THE WORLD’S FIRST WEBSITE HOSTING SERVICE BUILT ON THE BLOCKCHAIN
POWERED BY THE HOSTCOIN
Thanks to the global communities of trusted computing and blockchain who have provided the foundations for our work.
HOSTCOIN BLOCKCHAIN WEB HOSTING
Our рlаn is to build thе premier hosting and domain ѕеrvісе оn the blockchain, also providing normal options like SSL and email. We at HostCoin feel that it is time for this technology to be brought to the hosting industry as is happening in the financial and other tech service industries.
Wе іntеnd tо rаіѕе the ѕum of $55 mіllіоn fоr the world’s fіrѕt website hоѕtіng service buіlt on the blockchain powered bу thе HоѕtCоіn.
Advantages of building hosting on the Blockchain
1.More secure SSL.
2.Faster server times.
3.Reinvents the domain.
4.Instant domain transfer to another hosting server on the blockchain.
5.Peer to peer network.
6.Control over your data, i.e., it is not given in the hands of central administrators.
7.Centralized web protocols have single point of failure, hence insecure. Blockchain hosting will have a higher level of security. We fully intend to compete with the larger hosting and domain service providers in the industry by replacing old technology with the future technology of using the blockchain. (A good comparison is when the DVD replaced VHS tapes or when CDs replaced cassette tapes).
Yеѕ yоu саn put thе HTML аnd аll ѕtаtіс assets ѕuсh аѕ CSS, JS аnd images on the blосkсhаіn. Each аrtіfасt wоuld gо іn іtѕ оwn transaction.
Thе trісk then bесоmеѕ tеасhіng a browser hоw tо access thаt data. Yоu соuld сrеаtе a new URI scheme that uses trаnѕасtіоn ID, аnd then сrеаtе a browser thаt undеrѕtаndѕ thаt URI and саn ассеѕѕ thе blосkсhаіn. Or уоu could buіld a proxy wеb ѕеrvеr thаt can dо іt fоr the brоwѕеr. Yоu’d аlѕо hаvе to соmе up wіth ѕоmе mесhаnіѕm for rеаdіng content across multiple trаnѕасtіоnѕ іf it’s larger than thе mаxіmum trаnѕасtіоn ѕіzе.
Is it possible to do the same for the blockchain and host content out of the blockchain? Yes, you might even just have a good reason to do this. The blockchain is immutable and distributed. If you wanted to create a website that could never be hacked, modified or taken down, then hosting on the blockchain would be ideal.
John Furrh – CEO and Founder
Maxim Martynenko – Major Assistant
Daniel Sanghi – Team Leader
Taha Dhailey – Lead Developer
Ram Sanhi – CFO
Rajesh Signh – Marketing
Tahnu Pillar – Full Stack Developer and Hosting Expert
Subahan Ahmed Herekar – Developer
John E. Furrh – Legal Advisor
The Law Offices of John E. Furrh, P.L.L.C
Jesse R. Castillo – Legal Advisor
CASTILLO SNYDER, PC
In order to purchase one of the limited reseller accounts, a coin holder needs to make a payment of 10,000 HostCoins to secure a resellers account. Reseller accounts will be sold when HostCoin is live on or before 2/19/19.
There is no minimum Hostcoin one can hold.
A ѕlасk group will be dеdісаtеd for communications, updates, or questions one may have.
Only оur еxсluѕіvе rеѕеllеr ассоuntѕ will bе аllоwеd to sell оur hоѕtіng ѕеrvісе оn the blосkсhаіn.
Hosting Service wіll be rеquіrеd to bе рurсhаѕеd wіth HоѕtCоіn.
Resellers wіll hаvе thе орроrtunіtу tо ѕеll uѕеrѕ HоѕtCоіn to рurсhаѕе website hоѕtіng. In return will ассерt that same HostCoin аѕ payment whеn they sell a hоѕtіng расkаgе to ѕоmеоnе for thеіr website and domain.
HоѕtCоіn dеvеlорmеnt tеаm wіll fосuѕ оn making HOSTC API easily integrated and compatible with most platforms Hоѕtсоіn offers ѕuреr fаѕt аnd vеrу сhеар transactions mаkіng it an ideal for web hosting.
Funds raised from the crowdsale will be used for development of this new technology blockchain hosting. The funds will be spent accordingly.
