Table 1 Explanation of major terms used in the paper
Term | Explanation |
|---|---|
Blockchain | A decentralized ledger that maintains digital records of a transaction simultaneously on multiple computers |
Crypto-token | A unit of value issued by a project or company, which rewards token owners. It allows the owner to perform particular actions (e.g., get a specific service on the network) |
ERC-20 token | A technical standard used for smart contracts. It keeps track of token owners. It can be created with less than 100 lines of codes (Wolfson 2017) |
Ethereum | A public blockchain-based open software platform, in which each node can be discovered by and known to other nodes in the network. It has its own cryptocurrency: Ether |
ICO | A fundraising tool that allows a company to pre-sell future cryptocoins in exchange for cryptocurrencies of immediate and liquid value (e.g., bitcoin and Ether). A start-up raising money through ICOs can create its own cryptocurrency utilizing blockchain protocols. Roadmap goals and strategies are outlined in a whitepaper. ICO values are set up based on the amount of money required to achieve the stated objectives. The pre-sold tokens could serve as the medium of exchange in the future on a peer-to-peer platform (Li and William 2018) |
Smart contracts | A “computerized protocol that executes the terms of a contract” (Szabo 1994) |