🔎Glossary

Overview of Terminology

ABCI

(Application Blockchain Interface) ABCI is the interface between Tendermint (a state-machine replication engine) and your application (the actual state machine)

BFT

(Byzantine Fault Tolerance) The property of a system that can resist the class of failures derived from the Byzantine Generals' Problem. This means that a BFT system can continue operating even if some of the nodes fail or act maliciously

Brancher

A dedicated HomeTree Application for connecting to other blockchain networks that reside outside of the LifeDeFied platform (Ethereum, Cosmos, Polkadot, Avalanche (etc))

BranchApps

LifeDeFied terminology for a decentralized application (dApp) that runs in parallel with the core HomeTree blockchains and ChainBranches

BranchMarket

The BranchMarket is a DeFi marketplace for listing, exchanging, selling, buying or advertising tokenized LDUT assets. It also contains all the Branch Applications that can be accessed by the user or their consortium as well as 3rd parties that extend outside of the public network.

Bonding

The process of staking assets together

LD3S

Acronym and alternate alias to represent LifeDeFied Web3 Services

LDUC

LifeDeFied Utility Coin that powers the interoperability between networks of HomeTrees, Chainbranches, BranchApplications and other Blockchains. Acts as a Decentralized Banking Digital Currency

LDUT

LifeDeFied Utility Token that powers the stable dynamic NFT asset tokenization and decentralized applications (dApps) on the public layer of the BranchMarket

LDLT

LifeDeFied Liquidity Token Reward for Liquidity Providers (LP) pooling their assets together to aid in the exchange process of the HEXTree

CBDC

(Central Bank Digital Currency) A central bank's digital currency is the digital form of a country's fiat currency. A CBDC is issued and regulated by a nation's monetary authority or central bank

CeFi

(Centralized Finance) CeFi, offers some of the yield benefits of DeFi with some of the ease of use and security of traditional financial-services products

CEX

(Centralized Exchange) Centralized Exchanges (CEX) are a type of cryptocurrency exchange which requires the need of an intermediary third party for transactions to take place. Usually in the case of FIAT

ChainBranch(s)

ChainBranches are the users or consortium's private blockchain networks that communicate between each other or back to the public layer by IBC

Cold Storage Wallet

A cold wallet, otherwise known as a hardware wallet or cold storage, is a physical device that keeps your cryptocurrency completely offline. Many look like USB drives. Taking your holdings offline helps protect you from hacking and online attacks

Cold Storage Staking

Cold staking involves the freezing of crypto funds in offline wallets. This makes it far more secure, as your funds will be entirely protected from cybercriminals. Additionally, cold staking is more environmentally friendly than online staking. This is, again, because of the storage methods used

Consortium

A consortium is a group of user ChainBranches that can operate both on a public or private layer based on the governance model

DBDC

A DBDC is a Decentralized Banking Digital Currency that is the platform native utility coin (LDUC) By having a neutral StableDBDC, users will be able to convert any CBDC to the platforms Decentralized LDUC. Unlocking more freedom, utility, security, and financial opportunity

Delegator

A delegator is someone who wishes to not become a full validator and instead delegates their coins/tokens to a full validator or staking pool to partake in the overall consensus and receive additional LDUC

dApp

(Decentralized Application) A decentralized application is an application that can operate autonomously, typically through the use of smart contracts, that runs on a decentralized computing blockchain system. Like traditional applications, dApps provide some function or utility to their users

DeFi

(Decentralized Finance) Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies

DEX

(Decentralized Exchange) Decentralized exchanges (DEX) are a type of cryptocurrency exchange that allows for direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary

dNFT

(Dynamic Non-Fungible Token) A dynamic NFT is an NFT that can change based on external conditions. Change in a dynamic NFT often refers to changes in the NFT's metadata triggered by a smart contract

DON

(Decentralized Oracle Network) Decentralized oracle networks (DONs) enable the creation of hybrid smart contracts, where on-chain code and off-chain infrastructure are combined to support advanced decentralized applications (dApps) that react to real-world events and interoperate with traditional systems

Hashed

A cryptographic hash function is a mathematical algorithm that maps data of arbitrary size to a bit array of a fixed size. It is a one-way function, that is, a function for which it is practically infeasible to invert or reverse the computation

Hardware Wallet

Hardware wallets are a form of offline storage. A hardware wallet is a cryptocurrency wallet that stores the user's private keys (a critical piece of information used to authorize outgoing transactions on the blockchain network) in a secure hardware device

