Glossary - Tectum Blockchain

A

ATH

All Time High. The highest 'price' a coin has ever been.

Ambassador program

A brand ambassador program is a strategy where you recruit enthusiastic fans of your brand to be your long-term promotional partners. Usually, it involves mobilizing these ambassadors to accomplish a specific goal, such as increasing sales, driving conversions, or building brand awareness.

B

Bearish

Expecting the price will decrease.

Bitcoin

The first widely recognized blockchain-based digital asset, intended to be used as a unit of account and means of payment.

Block

A time-stamped data structure that is used to aggregate transactions, which can be used to record transactions, for instance, asset transfers.

Blockchain

A type of distributed ledger technology which, together with other related technologies, acts as settlement layer for transactions. There are two categories of blockchains: permission- less blockchains, where any entity is able to join and leave without permission; permissioned blockchains, which are typically composed of a group of authenticated participants. DeFi is built on top of permission- less blockchains.

Blue Stripe

Blue-stripe SoftNote bill is a live dedicated wallet on native (L1) network. Blue-stripe SoftNote bill(s) can be filled from any third-party wallet.

Bullish

Expecting the price will increase.

Burn (SoftNote)

The event of withdrawing the liquidity from a SoftNote bill to another wallet. The burn function removes the bill from circulation. The asset in the wallet is held by the user who burned the SoftNote bill, revealing to them the underlying private key of the SoftNote wallet if a blue stripe, or transferring the liquidity to a new wallet address if a green stripe. The SoftNote reverts to an unfilled Yellow stripe SoftNote bill and is returned to the Tectum treasury; it is available then to be filled again and put back into circulation.

Burner

A SoftNote system user who chose to withdraw the liquidity from the SoftNote bill by using the burn function; antispam fee is normally applied.

C

Crypto Wallet

A crypto wallet refers to a specialised application that aggregates your cryptocurrency balances into one location. The crypto wallet stores the private keys associated with crypto currency addresses and simplifies the process of sending, receiving and storing your crypto.

D

Digital Assets

Digital representations of value, such as tokens, which can be used for payment, trading or investment purposes, or to access a good or service.

Distributed Ledger

A distributed ledger is a database that is spread across a network of computers, rather than being stored in a central location. This network of computers is often referred to as a peer-to-peer network, and each computer in the network maintains a copy of the ledger. The distributed nature of the ledger provides several benefits over a traditional, centralized database. For example, it is more secure because there is no single point of failure or vulnerability. Additionally, it is more transparent because all participants in the network can see and verify the same data. One example of a distributed ledger is blockchain, which is used in cryptocurrencies such as Bitcoin and Ethereum. In a blockchain, each block contains a set of transactions, and once a block is added to the chain, it cannot be altered or deleted. This ensures the integrity of the ledger and makes it difficult to commit fraud. Distributed ledgers have a wide range of potential applications beyond cryptocurrencies, including supply chain management, voting systems, and identity verification.

E

EPOS Terminals

An EPOS Terminal or e-Point of Sale, is a terminal for payment processing, allowing merchants to accept customer payments for both online and brick and mortar businesses. Tectum's EPOS Terminal is unique in that its proprietary technology authorizes the transfer of SoftNote payments, allowing merchants to accept crypto.

Emission

Emit is a verb (used with object), e·mit·ted, e·mit·ting. 1. to send forth (liquid, light, heat, sound, particles, etc.) 2. to discharge 3. to give forth or release 4. to issue, as an order or a decree. 5. to issue formally for circulation, as paper money. Emit is a scientific term with specific meaning regarding currency. The term "printing" currency only has an associated connotation with "emitting" currency. Tectum uses the more common denotative term, "mint", to describe the creation and emission of a SoftNote. You will see the terms "mint, minter, mint house" in the Tectum SoftNote wallet.

Ethereum

A decentralized, open-source blockchain with smart contract functionality. ETH is the native token of the platform.

