Appendix I – Glossary

Bitcoin - is the first decentralized, open source Cryptocurrency that runs on a global peer to peer network, without the need for middlemen and a centralized issuer.

Blockchain - is a shared ledger where transactions are permanently recorded by

appending blocks. The blockchain serves as a historical record of all transactions that ever occurred, from the genesis block to the latest block, hence the name blockchain.

Distributed Ledger - are ledgers in which data is stored across a network of decentralized nodes. A distributed ledger does not have to have its own currency and may be permissioned and private.

Distributed Network – a type of network where processing power and data are spread over the nodes rather than having a centralized data centre.

Ethereum - is a blockchain-based decentralised platform for apps that run smart

contracts, and is aimed at solving issues associated with censorship,

fraud and third-party interference.

Fiat Money - Refers to currencies that have minimal or no intrinsic value themselves (i.e. They are not backed by commodities like gold or silver) but are defined as legal tender by the government, such as paper bills and coins.

Smart Contracts - encode business rules in a programmable language onto the blockchain and are enforced by the participants of the network.

Initial coin offering - An unregulated means by which a Cryptocurrency venture, typically (ICO) early stage, can raise money from supporters by issuing tokens. It is often referred to as a crowd sale as ICO participants may potentially earn a return on their investments (as opposed to crowd funding, where supporters donate money to a project or cause). Ethereum is currently the most popular platform for launching ICOs.

Mining - is the act of validating blockchain transactions. The necessity of validation warrants an incentive for the miners, usually in the form of coins. In this Cryptocurrency boom, mining can be a lucrative business when done properly. By choosing the most efficient and suitable hardware and mining target, mining can produce a stable form of passive income.

Transaction Fee - all Cryptocurrency transactions involve a small transaction fee. These transaction fees add up to account for the block reward that a miner receives when he successfully processes a block.

Token - Crypto tokens enable the creation of open, decentralized networks, and provides a way to incentivize participants in the network (with both network growth and token appreciation). This innovation, made popular with the introduction

Whitelist - A list of registered and approved participants that are given exclusive access to contribute to an ICO or a pre-sale.

Whitepaper - An informational document that generally informs readers on the philosophy, objectives and technology of a project or initiative.Whitepapers are often provided before the launch of a new coin or token.