| Term | Decription/ Definition |
|---|---|
DApp | "Dapps are open-source applications which represent a contract between a network and its users and which run on a distributed register (the so-called "ledger") such as the Bitcoin or Ethereum Blockchains". (PWC, p. 7) |
needed to use the Dapp, are distributed to members based on a set algorithm, used as rewards but do not represent assets/ dividends/ equity shares. e.g. Bitcoin is a Dapp, and bitcoins are Dapp tokens, Ethereum uses Ethers | |
DAO (Decentralized Autonomous Organisation) | A complex type of DApp which is similar to a company but not a legal entity, it "was created as a self-governing body operating on democratic principles that is not influenced by outside forces" (PWC, p 38). E.g. the bitcoin system can also be considered a DAO. |
Public Block Chains | People's identity are anonymous, e.g. Bitcoin and Ethereum |
Private Block Chains | People are known and identified. They are easier to manager and often cheaper. Banks and payment service providers use this. |
Smart Contracts | Self-executing programs which are stored on a block chain; they will allow parties to exchange value (which can be anything) based on terms that are agreed-upon. They are not to be confused with legal contracts. |
Microgrid | different from a traditional grid in that the microgrid is connected to the traditional grid but is also autonomous and can disconnect. It may also be lower cost and more environmentally friendly. |
P2P Energy Trading | Trading of energy between two people, without an intermediary e.g. a company. |
Renewable Energy Credits | The non-energy attributes of the renewable energy produced. |
Cryptocurrencies | A digital currency which is traded on a online ledger with strong cryptography and hence high security. |