Glossary
Compute Sharing Marketplace
Our decentralized service connects people around the world who have excess computing resources with those who require additional computational power for their applications
Koii Node
A small program that allows you to run compute jobs called “tasks” for people around the world and earn tokens
Gradual Consensus
Koii’s consensus method, achieved by slowing down reward distribution and using proportionately high numbers of audit nodes compared to task executors
Audit nodes
These are nodes that perform audits on tasks to ensure there is no malicious intent present in the task
Tasks
A piece of executable code that is run on the network
Slot
The time span over which each leader (a validator that appends entries to the ledger) accepts transactions and generates a block.
Slots are ordered sequentially and collectively make a logical clock.
Epoch
The period of time, i.e. the number of slots, during which a leader's schedule is valid.
Rent
Accounts and programs pay a fee (rent) to store data on the blockchain.
When an account does not have enough money to pay the rent, it may be garbage collected.
Rent Exemption
Accounts that have more than two years of rent payments in them are considered "rent exempt" and will not be charged rent collection.
The Koii Stack
Finnie Identity SDK
A single wallet SDK that is compatible with most major blockchains and decentralized networks, allowing people to create a single identity across multiple systems
Task Nodes
These nodes complete “objectives” to do whatever is necessary to build a full-fledged dApp
K2
Koii’s own high-speed settlement layer that processes secure payments quickly and reliably. The settlement layer is made of task nodes (K1) built on top of storage networks.
Decentralized Storage
This is where data is stored on a decentralized network by users or groups who are incentivized to join, store, and keep data accessible. This is a peer-to-peer network of users who hold a portion of the overall data, creating an adaptable file storage sharing system.
Koii Nodes
Computers that are running Koii tasks via the Koii Node.
Task Nodes
Task Nodes help keep the network running smoothly by executing tasks that are requested from the network
Proofs of Real Traffic, aka PoRT
Proof of Real-Traffic is Koii’s attention tracking system. This is the way creators get rewarded for their work and published content.
Finnie
The official wallet of Koii Network, which enables users to create, store, manage, and share digital assets across different blockchain ecosystems
Koii SDK
The Software Development Kit that supports the creation of Koii Tasks and Nodes.
Koii CLI
The Koii CLI (Command Line Interface) is a software tool provided by the Koii Network that allows developers to interact with the Koii blockchain network via the command line
KOII Faucet
An online KOII token dispenser designed for people to get a small amount of free tokens
KOII Task
Task Template
A framework that allows a developer to create tasks easily and quicklyCreate a Task
Creating a task usually happens when developers use “Create-task-CLI” to package their task code to task node and upload the task configuration information to IPFS
Deploy a Task
The allow-list process for other people to run that task from their personal devices
General Computing Terms
An Application Programming Interface (API)
A way for two or more programs to communicate with each other.
REST API - A subset of APIs
A public set of functions exposed by a server to allow third parties to interact with it. For example, the Google Images API allows an image to be uploaded to find similar images through a reverse search.
SDK (Software Development Kit)
A set of tools provided by a software company to allow developers to work with their systems
Web3 terms
Consensus
A general agreement; consensus is achieved when all participants of the network agree on the order and content in a decentralized manner
Blockchain
A publicly-accessible digital ledger used to store and transfer information without the need for a central authority
Decentralization
The distribution of control and decision-making from central authority, to a distributed network of power
Distributed Ledger Technology (DLT)
A distributed and encoded database that serves as a ledger where transaction records are stored
Block
A collection of information on transactions completed during a given period of time
Peer-to-Peer (P2P)
Used to describe the interactions between parties, in which they disperse tasks and workloads
Minting
The process of authenticating data, creating new tokens, and bringing them into circulation onto a blockchain using a Proof-of-Stake process
Mining
The process of earning crypto by recording and verifying transactions on the blockchain
Proof-of-Stake (PoS)
A method used by blockchain protocols to achieve distributed consensus. It is an upgrade from Proof-of-Work that uses much less processing power by using a select few of validators
Validator
A node in a proof-of-stake system that is responsible for processing transactions, storing data, and adding new blocks to the blockchain
Proof-of-Work (PoW)
A consensus algorithm in a blockchain used by miners who then complete tasks to confirm transactions and add new blocks to the chain. It has less decentralization because of mining pools, and requires a huge amount of processing power per miner
NFT (Non-Fungible Token)
A digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. Unlike fungible tokens, NFTs are not interchangeable with one another.
Fungible Token
An asset on a blockchain that is interchangeable with another asset - cryptocurrencies are a great example because each coin has the same value as any other coin of the same type
Settlement Layer
A layer that essentially provides an anchor for an entire ecosystem
Wallet
A software application or hardware device used to store the private keys to blockchain assets, such as cryptocurrencies and NFTs. It stores the private key that proves ownership of a given digital asset
Wallet Address (aka Public Key)
Usually a string of numbers that serves as the address for a blockchain wallet, similar to a bank account number. The Wallet Address is how you send transactions to a Key.
Private Key
As opposed to a public key, a private key is the confidential code you use to access your wallet where your cryptocurrencies are stored. NEVER share your private key with anyone.
Keypair
A public key and corresponding private key for accessing an account.
Web3
The next iteration of the web where there is no centralized authority, and restored ownership of data and information to users. Also known as the ‘read-write-trust web,’ Web 3 is the replacement of ‘read-write’ (Web2) and its predecessor “read only” (Web1).
Secret Phrase aka Seed Phrase/Recovery Phrase
A sequence of randomly generated words that gives you access to your crypto within a wallet
Decentralized Finance (DEFI)
Peer-to-peer financial service on public blockchains - uses emerging technology to remove intermediaries in financial transactions by using smart contracts on a blockchain
Decentralized Exchange (DEX)
A peer-to-peer exchange that allows users to trade cryptocurrencies without the need for a mediator
Decentralized Autonomous Organization (DAO)
A network of people with no central leadership, and is collectively owned and governed by its members
Signature (Cryptographic Signature)
A mathematical operation that allows someone to prove their ownership of their wallet, coin, or data
Key Pair
A combination of a public key and a private key that helps encrypt information that guarantees data is protected at a higher security level
Whitepaper
A document crypto projects release the provide investors with technical information about its purpose
Wrapped Tokens
A token that represents a cryptocurrency from another blockchain that is fixed to the value of the original cryptocurrency it represents
Wrapped NFTs
The ability to build an NFT on top of another NFT where the initial NFT is wrapped in a contract underneath the new NFT. It introduces the opportunity to develop an existing project.
Airdrop
When a project has a giveaway for either tokens or coins, and can also be NFTs
ERC-721
Known as NFTs, this allows developers to classify owned arbitrary data as a valid token
ERC-20
A token standard that allows the Application Programming Interface (API) to be implemented for cryptocurrencies. This makes it so every token possesses the same form and value, and grants the exchange, sharing, and transferring of new tokens into a crypto wallet.
Staking
The process of putting your tokens in a proof-of-stake system to serve as a validator to the blockchain and receive incentives
Stablecoins
A cryptocurrency with low volatility
Altcoin
All other cryptocurrency coins other than Bitcoin
Fiat Currency
Any kind of currency not backed by a real asset such as silver or gold, but is backed and issued by a centralized government
Exchange
Platforms where you can buy and sell cryptocurrencies
Testnet aka “Test Network”
A network used to stimulate the behavior of the mainnet. This is where developers can test the performance of new protocols before making them public.
Mainnet aka “Main Network”
The main public version of a blockchain that is fully developed
Bytecode
A form of instruction set designed for efficient execution by a software interpreter