⁉️Terminology

Highlighting and decrypting some of the terms used throughout LAOS's documents you may not be familiar with.

B

Bridges - Mechanism that enables the transfer of digital assets or data between two separate blockchain networks, facilitating interoperability and communication between them.

C

Cross-Consensus Messaging (XCM) - The messaging format and language used to communicate between consensus systems, powering Polkadot's interoperability amongst parachains and any other participating consensus-driven systems.

D

Data Availability - The assurance that the data associated with transactions or blocks is accessible and retrievable by all participants in the blockchain network.

Dynamic NFTs (A.K.A Living Assets) - A type of NFT that possesses the ability to change or evolve over time. Unlike traditional NFTs, which are static and represent a single, unchanging digital asset, dynamic NFTs incorporate elements of interactivity, variability, or programmability. A Living Asset must store the data that characterizes it available in decentralized systems.

E

EvoChain - Separate chains connected via light-client based bridge to the Ownership Parachain. Responsible for managing asset attributes, minting and evolution.

F

Freeverse - The organization originally developing the LAOS network. Founded in 2019 and specializing in dynamic NFTs.

M

Minting - The generation of a new digital asset on-chain for the first time.

P

ParaChain - Parachains are heterogeneous blockchains that are connected to Polkadot. They are interoperable with Polkadot Network, running parallel to the relay chain (hence their name). The LAOS Ownership chain is an example of a Polkadot Parachain.

U

User-Generated Value (UGV) - The type of utility created whereby assets can accrue value based on their usage instead of speculation and scarcity, by being evolved by their owners following patterns designed by their creators.

Universal Location - An evolution of Polkadot's Multilocation that allows the reference of assets and registers among all consensus systems.

V

Validators - Secure the Parachain (with LAOS) and Relay Chain (with DOT), validating proofs from collators and participating in consensus with other validators.

R

Relay Chain - The heart of Polkadot, responsible for the network’s shared security, consensus and cross-chain interoperability.