OF THEFT AND HACKING
Hackers or other groups or organizations may attempt to interfere with the GLX Network or the availability of the X in any number of ways, including without limitation denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks, or consensus based attacks. GLX will spend significant resources to consistently penetrate test and monitor the GLX Network to prevent any such threats.
RISK OF SECURITY WEAKNESSES IN THE GLX NETWORK CORE INFRASTRUCTURE AND SOFTWARE
Some parts of the core software of the GLX Network may be based on opensource software. There is a risk that the GLX team, or other third parties may intentionally or unintentionally introduce weaknesses or bugs into the core infrastructural elements of the GLX Network interfering with the use of or causing the loss of Xs.
RISK OF WEAKNESSES OR EXPLOITABLE BREAKTHROUGHS IN THE FIELD OF CRYPTOGRAPHY
Advances in cryptography, or technical advances such as the development of quantum computers, could present risks to cryptocurrencies and the GLX Network, which could result in the theft or loss of Xs.
RISK OF MINING ATTACKS
As with other decentralized cryptographic tokens and cryptocurrencies, the blockchain used for the GLX Network is susceptible to mining attacks, including but not limited to doublespend attacks, majority mining power attacks, “selfishmining” attacks, and race condition attacks. Any successful attacks present a risk to the GLX Network, expected proper execution and sequencing of GLX markets, and expected proper execution and sequencing of Ethereum contract computations. Despite the efforts of the GLX team, the risk of known or novel mining attacks exists.
RISK OF LACK OF ADOPTION OR USE OF THE GLX NETWORK
While the X should not be viewed as an investment, it may have and increase in value over time. That value may be limited if the GLX Network lacks use and adoption. If this becomes the case, there may be few or no markets upon the development of the platform, limiting the value of the X.
RISK OF AN ILLIQUID MARKET FOR THE X
GLX does not yet have any formal commitments from any exchanges upon which the X might trade. When and if GLX does obtain such a commitment, the exchanges likely be relatively new and subject to poorly understood regulatory oversight. They may therefore be more exposed to fraud and failure than established, regulated exchanges for other products. To the extent that the exchanges representing a substantial portion of the volume in the X trading are involved in fraud or experience security failures or other operational issues, such exchanges’ failures may result in a reduction in the value or liquidity of the X.
The price of Bitcoin, Ether, and other cryptocurrencies are very highly volatile. It is common for prices to increase or decrease by over 100% in a single day. Although this could mean potential huge profits, this also could mean potential huge losses. DO NOT INVEST ALL YOUR MONEY IN CRYPTOCURRENCIES. Only invest money which you are willing to lose. Cryptocurrency trading may not be suitable for all users of the GLX Network. Anyone looking to invest in cryptocurrencies should consult a fully qualified independent professional financial adviser.
RISK OF UNINSURED LOSSES
Unlike bank accounts or accounts at some other financial institutions, funds held using the GLX Network or Ethereum network are generally uninsured. In the event of loss or loss of value, there is no public insurer or private insurer, to offer recourse to the purchaser.
RISK OF DISSOLUTION OF THE GLX PROJECT
It is possible that, due to any number of reasons, including without limitation an unfavorable fluctuation in the value of Bitcoin, Ether, and other cryptocurrencies, unfavorable fluctuation in the value of X, the failure of business relationships, or competing intellectual property claims, the GLX project may no longer be a viable business and may dissolve or fail to launch.
RISK OF MALFUNCTION IN THE GLX NETWORK
It is possible that the GLX Network malfunctions in an unfavorable way, including but not limited to one that results in the loss of X, or information concerning a market.
Cryptocurrency and cryptographic tokens are a new and untested technology. In addition to the risks set forth here, there are risks that the GLX team cannot anticipate. Risks may further materialize as unanticipated combinations or variations of the risks set forth here.