F

FOMO

Fear of Missing Out.

FUD

Fear, Uncertainty & Doubt.

Fiat

Government Issued Currency.

Fill (SoftNote)

Process of filling the minted SoftNote with liquidity. When a SoftNote is minted (created) it has no liquidity, hence no value. It is referred to as a "Yellow stripe" bill with a dedicated address with no liquidity on it. When we fill a SoftNote with liquidity (crypto or fiat), the bill gets Blue or Green stripe status.

G

Get Passcode

During SoftNote export (i.e. moving a SoftNote out of the SoftNote wallet), a user must be given various options to save their passcode, as every SoftNote is secured with a passcode.

Green Stripe

A SoftNote Bill with a dedicated address on T12 network filled with T12-0x tokens liquidity, T12-0x layer is a native network clone layer dedicated to removing native network frictions such as fees and latency. Providing the liquidity for Green-stripe Bills is free of charge (Zero-fee Fill).

H

HODL

Hold On For Dear Life.

Handover

Handover is a term used to describe the transfer of ownership of a SoftNote from one user to another. The term handover is distinct from the term transaction, as the handover process can be performed without requiring a wallet of any kind and without a transaction occurring on the base layer of the SoftNote's denominated cryptocurrency.

I

Import SoftNote

The process of linking a SoftNote to your SoftNote wallet, meaning that passcode management as well as other functionality such as burning and handover become seamless and easy.

L

Ledger

A ledger is a record-keeping system that is used to track and record financial transactions. In the context of cryptocurrency, a ledger typically refers to a digital ledger that is used to record all transactions that occur within a particular cryptocurrency network.

Lightning Network

The Lightning Network is a layer-two protocol that operates on top of a blockchain, such as Bitcoin or Litecoin, to enable faster and cheaper transactions. It was developed to address some of the scalability issues faced by blockchain-based cryptocurrencies, which can be slow and expensive to use as the network grows.

Liquidity Provider

A user who deposited asset funds to a SoftNote wallet address by transferring liquidity to it; liquidity provider is eligible to a share of 20% in the revenues generated by the SoftNote bill(s) until the bill is burned.

M

Mainnet

Mainnet is the term for the real Bitcoin blockchain and network, and is used in contrast with testnet, signet, and regtest networks. Unlike the other networks, which are used for testing purposes, mainnet coins (BTC) have monetary value. When people refer to the Bitcoin network, they are usually referring to mainnet.

Migrate TET

The process of converting native T12 TET tokens to the ERC20 standard to be used on Ethereum or vice versa.

Mint (SoftNote)

Minting is the event of creating (emitting) a SoftNote entity as a Crypto wallet and digital database entry. Though a SoftNote is a blockchain wallet it takes a database to maintain its visual properties such as fonts, pictures, logos and URLs. A freshly minted SoftNote is an empty crypto wallet ready to be filled with a liquidity. This function allows you to mint (create) SoftNote bills using $TET. The cost of minting a SoftNote bill is 1% of the Nominal value but never exceeds the equivalent of $1.00 in $TET. Minting a SoftNote grants a privilege to become a 20% beneficiary in given SoftNote(s) revenue.

Mint House

A space within the Tectum/SoftNote Wallet dedicated to operating SoftNote Bills. The Mint House enables Tectum users to use $TET tokens to Mint (emit) new SoftNotes, fill with liquidity as well as burn them (extract liquidity from the SoftNote).

Minter

A user who emitted a SoftNote bill(s) with $TET Token(s); Minter is eligible to a share of 20% in the revenues generated by the minted SoftNote bill(s) for the lifetime of the SoftNote bill.

Multisig

A wallet requiring signatures from multiple parties to approve transactions.

O

Off-chain

Off-chain refers to transactions that occur outside the blockchain network. In cryptocurrency, off-chain transactions are typically conducted through the use of secondary protocols or mechanisms, such as payment channels, state channels, or side-chains, that enable parties to transact with each other without relying on the blockchain for every transaction.

