Glossary

Keyless Technology

Multi-Party Computation

MPC is a technology event where multiple non-trusting computers can conduct computation on their own unique fragments of a larger data set to collectively produce a desired common transaction.

Is MPC new technology?

MPC technology is actually dozens of years old – initial development began in the 1980s – but applying MPC technology to crypto wallets is a relatively recent technological innovation in the last decade. A number of billion-dollar institutions are using MPC technology, including Fireblocks, Coinbase...etc

Wallet MPC network/nodes

A network of parties will collectively provide private input to a specific function (digital signing process) and collectively compute the output of that function (digital signature).

Keyless Wallet

A wallet that the user doesn't need to remember mnemonics is non-custody, and offers web2 onboard and recovery process.

Validating and Staking

Proof of Stake

A validation method is utilized by blockchains in which validators are chosen to propose blocks according to the number of coins they hold.

Active set

The validators participate in consensus and receive rewards.

Inactive set

Validators that are not in the active set. These validators do not participate in consensus and do not receive rewards.

Validator

A Self Chain miner is responsible for verifying transactions on the blockchain. Validators run programs called full nodes that allow them to participate in consensus, verify blocks, participate in governance, and receive rewards. Only the active set of validators can participate in consensus.

Bonded validator

A validator in the active set participating in consensus. Bonded validators are able to receive rewards.

Unbonded validator

A validator is not in the active set and does not participate in consensus or receive rewards. Some unbonded validators may be jailed.

Unbonding validator

A validator transitioning from the active set to the inactive set. A validator does not participate in consensus or receive rewards. The unbonding process takes 21 days.

Unbonding period

When a delegator undelegate/unstake their $SLF form a validator. This process takes 21 days. No rewards accrue during this period. This action cannot be stopped once executed.

Bonding

When a user delegates or bonds $SLF to a validator to receive staking rewards. Validators never have ownership of a delegator's $SLF, even when bonded. Delegating, bonding, and staking generally refer to the same process.

Commission

The percentage of staking rewards a validator keeps before distributing the rest of the rewards to delegators. A validator’s income relies solely on this commission. Validators set their own commission rates.

Untime

The amount of time a validator is active in a given timeframe. Validators with low uptime maybe slashed.

Weight / Voting power

The measure of a validator's total stake. Validators with higher weights get selected more often to propose blocks. A validator's weight is also a measure of their voting power in governance.

Rewards

Revenue is generated from fees given to validators and disbursed to delegators.

Total stake

The total amount of $SLF that bonded to a validator, including self-bonded $SLF.

Consensus

A system used by validators or miners to agree that each block of transactions in a blockchain is correct. Self Chain uses the Tendermint consensus framework. Validators receive rewards for participating in consensus.

Delegate

When users or delegators add their $SLF to a validator's stake in exchange for rewards. Delegated $SLF is bonded to a validator. Validators never have ownership of the delegator's $SLF. Delegating, bonding, and staking generally refer to the same process.

Redelegate

When a delegator wants to transfer their bonded $SLF to a different validator. Redelegating $SLF is instant and does not require a 21-day unbonding period.

Undelegate

When a delegator no longer wants to have their $SLF bonded to a validator. This process takes 21 days. No rewards accrue during this period. This action cannot be stopped once executed.

Delegator

A user who delegates, bonds, or stakes $SLF to a validator to receive rewards. Delegating and staking generally refer to the same process.

Staking

When a user delegates or bonds their $SLF to active a validator to receive rewards. Bonded $SLF adds to a validator's stake. Validators provide their stakes as collateral to participate in the consensus process. Validators with larger stakes are chosen to participate more often. Validators receive staking rewards for their participation. A validator's stake can be slashed if the validator misbehaves. Validators never have ownership of a delegator's $SLF, even when staking.

Full node

A Computer connected to the Self Chain mainnet can validate transactions and interact with Self Chain. All active validators run full nodes.

Gas Fees

Compute fees are added to all transactions to avoid spamming. Validators set minimum gas prices and reject transactions that have implied gas prices below this threshold.

Jailed

Validators who misbehave are jailed or excluded from the active set for a period of time.

Slashing

Punishment for validators that misbehave. Validators lose part of their stake when they get slashed.

Mainnet

Self Chain's blockchain network is where all transactions take place.

Testnet

A version of the mainnet used for testing. The testnet does not use real assets. You can use the testnet to get familiar with transactions and the overall network.

Devnet

Development network. A network that operates independently of the mainnet, allowing users to test new features or products without disrupting the primary network.