8.9 Certain Uses and Risks of Blockchain Technology. (a) Use of Blockchain Technology. VHL utilizes experimental cryptographic technologies and blockchain technologies, including tokens, cryptocurrencies, stablecoins, “smart contracts,” consensus algorithms, voting systems and distributed, decentralized or peer-to-peer networks or systems in performing the Offerings. Each User acknowledges and agrees that such technologies are novel, experimental, and speculative, and that therefore there is significant uncertainty regarding the operation and effects and risks thereof and the application of existing law thereto. (b) Certain Risks of Blockchain Technology. The technology utilized in delivering the Offerings depends on public peer-to-peer networks such as Ethereum that are not under the control or influence of VHL and are subject to many risks and uncertainties. Such technologies include the ClubRare DEX System, which VHL may have limited or no ability to change, other than ceasing to support certain “smart contracts” and adding support for new “smart contracts”. Users are solely responsible for the safekeeping of the private key associated with the blockchain address used to participate in the Offerings. VHL will not be able to restore or issue any refund in respect of any Collectibles or AGOV due to lost private keys. If a User are not able to spend or use a Collectible or AGOV due to loss or theft of the corresponding private key or otherwise, a User will be unable to exercise their rights with respect to such Collectible or AGOV. (c) Certain Risks of Smart Contract Technology. Collectibles, AGOV and other digital assets relevant to the ClubRare Platform depend on the ClubRare DEX System or other smart contracts deployed to Ethereum or Klaytn, some of which may be coded or deployed by persons other than VHL. Once deployed to Ethereum, the code of smart contracts, including the ClubRare DEX System, cannot be modified. In the event that the ClubRare DEX System or other smart contracts are adversely affected by malfunctions, bugs, defects, malfunctions, hacking, theft, attacks, negligent coding or design choices, or changes to the protocol rules of Ethereum or Klaytn, Users may be exposed to a risk of total loss and forfeiture of all Collectibles, AGOV and other relevant digital assets. VHL assumes no liability or responsibility for any of the foregoing matters, except as otherwise expressly provided by these Terms or required by applicable law.