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Glossary

Blockchain#

Blockchains have desirable features that make them useful for storing financial data.

Transparency - The chain is exportable to anywhere and can be downloaded and viewed over the internet. Immutability - Once data is in the chain it cannot be tampered with or altered. Decentralisation - No single entity controls what goes into the chain.

Composability#

Composability is the ability to layer protocol on top of protocol and app on top of app.

Consensus#

A consensus rule is a mechanism that allows users to coordinate in a distributed setting. It ensures that all agents in the system can agree on a single source of truth, even if some agents fail.

Consensus algorithms are part of the Multiparty Computation protocols used on the Qredo network to ensure asset ownership and implement custody policies.

Finality#

Finality measures how long one has to wait to be given a reasonable guarantee the transaction written in blockchain is immutable and cannot be reversed.

Layer 1#

Layer-1 is the term used to describe the underlying main blockchain architecture. (The physical layer) Layer 1 protocols are Bitcoin and Ethereum.

Off-chain#

Blockchain transactions and processes that take place independently of the Layer 1 - Main Chain. These may be later reported or batched together before being submitted to the main chain.