EOS Dictionary pt.6

Smart Contracts

Smart contracts are automatically executed contracts written in a programming language.

Snapshot

A snapshot of the entire blockchain can be taken at any moment. This function can be used for example by some token developers that are going to make an airdrop for those who hold the tokens at a given moment.

Stake

The total amount of tokens a user holds is called a stake. In other cases "stake" is used as a synonym for "delegate".

Standby Producers

Those of the Block Producer Candidates whose rank is below 21, but they manage to receive at least 100 EOS of vote-based reward a day are called Standby Producers.

Sudo

15 of 21EOS Block Producers are capable of signing transactions on behalf of a user. Sudo is a contract making coordination between the BPs easier while doing so. The Sudo contract was deployed by the account eosio.wrap.

Supernode

Supernode is a different way to say “Block Producer”.

TaPoS

TaPoS means "Transaction as Proof of Stake." It's a protective measure that works this way: a user fetches the latest state of the top of the blockchain in the moment of signing a transaction so the bad actors won't be able to perform a replay attack (because the latest state can't be the same the next time).

Testnet

A testing environment simulating a fully operative platform. It is used by developers to test contracts and applications and fix the bugs, Block Producers can use testnets to try if their infrastructure works correctly, and so on.

Token

The cryptocurrencies are measured in tokens. The EOS tokens can be split down to the 4th decimal place. Sometimes tokens are called coins.

Transaction

The transaction is an interaction with the blockchain. Transactions on EOS can contain one to several actions.

User

People interacting with the EOS blockchain via dApps or directly are considered to be EOS users.

VC Funding

Block.one raised roughly $4B during ICO. $1B was sent to Venture Capital funds for the further development of the EOS community. The announced partnerships include SVK Crypto, Tomorrow BC, Galaxy Digital, EOS Global, and FinLab.

Vote

Voting is what makes EOS special. In most cases voting is aimed to elect Block Producers, nevertheless, voting is used for making the collective decisions on changing the course of the network (referendums can change the Constitution, form boards of members, or decide on adopting some proposals via the Worker Proposal System).

Vote Decay

In order to encourage the EOS community to vote actively the developers implemented Vote Decay. The casted vote loses its voting weight with the time so it's better to reassert the vote even if this vote is the same as it was the last time. The maximum voting power can be maintained in weekly voting.

Vote Pay

Block Producers receive 1% of the annual inflation of EOS as a reward. 75% of this reward is proportional to the votes received by BPs. This is a Vote Pay.

Wallet

A wallet is a tool for storing the private keys for signing transactions. It can be both software or hardware. These keys provide access to some tokens. Usually, people say that these tokens are kept in the wallet although technically it isn't right.

Whale

Holders of the huge amounts of tokens are called whales.

WPS

WPS means Working Proposal System. This system allows using communal funds to support any community project proposed by the platform users (in case of approval).