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Glossary

Archive node​

A node that stores all historical states of a blockchain between blocks.

BAI​

The native token of BalanceAI. Used for staking, incentives, fees.

Ask!​

An embedded domain-specific language (eDSL) for writing smart contracts based on AssemblyScript.

Bridge​

A mechanism that allows the transfer of assets or data between two different blockchain networks.

Cross-chain​

Ability of different blockchain networks to communicate and exchange data or assets with each other, allowing for interoperability and enhancing the functionality and scalability of blockchain ecosystems.

DAO​

Short for Decentralized Autonomous Organization, a blockchain-based organization that allows for decentralized decision-making and management by its members.

DApp​

A generic term for a decentralized application, that is, one that runs as part of a distributed network as opposed to being run on a specific system or set of systems.

Data Availability​

Often abbreviated to DA, Data Availability refers to a component of modular blockchains that handles off-chain storage of ephemeral-type data that is referenced rarely, though for which availability needs to be guaranteed for historical reference and security purposes. Data Availability systems are highly specialized to provide resilient data storage for sovereign rollups and layer 1 networks.

EVM​

short for Ethereum Virtual Machine. A software environment that executes smart contracts on the Ethereum compatible blockchain networks.

H160​

An Ethereum format address for Substrate-based blockchains.

Ink!​

An embedded domain-specific language (eDSL) for writing smart contracts based on Rust.

Layer 1​

The underlying infrastructure of a blockchain network, which includes the block production mechanism, the data structure, and the rules for validating transactions.

Layer 2​

Programs built on top of layer 1 such as smart contracts or solutions to improve scalability, reduce transaction costs, and enhance the functionality of the blockchain network.

Light client​

A client that does not download the full blockchain, and instead downloads only block headers. Connects to full nodes to query data.

Mainnet​

Short for "main network": the fully functional production chain that runs its own network.

Modular Blockchain​

A concept of layer 2 scaling. Modular blockchain systems move two or more of the four key blockchain functions off-chain to highly specialized workers dedicated solely to providing specific blockchain functions such as transaction execution or data storage.

Monolithic Blockchain​

Like an all-in-one printer/fax/scanner/copier machine, all blockchains are tasked with providing multiple functions: Consensus, Execution, Data Storage, and Settlement, which can be imagined as a vertical, monolithic stack.

Node​

A device connected to a blockchain network that stores a copy of the blockchain ledger and participates in validating transactions and maintaining the network's security and integrity.

Pallet​

A Substrate runtime module.

Sharding​

Partition of a blockchain network that allows for parallel processing of transactions to increase scalability and network capacity.

AlphaBalance​

A testnet BalanceAI. For more info refer to the Networks section.

Testnet (codename Galileo)​

A testnet BalanceAI. For more info refer to the Networks section.

Smart Contract​

A self-executing computer program that automatically enforces and executes the terms of an agreement between parties on a blockchain network.

SS58​

Standardized format for encoding and decoding account addresses. It stands for Substrate 58, where 58 refers to the base-58 encoding scheme used to encode the address and is used to represent user accounts and public keys in Substrate-based blockchains.

Staking​

Allocating tokens to a process with defined objective (e.g. security, elections etc.) and earn rewards on the network. In BalanceAI used to nominate dApps to provide basic income to developers.

Substrate​

A modular framework for building blockchains. BalanceAI is built with Substrate.

Testnet​

Short for "test network": an experimental network where testing and development takes place. Networks are often executed on a testnet before they are deployed to a mainnet.

Unbounding Period​

Staking on BalanceAI's Nominated Proof of Stake (NPoS) lets you earn rewards while securing the network. Staked BAI tokens are bonded and locked, requiring an unbonding period to be withdrawn, which helps maintain network stability.

Vesting​

A mechanism where a certain amount of tokens is released to the owner gradually over a period of time, often used for incentivizing long-term commitments and discouraging short-term speculation.

Wallet​

A program that allows one to store private keys and sign transactions for BalanceAI or other blockchain networks.

Wasm​

Also WebAssembly, a language-agnostic, binary instruction format for a stack-based virtual machine.

wBAI​

wBAI is our Wrapped token issued in Ethereum Network, it's pegged 1:1 to BAI native token.

Zero-knowledge proof​

A cryptographic protocol that allows one party to prove knowledge of a secret without revealing the secret itself.