1. We will start the phase of hiring staff for all departments.
2. Construction of HostCoin first Tech Lab in Mumbai where our lead developer is currently located.
3. Construction of HostCoins headquarters in Clearwater, FL.
4. The first stage of development begins for HostCoin API and blockchain web hosting.
5. Testing of HostCoin API.
6. Completion of HostCoin API.
7. Stage 2 of development of blockchain web hosting.
8. Testing of blockchain web hosting.
9. Start the training of our customer support staff. We currently have office space set up in India that is adequate for a support center.
10. Expanding our management and marketing team.
11. Establish contracts with major advertisement agencies.
12. Completion of Blockchain Hosting.
13. Worldwide advertising campaign.
13. Release blockchain hosting to the general public.
14. Reseller accounts will be allowed to be purchased. Reseller accounts will cost 10,000 HostCoins if you wish to resell blockchain hosting services.
The most common scheme used for serving a Website to a Web browser is through the Hyper-Text Transfer Protocol (HTTP). Every web browser on the market implements the client side of this protocol, and most support the most common versions of that protocol, specifically HTTP 1.0 and HTTP 1.1.
We seem to be under the false impression that HTTP is the ONLY scheme. HTTP is not the ONLY scheme that modern web browsers support. There are other schemes for accessing web content. The most commonly supported are:
1) file – (a URI typically looks like file:/path/to/my/file.html). The FILE protocol is very limited. It is read-only. It doesn’t have authentication. But it is a valid scheme and frequently used by website developers while they are creating content.
2) ftp – another scheme that was frequently used during the early days of the World Wide Web, and which is still supported by most browsers, is the File Transfer Protocol, or FTP. 3) https (yes this is actually a different protocol to HTTP)
4) spdy (this was recently standardized as HTTP 2.0)
Some browsers can be extended to support other schemes through plugins, or external software.
Moving on to the server side. Many URI schemes, such as http and ftp reference data hosted on servers that the browser must connect to via the Internet. This data must be exposed to the browser by a server.
The most common servers which host web content do so via the various versions of the HTTP protocol, but even HTTP servers fetch content on the back-end through a variety of methods. Generally speaking, the content is either generated
dynamically by some program, or it is pulled from a data store, which could be either a filesystem or some other common database — oracle, mysql, mongo, blockchain, or some combination of the two. That means that the HTTP server is just a bridge to translate between the HTTP protocol and some other data access mechanism. The website administrator is usually responsible for determining how best to serve the content hosted in the datastore. He will almost always choose the HTTP protocol because it exposes the data to the widest group of people.
That doesn’t mean he is REQUIRED to choose HTTP. And this is where it is POSSIBLE to host Web Content via other protocols. If I so choose, as a website administrator, I can create a table named content in a MySQL database called Website. With a structure such as:
And then create a custom URI scheme called MySQL web that looks like mysqlweb://alice:email@example.com/website/content/123 and then create a plugin for my browser that knows that this URI means to do a SELECT * FROM website.content WHERE id = 123 using the MySQL protocol as the user ‘alice’ with password ‘secure’ on the database server www.example.com. I’d then load the table with content for my website. Each object would be its own row. The data-type would help the browser know how to display that content e.g MIME, and the data itself could be text or binary data stored as a blob.
The question arises that, Could I do the same for the blockchain and host content out of the blockchain? Yes, I can. The blockchain is immutable and distributed. If I wanted to create a website that could never be hacked, could never be modified, could never be taken down, and could be accessed anonymously by anyone who has a copy of the blockchain without making any requests to an untrusted server, it might justify:
1) creating a tool to publish content to the blockchain, for example using the OP_RETURN and a specialized data structure that includes for example size;data-type; blob
2) creating a URI scheme such as bitcoinweb://<transactionid> which instructs the browser to fetch the first OP_RETURN from the transaction with hash <transactionid> and parse and display it
3) creating a browser plugin that participates in the P2P network, keeps a local copy of the blockchain (perhaps pruning it down into a specialized database that only includes bitcoin web specific content), and knows how to query the blockchain or specialized database for specific transactions by their has.
Tоtаl vоlumе cap оf HоѕtCоіn іѕ 100,000,000.
55,000,000 HostCoin will be sold through the ICO.
7% of HostCoin dedicated to bounty
Price of coin $1.00 USD.
Presale: 500,000 HostCoin will be sold in pre-sale for 50% discount.
Hostcoin ICO will be sold in 5 stages. The stages have bonuses as described below.