On-chain

On-chain refers to transactions that are recorded and confirmed on the blockchain, which is a decentralized digital ledger that maintains a record of all transactions in a particular cryptocurrency network, such as Bitcoin or Ethereum.

P

POU

Proof of Utility (POU) is a new and innovative consensus mechanism developed by the Tectum team. Unlike Proof of Work where a block reward is allocated to the first miner to solve a cryptographic problem, POU rewards nodes on a 'lottery' principle, where each node has an a probability of becoming the validating 'Master Node' based on a rating. Nodes are rated based on factors such as network uptime, latency and validation track record. The master node changes on a second to second basis and the POU consensus mechanism allows for decentralised consensus to be achieved at velocities well in excess of other consensus architectures. POU utilises a proprietary hash function developed by Tectum that is more efficient than SHA256 but largely retains its security and redundancy.

Payment Channel

Payment channels are a mechanism that allows two parties to conduct multiple transactions off-chain, without the need for every transaction to be recorded on the blockchain. They are a key feature of the Lightning Network, which is a layer-two protocol that operates on top of a blockchain, such as Bitcoin or Litecoin.

Persistent Ledger

A persistent ledger is a type of database that maintains a permanent record of all transactions and changes made to the data it contains. It is designed to store data in a way that makes it easy to retrieve and analyze historical information, even as new data is added. In contrast to temporary or volatile storage, persistent ledgers provide a reliable and durable record of data over time. This is achieved through the use of techniques such as write-ahead logging, which records changes to the data before they are actually made, and data replication, which ensures that multiple copies of the ledger are maintained across multiple nodes in a network.

Private Keys

In cryptography, a private key is a secret cryptographic key that is used in conjunction with a public key to decrypt messages or data that have been encrypted with the corresponding public key. The private key is kept secret and known only to the owner of the key. Private keys are used in asymmetric cryptography, also known as public-key cryptography, to enable secure communication and digital signatures. They are generated by an algorithm that ensures that the corresponding public key cannot be derived from the private key, providing an added layer of security.

Proof of Stake (PoS)

A mechanism to determine which participant creates a block on a blockchain based on locked tokens being randomly selected by the protocol at specific intervals. Allows blocks to be produced without completing complex mathematical puzzles or specialized mining hardware (i.e., less energy intensive).

Proof of Work (PoW)

A mechanism to determine which participant creates a block on a blockchain based on competing to solve a complex mathematical puzzle. Whoever solves it first, gets the right to add the next block to the blockchain.

Public Keys

In cryptography, a public key is a cryptographic key that can be freely distributed to anyone who wants to communicate securely with the owner of that key. The public key is used to encrypt messages or data that can only be decrypted by the corresponding private key, which is kept secret by the key owner. Public key cryptography allows for secure communication over insecure networks like the internet, as the public key can be distributed without fear of interception, while the private key remains secret and is only known to the key owner. This technology is widely used for secure communication, digital signatures, and encryption of sensitive data.

R

Request to Pay

‘Request to Pay’ (R2P) is a SoftNote Wallet feature which allows a user to directly request for payments from another user. To request for a payment, the requester must enter the currency, amount required and User ID of the recipient before sending the request, then the recipient will receive a R2P notification via email or on the SoftNote Wallet.

S

SHA-256

SHA-256 is a cryptographic hash function designed by the United States National Security Agency (NSA) and first published in 2001. It is most notably applied in the Bitcoin protocol. SHA-256 is applied it several ways in the Bitcoin protocol but is most often associated with Proof of Work mining. All hashes generated using SHA-256 result in a 32 byte hash value.

Security Tokens

These function and convey a direct interest in existing securities, such as company shares or bond securities. Smart Contracts: Programs (stored on a blockchain) that run when predetermined conditions are met, by following simple “if/when... then...” statements or rules. They are typically used to automate the execution of an agreement without any intermediary’s involvement and or to automate a workflow, triggering the next action when conditions are met.

