TermDecription/ Definition
"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)
Dapp Tokens
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.
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.
A digital currency which is traded on a online ledger with strong cryptography and hence high security.