First 20% HC sold receives 25% bonus coins =1.25 HC
Second 20% HC sold receives 20% bonus coins =1.20 HC
Third 20% HC sold receives 15% bonus coins =1.15HC
Fourth 20%HC sold receive 10% bonus coins = 1.10HC
Last 20% —- Full price = $1 per HC
The company will hold the balance of unsold HostCoin for future needs and improvements.
11,111,112 HоѕtCоіn wіll have to be mined.
The purpose of this white paper is to present the HOSTCOIN.IO crowdsale project to potential HOSTCOIN purchasers in connection with the proposed HOSTCOIN launch. The information set forth below may not be exhaustive and does not imply any elements of a contractual relationship. Its sole purpose is to provide relevant and reasonable information to potential HOSTCOIN purchasers so they can decide whether to undertake a thorough analysis of the company with the intent of acquiring HOSTCOIN. This white paper does not purport to be all-inclusive or contain all.
2. Prospective Purchaser Must Do Own Examination
Each HOSTCOIN purchaser must rely on its, his or her own independent examination of the company in addition to carefully reading this white paper, to judge the merits and risks involved in the purchase of HOSTCOIN. Prior to making a purchase decision regarding HOSTCOIN, a prospective buyer should consult his or her own legal counsel, accountants, tax consultants, and other advisors, as to all matters concerning the purchase of HOSTCOIN.
3. White Paper Is Not A Prospectus Or Solicitation For Investment
Nothing in this white paper shall be deemed to constitute a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction. HOSTCOIN are not being structured or sold as securities or any other form of investment product. This document is not composed in accordance with and is not subject to, laws or regulations of any jurisdiction which are designed to protect investors. Certain statements, estimates, and financial information contained in this white paper constitute forward-looking statements or information. Such forward-looking statements or information involve known and unknown risks and uncertainties which may cause actual events or results to differ materially from the estimates or the results implied or expressed in such forward-looking statements.
4. Risk And Risk Factors
Purchase of HOSTCOIN involves a high degree of risk, and HOSTCOIN purchasers should not contribute or purchase any amount of HOSTCOIN in this crowdsale unless they can afford to lose their entire contribution or purchase. See “risk factors” below that management believes present the most substantial risks to an investor in this crowdsale. In making a decision to purchase HOSTCOIN, the HOSTCOIN purchasers must rely on their own examination of the project and the terms thereof, including the merits and risks involved.
(a) No Source Of Information Other Than White Paper.
This white paper is the primary official source of information about the HOSTCOIN launch. No person has been authorized to give any information or make any representation with respect the HOSTCOIN crowdsale, which is not contained in this white paper, and, if given or made, such information or representation must not be relied upon. The information contained herein may from time to time be translated into languages other than English or used in the course of written or verbal communications with existing and prospective customers, partners, etc. In the course of such translation or communication, some of the information contained herein may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language white paper, the provisions of this English language original document shall prevail.
(b) White Paper Not All Inclusive.
This white paper does not purport to be all-inclusive or contain all information that a prospective HOSTCOIN purchaser may desire in investigating the project. Each HOSTCOIN purchaser must rely on its, his or her own examination of the company and the terms of this white paper, including the merits and risks involved in making a decision with respect to the purchase of HOSTCOIN. Prior to making a decision regarding the purchase of HOSTCOIN, a prospective investor should consult his or her own counsel, accountants, financial and tax consultants, and other advisors, as to all matters concerning this purchase, and to carefully review and consider this entire white paper.
(c) Purchasers Should Evaluate Risks.
HOSTCOIN purchasers are entitled and encouraged to ask questions of the company or its representatives concerning the business and financial condition of the company and the terms and conditions of the crowdsale, and to request such data as may be necessary to enable them to make an informed purchase decision. Purchase of HOSTCOIN involves a high degree of risk, and HOSTCOIN purchasers should not contribute any funds in this crowdsale unless they can afford to lose their entire contribution. See “risk factors” below that management believes present the most substantial risks to a contributor in this crowdsale. In making a decision to purchase the HOSTCOIN, the HOSTCOIN purchasers must rely upon on their own examination of the project and the terms thereof, including the merits and risks involved.
(d) Acknowledgment By Purchasers.