SoftNote

A digital payment platform designed as an alternative to physical money. SoftNote inherits most of the properties of cash such as bank-less/account-less method of payments and is designed to make bitcoin a currency again.

SoftNote Bill

A single entity of a SoftNote system account, represented as a paper bill or a web page. Designed to commoditize digital payments by substantially decreasing transaction costs and delays.

SoftNote Wallet

SoftNote Web Wallet is a secure and user-friendly crypto wallet with XFA and multisig support that allows you to easily manage your digital assets online.

Stablecoin

A type of digital asset that has a stabilization mechanism that at all times links its value to an underlying asset and or pool of assets, for example a fiat currency.

Staking

The process of committing crypto holdings to support the security and operations of a PoS blockchain network, in order to obtain rewards or earn interest. Staking involves validators who lock up their token (within a suitable wallet) so they can be randomly selected by the protocol at specific intervals to create a block. Participants that stake larger amounts of a given token have a higher chance of being chosen as the next block validator.

T

T12 (Tectum)

T12 in Tectum Blockchain is similar to Erc20 in Ethereum Blockchain. These are codes used to categorize the respective models of the tokens or coins existing in a particular blockchain system.

TRX

TRX is the native coin and unit of account of the Tron blockchain.

Tectum

Tectum is derived from Latin for roof, dwelling, from neuter of tectus, past participle of tegere to cover. The Tectum Network is an overlay network ("roof or cover") that has node access to other crypto blockchains. A Tectum wallet owner can hold numerous cryptocurrencies that run on the Tectum network.

Tectum Coin (TEC)

Tectum Coin or TEC is cryptocurrency running on the Tectum Blockchain. Its use is restricted to rewarding Tectum node operators of the distributed ledger; similar to a Bitcoin miner's fee.

Tectum ID

Digital identifier that is assigned to each account during SoftNote account registration.

Tectum Token (TET)

A SoftNote Mint License and a point of entry into the ecosystem.The Tectum Enumeration Token (TET) provides partners with a universal and highly lucrative entry system into our suite of Financial Technology tools.

Total Value Locked (TVL)

The quantum of (crypto) assets that are currently being staked in a specific protocol, i.e. as liquidity being secured by a specific DeFi application – not to be confused as representing, for instance, outstanding loans.

Transactionless

"Transactionless" typically refers to a financial system or service that operates without requiring transactions in the traditional sense. In the context of SoftNote, this means that we are not moving assets, but only changing access to that asset. In some cases, a transactionless system may involve the use of cryptocurrency or other blockchain-based technologies, which enable peer-to-peer transactions without the need for intermediaries like banks or payment processors. The concept of transactionless finance is often associated with greater efficiency, transparency, and security, as well as lower costs for users.

Tron

TRON is a decentralized, open-source blockchain and smart contract platform launched in 2017 and founded by Justin Sun. It operates on the proof-of-stake consensus mechanism and its native coin is known as Tronix (TRX).

W

Wallet

An infrastructure tool used to send and receive digital assets through blockchain networks, and used to summarize asset holdings by interacting with blockchain networks. The wallet carries information comprising one or more pairs of public and private “keys”, and an “address” alphanumeric identifier that functions as a location on the blockchain (generated based on the public and private keys). The private key gives access to digital assets, regardless of which wallet is used – software, hardware, and paper wallets, or hot (connected to internet) or cold (disconnected from internet) wallets.

Whale

Someone with a lot of Crypto.

X

XFA

XFA is an authentication system with a 3 Factor or even 4 Factor Authentication to keep user accounts and login portals safe from cyber-attack, ransomware, malware and more.

Y

Yellow Stripe

A freshly minted or burned SoftNote Bill, which has the liquidity extracted during the burning of the bill.