Web3 Glossary Versity

Glossary of the world of crypto-currencies, blockchain, Metaverse, Web3...

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3D Artists

The 3D artists are contributors to the Versity metaverse who create 3D assets (NFTs Objects) for interiors (paintings, furniture, decor...) to equip PARSELL NFTs or apartments.

b

Blockchain

A technology for transmitting and storing information, it takes the form of a unique database. The blockchain is shared concurrently with all its users and is not dependent on any central authority.

 

Build-to-earn

Consists of incentivizing Builders who will themselves create experiences on untapped PARSELLs to make them attractive to investors to increase buying opportunities. This will effectively increase the flow of activity on the PARSELL and more generally in the metaverse.

Builders

Builders are contributors to the Versity metaverse. They create 3D assets (PARSELL NFTs) for exteriors (buildings, trees, benches, bus stops...) and experiments of all kinds.

c

CGU

The Terms and Conditions of Use.

Classified ads (listing)

The filing of real estate rental or sale ads.

CMF

The French monetary and financial code.

Collateral

In a DAO, a collateral is a locked-in consideration (in tokens) for the right to participate in decision making in the ecosystem.

Collective governance

The community can provide input on decisions specific to the future of Versity:
- Community-wide voting system based on the SITY token.
- Proposals: any SITY holder can submit proposals by using the token as a (collateral) counterpart.

Company pool

The company pool refers to the revenues of the Versity company that will pay its employees, cover the company's expenses, and participate in the development of the metaverse.

Contract

A commitment or agreement that binds stakeholders. There are different types of contracts.

Crypto token

A non-duplicable digital asset issued and exchangeable on a blockchain network.

Crypto-currency

According to the AMF, these are virtual digital assets that rely on blockchain technology through a decentralized registry and an encrypted computer protocol.

Custodian

An organization or individual that receives funds, in fiat or crypto-currency.

d

Digital Assets

Consisting of digital data, it is an integral part of an individual's physical or moral heritage.

DNI

National Identity Document. This can be a valid national identity card or
passport.

Dollar

Fiat currency whose symbol is $ and whose code (ISO standard 4217) is USD.

e

Ethereum

A cryptocurrency whose symbol is ETH.

Euro

The currency of the economic and monetary union, formed within the European Union
whose symbol is € and whose code (ISO standard 4217) is EUR.

Exchange token

It is a variety of cryptoassets that allows you to digitize a value through the process of tokenization. There are 3 categories of tokens: payment tokens, usage tokens and financial tokens.

g

Gas fees

Commissions, for which unit of measurement is the GWei, paid to miners who perform validation of a transaction on the blockchain.

h

Halving

The halving of bitcoin consists of dividing the reward for mining new blocks in 2, so miners receive 50% less bitcoins to verify transactions. Specifically, between 2 halvings, there is a production of 210,000, at the 210,001th block, the reward is divided by 2. At the time of writing this definition, the next halving will reduce the block reward to 3, 125 bitcoins instead of the current 6.25.

Hard-Cap

Maximum amount that can be raised before the ICO closes.

i

ICO

Initial Coin Offering, it's a fundraising operation launched by a company in need of financing, which issues tokens, also called tokens. 

Incentivization

The incentivization mechanism is the distribution of rewards based on positive developmental actions taken by actors in the metaverse.

INSEE Code

Also called the commune code, it is the official geographic code in France, which applies to communes, districts, departments, regions, and overseas and territorial communities.

Issue price of the SITY token

SITY's fixed price for the ICO.

k

KYB (Know Your Business)

Audit process applied to legal entities or businesses. 

KYC (Know Your Customer)

Signatory identity verification process.

l

Land economy

A document that governs the set of rules of a decentralized ecosystem, with details of incoming and outgoing economic flows (purchases, sales, and rewards).

Land owner

Holder of a PARSELL NFT. May also be an investor in the metaverse. 

Launchpad

Crypto launchpads are essentially platforms that help launch crypto projects. They serve as incubators for crypto companies, providing a way for investors to gain an early foothold in projects.

LCB-FT

All legal and regulatory provisions of the Fight Against Money Laundering and Terrorist Financing, including Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (the "5th AML/CFT Directive").

Les Agences de Papa

Les Agences de Papa is an independent digital real estate network, created in 2019 whose mission is to make real estate transactions more accessible to everyone.

 

LiDAR

The LiDAR sensor measures the distance of an object from its lens using a pulsed light system.

Local Parsell Yield Pool

The Local Parsell Yield Pool aggregates all revenues emanating from outside the ecosystem and then redistributes them to other pools (Treasury pool Compagny pool, etc...)

Lock-up

Period of retention during which investors will not be able to sell their tokens. This mechanism helps to limit massive profit taking from new arrivals.
 

m

MATIC

MATIC is the native token of the Polygon platform.