You acknowledge that you are neither a United States citizen nor a permanent resident of the United States nor do you have a primary residence or domicile in the United States, including Puerto Rico, the U.S. Virgin Islands or any other possession of the United States. You are neither a citizen or permanent resident of Hong Kong, China, Singapore, South Korea or Canada nor do you have a primary residence or domicile in Hong Kong, China, Singapore, South Korea or Canada. None of the owners or beneficiaries of any entity on behalf of which you are authorized to act, are U.S. citizens or permanent residents of the United States, China, Hong Kong, Singapore, South Korea or Canada nor do they have a primary residence or domicile in the United States, including (Puerto Rico, the U.S. Virgin Islands, or any other possession of the United States), Hong Kong, China, Singapore, South Korea or Canada. If you, or the owners or beneficiaries of any entity on behalf of which you are authorized to act, are one of the aforesaid, you are not eligible and are strictly prohibited to buy HOSTCOIN in any form.
(e) Risk Factors.
Please consider the risks relating to purchase, sale, and use of HOSTCOIN listed below very carefully before purchasing the HOSTCOINs.
1. Risk of Losing Access to HOSTCOINs Due to Loss of Private Key(s) or Custodial Error.
A private key, or a combination of private keys, is necessary to control and dispose of HOSTCOINs stored in your digital wallet or vault. Accordingly, loss of requisite private key(s) associated with your digital wallet or vault storing HOSTCOINs will result in loss of such HOSTCOINs. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of a third party wallet service you use, may be able to misappropriate your HOSTCOINs. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault you choose to receive and store HOSTCOINs, including your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of your HOSTCOINs.
2. Risks Associated with the Blockchain Protocol.
Because HOSTCOINs and the Ecosystem are based on the Blockchain, any malfunction, breakdown or abandonment of the Blockchain protocol may have a materially adverse effect on the HOSTCOIN.IO ecosystem (the “Ecosystem”) or HOSTCOINs. Moreover, advances in cryptography or other technical advances could present risks to the HOSTCOINs and the Ecosystem, including the utility of the HOSTCOINs for use in the Ecosystem, by rendering ineffective the cryptographic consensus mechanism that underpins the Blockchain protocol.
3. Risk of Mining Attacks.
HOSTCOINs are susceptible to attacks by miners in the course of validating HOSTCOIN transactions on the blockchain, including, but not limited, to double-spend attacks, majority mining power attacks, and selfish-mining attacks. Any successful attacks present a risk to the Ecosystem and the HOSTCOINs, including, but not limited to, accurate execution and recording of transactions involving HOSTCOINs.
4. Risk of Hacking and Security Weaknesses.
Hackers or other malicious groups or organizations may attempt to interfere with the Ecosystem or the HOSTCOINs in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing.
5. Risks Associated with Markets for HOSTCOIN.
The HOSTCOINs are intended to be used solely within the Ecosystem, and Company will not support or otherwise facilitate any secondary trading or external valuation of HOSTCOINs. This restricts the contemplated avenues for using HOSTCOINs to the provision or receipt of Services, and could, therefore, create illiquidity risk with respect to the HOSTCOINs you own. Even if secondary trading of HOSTCOINs is facilitated by third-party exchanges, such exchanges may be relatively new and subject to little or no regulatory oversight, making them more susceptible to fraud or manipulation. To the extent that the HOSTCOINs are characterized as securities, they would likely be prohibited from trading on many third party exchanges. Furthermore, to the extent that third-parties do ascribe an external exchange value to HOSTCOINs (e.g., as denominated in a digital or fiat currency), such value may be extremely volatile and diminish to zero.
6. Risks Associated with Uncertain Regulations and Enforcement Actions.
The regulatory status of the HOSTCOINs 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 Ecosystem and the HOSTCOINs. 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 Ecosystem and the HOSTCOINs. Regulatory actions could negatively impact the Ecosystem and the HOSTCOINs in various ways, including, for purposes of illustration only, through a determination that the purchase, sale, and delivery of the HOSTCOINs constitutes unlawful activity or that the HOSTCOINs are a regulated instrument that requires registration or licensing of those instruments or some or all of the parties involved in the purchase, sale, and delivery thereof. The company may cease operations in a jurisdiction 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.
