🔡Glossary

Below you can find a list of common terms:

Aegis: A cold wallet that provides stability and security within the Ofero Network.

APR: Annual Percentage Rate, representing the yearly interest rate earned or paid on an investment.

Blockchain: A decentralized digital ledger that records transactions across multiple computers in a secure and transparent manner.

BNB Chain: Binance Smart Chain, a blockchain platform developed by Binance that enables smart contracts and decentralized applications.

Cold wallet: A secure offline storage method for digital assets, providing enhanced protection against hacks or theft.

Collateral: Assets pledged as security to guarantee the repayment of loans or the fulfillment of contractual obligations.

Consensus protocol: A set of rules used by a blockchain network to agree on the validity of transactions and maintain the integrity of the shared ledger.

Cross-chain bridging: A process that enables the transfer of digital assets between different blockchain networks.

Cryptocurrency: A digital or virtual currency that relies on cryptography for security and operates on a decentralized blockchain network.

Dapp (Decentralized Application): An application built on a blockchain network that operates without the need for a centralized authority or intermediary.

Decentralized finance (DeFi): A financial system built on blockchain technology that eliminates the need for traditional intermediaries such as banks and financial institutions.

Distributed ledger technology (DLT): A technology that enables the recording and sharing of information across multiple decentralized nodes, enhancing security, transparency, and resilience.

Ecosystem: The interconnected network of users, platforms, applications, and services that form the Ofero Network.

Genesis: The initiation or creation of a new blockchain or decentralized entity, such as the Aegis.

Interoperability: The ability of different blockchain networks to communicate and interact with one another, enabling the seamless transfer of data and value.

KYC (Know Your Customer): The process of verifying the identity of users in a financial system to prevent fraud, money laundering, and other illicit activities.

Mnemonic: A series of words used to generate a private key for a cryptocurrency wallet, allowing users to access and manage their digital assets.

MultiversX: A proprietary blockchain platform that serves as the foundation of the Ofero Network.

Nomination: The process of selecting validators by Aegis owners to secure the Ofero Network.

OFE: Ofero Token, the native utility token of the Ofero Network.

Peer-to-peer (P2P): A decentralized model of interaction that occurs directly between individuals without the need for intermediaries.

PoTT (Proof of Trust and Transparency): A consensus protocol used by the Ofero Network to select validators based on their trust score.

Proof of Stake (PoS): A consensus mechanism in which validators are chosen to create new blocks and confirm transactions based on the amount of cryptocurrency they hold and are willing to "stake" as collateral.

Proof of Work (PoW): A consensus mechanism that requires validators (miners) to solve complex mathematical problems to create new blocks and validate transactions, consuming computational power and energy.

Scalability: The ability of a blockchain network to handle increasing numbers of transactions and participants without compromising performance or security.

Sharding: A scaling solution that divides a blockchain network into smaller, more manageable pieces called shards, allowing for parallel processing and increased transaction throughput.

Sight Staking: An innovative staking program in the Ofero Network that rewards holders with an attractive interest rate.

Smart contract: A self-executing contract with the terms of the agreement directly written into code, which is stored and executed on a blockchain network.

Staking: The process of locking up a digital asset to support the operations of a blockchain network and earn rewards in return.

Token: A digital representation of value that can be traded, exchanged, or used as a means of payment within a blockchain ecosystem.

Tokenomics: The study of the economic design and structure of a blockchain project's token, including its distribution, utility, and value drivers.

USDC: USD Coin, a stablecoin pegged to the U.S. dollar, which is used as a means of payment and store of value within the Ofero Network.

Validator: A trusted member of the Ofero Network who is responsible for verifying transactions, securing the network, and providing support to new users.

Venture capital: Investment funds that provide financing to early-stage, high-potential companies in exchange for equity or other forms of ownership.

Wallet: A digital storage solution for managing and securing cryptocurrencies and other digital assets.

Whitepaper: A comprehensive document that outlines the technical, financial, and strategic aspects of a blockchain project or cryptocurrency.