📚Glossary

Glossary of Terms

• AI—artificial intelligence—is the ability of a computer or machine to conduct tasks that typically require human intelligence, such as learning, problem-solving, decision-making, and language comprehension.

• Bridge – Software allowing users to exchange digital assets from one blockchain to another without a centralized exchange.

• DAO—A decentralized autonomous organization is a type of organization that members control, which is transparent and not influenced by a central government.

• dApps - Decentralised application – decentralized applications built on top of blockchain using smart contracts.

• DeFi—decentralized finance—is a financial system built on top of decentralized networks such as blockchain and designed to be open and accessible to anyone.

• Ecosystem—A structure enabling partners to cooperate actively by pursuing a common objective and creating standard value using tokens to exchange value across participants.

• Fiat—Currency issued by a government, backed by the government's faith and credit and not by a commodity such as gold or silver.

• HEXA – Native HexaFinity token

• IoT—the Internet of Things—is the interconnected network of physical devices and objects equipped with sensors, software, and network connectivity, allowing them to collect and exchange data.

• Layer 1 blockchain – The base infrastructure of blockchain.

• NFT – Non-fungible token – an asset or commodity that is not interchangeable; NFTs are designed to be special or unique.

• Smart contract: A decentralized application built on the blockchain automatically enforces contract parameters: If event A happens, transaction B is executed.

• Token—A unit of value in a blockchain-based ecosystem that enables different actors to interact with one another, carry out transactions, or transfer value; each fungible token, or fraction of a token, is equivalent to the next.

• Tokenomics— is the application of economic principles and game theory to design tokens on a blockchain. It ensures that users will have the desired incentives and behaviors and that tokens are practical and efficient.

• VeFinity – Native Finity Blockchain token used to pay for transaction gas fees.