HOSTCOIN is a utility that has a specific use within the HOSTCOIN.IO platform — i.e. it allows participants in HOSTCOIN.IO platform to have access to purchase any service HostCoin provides. Due to the nature of HOSTCOIN, we do not believe it should be considered a “security” as that term is defined in the Securities 1933 (as amended). On July 25,2017, the United States Securities and Exchange Commission (the “Commission”) issued a Report of Investigation under Section 21(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) describing an SEC investigation of The DAO, a virtual organization, and its use of distributed ledger or blockchain technology to facilitate the offer and sale of DAO to raise capital. The Commission applied existing U.S. federal securities laws to this new paradigm, determining that DAO were securities. The Commission stressed that those who offer and sell securities in the U.S. are required to comply with federal securities laws, regardless of whether those securities are purchased with virtual currencies or distributed with blockchain technology. The Commission’s announcement and the related Report may be found here:
After reviewing the Report of Investigation, we believe that HOSTCOINs are substantially different from DAO and should not be considered a “security” under U.S. federal securities laws. Nevertheless, as noted by the Commission, the issuance of HOSTCOIN represents a new paradigm and the application of the federal securities laws to this new paradigm is very fact specific. If HOSTCOINs were deemed to be a security under U.S. federal securities laws then the crowdsale may need to be suspended, pending the registration under the Securities Act and we may be required to register to such issuance under the Securities Act. The registration of under the Securities Act would result in significant delay in the issuance of HOSTCOINs and would require us to incur a substantial additional expense. Similarly, Monetary Authority of Singapore (the “MAS”) has clarified its regulatory position on the offer of digital currency in Singapore on August 1, 2017. MAS took an analogous position to the Commission in its treatment of digital currency offerings. On August 28, 2017, the Canadian Securities Administration (the “CSA”) also issued a report stating that many of the digital currency offerings would in many cases be considered securities or derivatives, again taking a similar position to the Commission. To the extent that the HOSTCOINs are found to be securities under the MAS and CSA regulations, we would need to register the crowdsale pursuant to these regulations in order to target the HOSTCOIN purchasers in these jurisdictions. Such registration would again result in significant delays and result in additional substantial expenses. We note that we expect that many other jurisdictions would take the similar position to that of the Commission, MAS, and CSA, and some already have, including Hong Kong, China, Singapore, South Korea.
8. Risks Arising from Taxation.
The tax characterization of HOSTCOIN is uncertain. Your purchase of HOSTCOIN may result in adverse tax consequences to you, including withholding taxes, income taxes and tax reporting requirements.
9. Risk of Insufficient Interest in the Ecosystem or Distributed Applications.
The web hosting industry is to a significant extent controlled by large well-funded players. It is possible that the Ecosystem will not be used by a large number of individuals, companies and other entities or that there will be limited public interest in the creation and development of distributed ecosystems (such as the Ecosystem) more generally. Such a lack of use or interest could negatively impact the development of the Ecosystem and therefore the potential utility of the HOSTCOIN, including the utility of the HOSTCOIN for obtaining Services.
10. Risks Associated with the Development and Maintenance of the Ecosystem.
The Ecosystem is still under development and may undergo significant changes over time. The development of the Ecosystem heavily depends on the number of HOSTCOIN sold during the crowdsale. If the crowdsale is not successful, there may not be sufficient funds to develop the Ecosystem. Furthermore, despite Company’s good faith efforts to develop and participate in the Ecosystem, it is still possible that the Ecosystem will experience malfunctions or otherwise fail to be adequately developed or maintained, which may negatively impact the Ecosystem and HOSTCOIN, and the potential utility of the HOSTCOIN, including the utility of the HOSTCOIN for the use within the Ecosystem.
11. Risk of Dissolution of the Company or Ecosystem.
It is possible that, due to any number of reasons, including, but not limited to, an unfavorable fluctuation in the value of ETH, BTC or other cryptographic currencies, decrease in the HOSTCOIN’ utility, the failure of commercial relationships, or intellectual property ownership challenges, the Ecosystem may no longer be viable to operate or the Company may dissolve.
12. Risks Arising from Lack of Governance Rights.
Because HOSTCOIN confer no governance rights of any kind with respect to the Ecosystem or the Company, all decisions involving the Company’s products or services within the Ecosystem or the Company itself will be made by the Company at its sole discretion, including, but not limited to, decisions to discontinue its products or services in the Ecosystem, to create and sell more HOSTCOIN for use in the Ecosystem, or to sell or liquidate the Company. These decisions could adversely affect the Ecosystem and the utility of any HOSTCOIN you own, including their utility for obtaining Services.
13. Technology Risks.
The HOSTCOIN 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 HOSTCOIN or the ability to use or sell them. The functionality of the HOSTCOIN is complex, will require enhancements and product support over time, and full functionality may take longer than expected. The full functionality of the HOSTCOIN is not yet complete and no assurance can be provided of such completion.