HEX

(Hybrid Exchange) A hybrid crypto exchange (HEX) provides users with access to their private keys and aims to solve the scalability issues of decentralized exchanges

HexTree

A Hybrid Distributed exchange that's interconnected to the HomeTree. The HEXTree provides fast distribution custody of funds for both fiat and crypto users

HomeTree

The HomeTree is the public layer of the LifeDeFied blockchain network. Each HomeTree acts as a “root” custodian facilitating the movement of coins/tokens within the network of other HomeTrees

Hot Wallet

A hot wallet can also be called a software wallet. It's a form of digital storage that you can access on your computer or phone and is connected to the internet. Because of the internet connection, hot wallets are not as secure as cold wallets

ICO

(Initial Coin Offering) An initial coin offering (ICO) is the cryptocurrency industry's equivalent of an initial public offering (IPO)

IBC

(Inter Blockchain Communication) The Inter‐Blockchain Communication Protocol (IBC), an open‐source protocol for relaying messages between independently distributed ledgers

Interoperability

The ability of different blockchain networks to exchange and leverage data between one another and to move unique types of digital assets between the networks' respective blockchains

KYC

(Know Your Customer) KYC means "know your customer." It refers to a financial institution’s obligation to carry out certain identity and background checks on its clients before allowing them to use its product or platform

KYT

(Know Your Transaction) Know-your-transaction is a process that gathers information on transactions made by a financial business. It assesses whether the transactions are legal and not linked to financial crimes. With KYT, financial institutions can gather information and assess the risk of the transactions executed by their customers

Tendermint Core

Tendermint Core is a blockchain application platform; it provides the equivalent of a web server, database, and supporting libraries for blockchain applications written in any programming language. Like a web server serving web applications, Tendermint serves blockchain applications

TradFi

(Traditional Finance) TradFi consists of retail, commercial, and investment banks, and FinTechs (tech companies that operate in finance). For example, Goldman Sachs and JPMorgan Chase as banks, and SoFi, Square, and PayPal as FinTech companies

Tokenization

Tokenization is the process where assets are converted into a token that can then be moved, stored, and recorded on the blockchain

LP

(Liquidity Provider) A liquidity provider is a user who funds a liquidity pool with crypto assets they own to facilitate trading on the platform's exchange and earn a passive yield for helping to facilitate that process

Liquidity Pool

A liquidity pool is a vault into which participants deposit their assets in order to form a market (trading pair) and make it liquid for those wishing to trade in that pair. Technically speaking, the vault is a smart contract that enables users to securely store their tokens

LiquidityTree

A LiquidityTree is a term that refers to a “hybrid” liquidity pool model that helps HEXTree facilitate its buyers and sellers (traders) between CBDCs and other cryptocurrencies

NFC

(Near Field Communication) Near Field Communication allows for contactless payment between devices. Most commonly found in today's smartphones/devices which can now support crypto-based payments

NFT

(Non-Fungible Token) A non-fungible token is digital data stored on the blockchain that is a form of a distributed ledger. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded

Node

Nodes form the infrastructure of a blockchain. All nodes on a blockchain are connected and they constantly exchange the latest blockchain data with each other so all nodes stay up to date. They store, spread, and preserve the blockchain data, so theoretically a blockchain exists on nodes. A full node is a device (like a computer) that contains a full copy of the transaction history of the blockchain

OracleTree

The OracleTree is a term for a dedicated Chainlink DON integration that's connected to the HomeTree to update off-chain events on-chain to its corresponding ChainBranches and their dynamic smart contracts

Private ICO

A private ICO is for a pre-selected group of whitelisted members, investors, partners, contributors, advisors (etc) to acquire LDUC at a discounted rate to test certain functionality of the LifeDeFied platform before its ICO

Smart Contract

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to its terms

Staking

Staking offers crypto holders a way of putting their digital assets to work and earning passive income without needing to sell them. You can think of staking as the crypto equivalent of putting money in a high-yield savings account

Validator

A validator runs a full node and is selected based on the overall amount of staked LDUC. Each validator is responsible for participating and securing the overall consensus of the LifeDeFied Platform, its HomeTrees, and ChainBranches which include the user or their consortium

Web2

Web2 refers to websites that emphasize user-generated content, ease of use, participatory culture, and interoperability for end users

Web3

Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics

WMS

The Wallet Management System is a program designed to facilitate the management of multiple virtual currency wallets from a single interface. Institutional or retail crypto investors can use it