Useful Definitions

Definitions of Decentralization Concepts

Decentralization

The transfer of control of an activity or organization to several local offices or authorities rather than one single one.

Decentralized Network

A decentralized network distributes information processing across multiple machines or digital entities. Each digital entity acts as a separate decision processor that interacts with all the other entities in the network. This contrasts with a centralized network, which is a single entity or small network that handles all decision making for a digital network.

Decentralized Autonomous Network (DAO)

A DAO is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interest of the entity. Popularized through cryptocurrency enthusiasts and blockchain technology, DAOs are used to make decisions in a bottom-up management approach.

Blockchain

A system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network.

Open Source Software

Open source software is software with source code that anyone can inspect, modify, and enhance.

Fairmint

A fairmint digital protocol is a blockchain based protocol that can provably show that any tokenized asset that serves its marketplace is fairly distributed amongst its initial userbase. This distribution must ensure that no one user has an speculative, policy making or baked in financial advntage over any other user at the instance of the token generation event. By policy making we expressly mean any policy that can change the oeprating software of the protocol.