14. Unanticipated Risks.
Cryptography based technology such as the HOSTCOIN is a new and untested. In addition to the risks included herein, there are other risks associated with your purchase, possession, and use of the HOSTCOIN, including unanticipated risks. Such risks may further materialize as unanticipated variations or combinations of the risks discussed herein.
15. Operational Risks.
The Company is a young company and the growth of the team and its capabilities may take longer than expected to result in the intended usefulness for the HOSTCOIN. The HOSTCOIN is just one product in a highly competitive market, and broad adoption by other users and developments by technology partners may take longer than expected. The usefulness of the HOSTCOIN depends on the extent of widespread adoption of the offered technology by the marketplace. In order to attract and retain a client base and increase business, we must establish, maintain and strengthen our name and the services we provide. In order to be successful in establishing our reputation, clients must perceive us as a trusted source for quality services. If we are unable to attract and retain clients with our current marketing plans, we may not be able to successfully establish our name and reputation, which could significantly affect our business, financial condition and results of operations. We could experience growth over a short period of time, which could put a significant strain on our managerial, operational and financial resources. We must implement and constantly improve our certification processes and hire, train and manage qualified personnel to manage such growth. We have limited resources and may be unable to manage our growth. Our business strategy is based on the assumption that our customer base, geographic coverage and service offerings will increase. If this occurs it will place a significant strain on our managerial, operational, and financial resources. If we are unable to manage our growth effectively, our business will be adversely affected. As part of this growth, we may have to implement new operational and financial systems and procedures and controls to expand, train and manage our employees. If we fail to develop and maintain our services and processes as we experience our anticipated growth, demand for our services and our revenues could decrease. Our market is characterized by rapidly changing technologies, evolving industry standards, frequent new product and service introductions and changing customer demands. To be successful, we must adapt to our rapidly changing market by continually enhancing our existing services and adding new services to address our customers’ changing demands. We could incur substantial costs if we need to modify our services or infrastructure to adapt to these changes. Our business could be adversely affected if we were to incur significant costs without generating related revenues or if we cannot adapt rapidly to these changes. Our business could also be adversely affected if we experience difficulties in introducing new or enhanced services or if these services are not favorably received by users. We may experience technical or other difficulties that could delay or prevent us from introducing new or enhanced services. Furthermore, after these services are introduced, we may discover errors in these services which may require us to significantly modify our software or hardware infrastructure to correct these errors. We are still in the process of evaluating the work quality of new employees and the suitability of new hires for specific roles. If we are unable to attract and hire qualified management, technical and marketing personnel or retain key employees, our operations and prospects may be adversely affected.
16. Legal Considerations
The HOSTCOIN sale represents a voluntary contribution towards the execution of this product and service vision by its current and future team. The HOSTCOIN does not grant any direct equity, stake or share in the legal structure of HOSTCOIN nor profit sharing. It does not represent an ownership right or claims in the HOSTCOIN Platform ecosystem, revenues or intellectual property, either present or future. Despite HOSTCOIN team’s best efforts and diligence to bring this project forward, all contributors should be aware that their contributions are not refundable and accept the inherent risk of project failure at any stage of development. This implicit risk is associated with any and all uncertainty of backing cutting-edge technological-focused entrepreneurial projects and can be affected by either internal or external factors out of the control scope of the team. Also, contributions may be subject to any applicable regulations. We have carefully examined the various legal implications of the HOSTCOIN crowdsale and the business model of HOSTCOIN.IO in the jurisdictions where we plan to operate. In the United States, we worked closely with Velton Zegelman PC, a Silicon Valley law firm actively representing blockchain and cryptocurrency clients. In Luxembourg, the jurisdiction of HOSTCOIN.IO S.a.r.l, we work with Elvinger, a leading law firm, founded in 1964. It is the HOSTCOIN designed for the HOSTCOIN.IO platform. HOSTCOINs are not securities. HOSTCOINs do not give you the right to vote or participate in HOSTCOIN.IO, S.a.r.l., or any of its affiliated companies. HOSTCOIN holders have no equity, governance, or any other rights in any such companies. Citizens from the United States, Hong Kong, China, Singapore, South Korea and Canada are prohibited from purchasing HOSTCOIN and from participating in the token sale. You must acknowledge that you are not a citizen of the United States, Hong Kong, China, Singapore, South Korea or Canada to be eligible to participate. It is the opinion of our legal counsel that the legal status of HOSTCOINs is a functional utility
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