📖Glossary

A Glossary of All the Important Terms Used with the XMAQUINA Network.

Block Explorer: An online tool that allows users to search for both real-time and historical information about a blockchain.

dApp: A decentralized application built on a blockchain, combining a smart contract and often a frontend user interface. On XMAQUINA, dApps handle the business logic of specific use cases in the Economy of Things.

Asset Token: A digital token that represents ownership or a share in an asset, such as a machine or a revenue-generating project. These tokens can be traded and often entitle the holder to a portion of the revenue generated by the asset.

DePIN: Short for Decentralized Physical Infrastructure Network, a concept for blockchain networks that use tokens to incentivize communities to build physical infrastructure networks or dApps, such as those for charging or telecoms.

EVM (Ethereum Virtual Machine): The computation engine for Ethereum that manages the state of the blockchain and enables smart contract functionality. XMAQUINA supports EVM by design.

Indexer: A service used for organizing blockchain data, providing clients with data about the history and state of a blockchain.

KYC (Know-Your-Customer): Procedures businesses use to verify their customers' identities and assess potential risks they may pose. This typically involves verifying government-issued identification, capturing a selfie, and providing proof of residence. These procedures are similar to the identification requirements banks ask for when opening a new account.

KYB (Know-Your-Business): A process akin to Know-Your-Customer (KYC) but focuses specifically on verifying businesses. When a company registers with a cryptocurrency platform, KYB procedures help authenticate the legitimacy and ownership of the business. This process may involve reviewing business registration documents, obtaining information about the company's owners and directors, and understanding the nature and activities of the business.

Node: A component that stores the complete blockchain data, including information about all blocks and a full record of transactions within these blocks.

Oracle: A program that connects real-world information to contracts and other agreements on a blockchain.

Smart Contract: A program stored on a blockchain that runs when predetermined conditions are met.

Wallet: A device, physical medium, program, or service that stores the public and/or private keys for cryptocurrency transactions.

Web2: The current version of the internet, dominated by companies that provide services in exchange for personal data.

Web3: Refers to decentralized apps that run on the blockchain and are not hosted or controlled by a trusted third party.

Decentralized Autonomous Organization (DAO): An organization represented by rules encoded as a computer program that is transparent, controlled by organization members, and not influenced by a central government.

Liquidity: The ease with which an asset can be converted into cash without affecting its market price.

Private Key: A secret key that is used to sign transactions and provide access to the funds in a cryptocurrency wallet.

Public Key: A cryptographic code that allows users to receive cryptocurrencies into their accounts.

Staking: The process of locking up tokens to support network operations, such as validating transactions and securing the network. Stakers are typically rewarded with additional tokens or other benefits.