nonfungible token (NFT): Also known as "NFTs", are unique digital assets that live on a blockchain. You can think of them as digital collectibles! NFTs provide traceability and transparency for creators' works, while also earning creators previously unattainable royalties for all present and future sales.
nonfungible: A unique asset that cannot be replaced with something else.
token: Digital or physical units of value, utility, or ownership whose behavior is regulated by a smart contract.
ledger: A collection or registry where transactions or data are recorded.
blockchain: A decentralized digital record of data where transactions are logged, recorded, and linked together using cryptography. Since these records are decentralized, one cannot alter past transactions logged to the ledger.
smart-contract: A smart contract is a self-executing contract with the terms of the agreement between parties being directly written into lines of code.
crypto / cryptocurrency: A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
fiat: Non-crypto currency (examples: USD, Euros, etc)
multi-currency: A variety of currencies, including fiat and cryptocurrency (ie. dollars, euros, bitcoin, ethereum, etc.
mint / minting: Mint or Minting is the actual signing of the digital contract that holds parameters like authenticity, royalty ownership, etc. When you "mint" an NFT you're creating the blockchain information for your creation and publishing it into the world.
stake / staking: Staking is defined as ‘locking up’ a certain amount of cryptocurrency in a digital wallet to be used as collateral. Staking is a requirement in proof of stake consensus blockchains, whereby an individual is eligible to verify, process, and record transactions based on the amount of cryptocurrency they have staked.
offer: An amount that someone is willing to pay to receive an NFT.
bid: The bid price represents the maximum price that a buyer is willing to pay for an NFT.
provenance: The history of ownership behind an item starting from its creation and origin. **Provenance is important to NFTs as it enables you to verify changes in ownership information via the blockchain – it will provide tracking and tracing of digital items and goods.
Decentralized: Means that data is broken up into multiple pieces each stored in multiple nodes (computers) around the world and not in a centralized place.
Decentralized Identity (DID): DID is your decentralized identification, this way your information can be stored in a secure decentralized way and fully owned by you. This also means no one can change or hack your identity information when using your DID on a platform.
drop: A limited duration or editioned sale event of one or many creations from a creator, collective, or gallery.
creator: A human who expresses themselves creatively. At DoinGud, we welcome ALL creators, regardless of medium, aesthetics, or geographic location.
collectors: The ones who are collecting and purchasing NFT's.
curator: A tastemaker who has a keen eye for creations/creators and chooses to feature or promote creations based on a specific set of criteria, themes, or subject matter. Often times curators within the DoinGud ecosystem are those who are managing our community galleries and promoting the creators they feature via drops or exhibitions.
gallery: A space within the DoinGud ecosystem that is curated by an individual, brand, or a community. Galleries on DoinGud have access to exclusive features and tools, while being able to earn a percentage of the sales they help generate for our ecosystem's creators.
proof of stake (PoS): PoS is short for Proof of Stake and is the mechanism that secures the blockchain network (vs "Proof of work" that depends on the hardware to run it). It removes the need for hardware based computing, and is both scalable and minimal in energy consumption.
interoperability: When something is interoperable, its information is communicated, retained, or transferrable across different blockchain ecosystems. At DoinGud, we aim to have our NFTs available across multiple blockchains for users to choose from in the future.
transaction transparency: Data of all transactions are permanently stored and publicly visible. All transactions can be seen and tracked.
automated collaboration payments: The mechanism that automatically distributes funds to all the collaborators of an NFT.
resilient media storage: The way our platform stores the media files of our NFTs to make them as future proof as possible. We use the decentralized storage technology of IPFS to ensure your NFTs are around for a good time and a long time.
hot storage: Storing of media files on internal servers for faster rendering on our platform.
The creator and giving economy: The flow of value between a community or communities that share the mutual value they give and receive.
social impact organization (SIO): An organization, such as a charity or NGO, that is purpose-driven and contributes toward social development and empowerment goals such as those guided by the United Nation's Sustainable Development Goals.
Sustainable Development Goals (SDGs): A list of 17 goals drawn up by the United Nations in 2015 to drive awareness, direct efforts, and categorize projects that ultimately work to ensure the health, prosperity and sustainability of the global community by 2030. In our work, we use the United Nations' SDG's to monitor and maintain diversity in the SIOs and projects that our community can choose to support. You can discover more information about each SDG and related projects on the United Nations website: https://www.undp.org/sustainable-development-goals