🈳Vocabulary

Glossary:

The glossary is a vital section for understanding the technical terminology and key concepts related to Avatar Social and your ALEX token. Below are detailed definitions of some terms that may be found in this section:

1. Blockchain: A decentralized and distributed digital record technology that records transactions in a secure and transparent manner. Each block of data is linked to a previous block, forming an immutable chain of information.

2. Token: A digital unit issued on a blockchain that represents a specific asset or utility. In the context of Avatar Social, the ALEX token is the platform's native asset and is used for various functions within the ecosystem.

3. ICO (Initial Coin Offering): A method of fundraising in which a company issues digital tokens in exchange for funding. Avatar Social's ICO was the process by which the ALEX token was launched to the market.

4. Wallet: A secure place to store, send and receive digital tokens. Avatar Social users can use a variety of compatible wallets to store and manage their ALEX tokens.

5. Smart Contract: A self-executing code that facilitates and automates the execution of contracts on a blockchain. Smart contracts are used in Avatar Social to manage various functions, such as token transactions and governance voting.

6. Gas: The transaction fee paid on a blockchain to process and validate transactions. In Avatar Social, gas is used to cover the costs of executing transactions on the blockchain network.

7. Cryptocurrency: A digital currency that uses cryptography to guarantee and secure transactions. The ALEX token is a cryptocurrency used within the Avatar Social platform for various transactions and functions.

8. User Interface (UI): The part of an application or platform that enables user interaction. Avatar Social's UI is intuitive and easy to use, providing users with a pleasant experience while navigating the platform.

9. Application Programming Interface (API): A set of rules and protocols that allows different applications to communicate with each other. APIs are used in Avatar Social to integrate third-party functions and services into the platform.

10. Consensus Algorithm: A set of rules that determines how consensus is reached between nodes in a blockchain network. In Avatar Social, a specific consensus algorithm is used to validate and confirm transactions on the network.

11. Node: A device connected to a blockchain network that participates in the validation and verification of transactions. Nodes in Avatar Social contribute to maintaining the integrity and security of the network.

12. Consensus: The process by which nodes in a blockchain network reach agreement on the state of the network and the validity of transactions. Consensus is critical to ensuring the reliability and integrity of the Avatar Social network.

13. DAO (Decentralized Autonomous Organization): an organizational entity that operates autonomously on a blockchain network, managed by smart contracts and governed by its participants. Avatar Social can integrate DAO elements into its governance structure.

14. Governance: the decision-making and management process of a blockchain platform or network. In the context of Avatar Social, governance may involve community participation in key decision making related to the development and direction of the project.

15. DApp (Decentralized Application): an application that runs on a decentralized blockchain network, using smart contracts to manage its functionality and data. Avatar Social can be considered a DApp due to its integration with the blockchain and its decentralized features.

16. Scalability: The ability of a blockchain network to handle a larger number of transactions and users without compromising its performance or security. Scalability is an important factor to consider in the development and growth of Avatar Social.

17. Fork: A fork in the blockchain that results in the creation of a new version of the blockchain, usually due to differences in consensus rules or discrepancies in the community. Forks can have implications for Avatar Social and its ALEX token.

18. Hard Fork: A fork in the blockchain that results in a permanent, backward-incompatible split. Hard forks can occur in Avatar Social if there are fundamental disagreements in the community over changes to consensus rules.

19. Soft Fork: A fork in the blockchain that introduces backward-compatible changes, meaning that nodes that do not upgrade can still participate in the network. Soft forks can be implemented in Avatar Social to introduce improvements to the network.

20. Oracle: An external service that provides real-world data to smart contracts on a blockchain. Oracles can be used in Avatar Social to obtain external information, such as asset prices or market data, that is relevant to certain functions within the platform.