Maximum buy

The maximum subscription amount below which tokens cannot be purchased in the ICO.

Merge

The Merge is one of the landmark crypto events in the Ethereum lifecycle as it was on this occasion that the blockchain initiated its change from Proof of work to Proof of Stake. 

MetaMask

MetaMask is a crypto wallet that allows you to store and exchange cryptocurrency, but also host decentralized apps, as well as NFTs in a secure and free way. It offers the ability to interact with Ethereum and almost all blockchains. 

 

Metaverse

The metaverse refers to a virtual space in which Internet users can interact, represented by avatars, and attend immersive experiences.

 

Minimum buy

The minimum subscription amount below which it is not possible to buy tokens during the ICO.

MVP

Minimum Viable Product, it's a functional version that tests the viability of a prototype before deployment.

n

NFT

Non Fungible Token, which means a single element that is not interchangeable.

NFT Marketplace

Web3.0 platform on which NFTs are marketed.

NFT PARSELL

A land-based NFTs on the Versity Metavers can be bought by investors; provide revenues to its owner. These revenues are based on the real world value of the PARSELL (its “GDP”) and the activity created on the Versity ecosystem.

NFTs Objects

The NFTs Objects designate the creation of objects by 3D artists that will be used to decorate the interiors of goods to enhance them. For example, paintings, furniture, flowers, decorations...

Nominal value

The value of a token determined by a company's card and set at issuance.

p

Polygon

Blockchain scalability platform created to overcome the difficulties faced by Ethereum. 

Polygonal Modeling

This is an initial mesh, which induces a margin of error that will later be finalized, smoothed and transformed.

Private sale

A sale of coins or tokens to a limited number of early investors. These sales are typically unscheduled and hidden from the general public and the companies determine which investors they want to invite.

Proof of stake

The Proof of Stake does not require any form of mining as opposed to Proof of work. It is a different protocol that requires accumulating a sufficient amount of tokens of the cryptocurrency being exchanged to ensure optimal network security. Skating participants are selected to produce blocks and earn rewards.

 

Proof of work

It's the fact that miners are asked to solve complex equations that require servers running 24/7. Each time a complex calculation is solved, a new block is created on the blockchain. This is the opposite of Proof of stake.

 

PSAN

COINHOUSE, Service provider on Digital Assets, whose status and activity are regulated by the Pact Law and the decree n°2019-1213 of November 21, 2019 having in charge the collection of Cryptocurrencies (and more widely of
Digital Assets).

PSP

EASYTRANSAC, a regulated Payment Service Provider in charge of
collecting funds in euros and foreign currencies.

PSP

EASYTRANSAC, un Prestataire de Services de Paiement régulé ayant en charge
la collecte des fonds en euros et devises étrangères.

Pump & Dump

When a succession of massive purchases of tokens occurs, then a sudden resale as soon as the rate has peaked, causing the token price to fall. Also known as a "rag pull."

 

r

Registration

Process of subscribing to an offer on a platform.

RGPD

General Data Protection Regulation, which is the reference text for personal data protection in the European Union.

s

Scan-to-earn

Thanks, for example, to the sensors available on current smartphones or other LiDAR processes, the community will be able to contribute images and videos of the geographical areas represented by the PARSELLs and thus improve their 3D renderings. In exchange, a reward is distributed continuously to these contributors until the PARSELL concerned obtains an optimal graphic rendering. This reward is distributed from SITY's reserves in the ecosystem.

Shared Electronic Recording Device

Designed to ensure the registration and integrity of listings. It allows the identification, directly or indirectly, of the holders of securities, their nature as well as their number.

SITY

Is Versity's Token, a single currency used for transactions in the metaverse Versity. Examples of transactions can be payment of suppliers, purchase/sale of NFTs, etc.

SITY quotation

The first listing of SITY on a digital asset trading platform.

Smart contract

Computer protocol that is intended to automate a procedure when pre-requisite conditions are met.

Staking

Crypto staking is the process of locking in crypto currency holdings to earn rewards or interest.

t

Tokenization

Cryptographic technology that aims to secure data via the blokchain

u

Underwriter

An individual who takes part in the subscription of an offer.

v

VAT

The Value Added Tax applicable in France.

Versity

VERSITY is the first metaverse dedicated to real estate and the housing life cycle, serving professionals, investors and individuals. It's the convergence of the physical and virtual worlds, as a mirror of the real world, in a complete ecosystem. It's also an enhanced search engine for related services thus a tool for the real estate economy.
 

Versity treasury pool

This is where all payments for the 3 incentive mechanisms (visit to earn, scan to earn, build to earn) come from.

Vesting

Refers to the process of releasing tokens after a set lock-up period that is called Lock-up. At the end of this period, all investors can claim their tokens according to the pre-established acquisition curve. This system is put in place to ensure the stability of a project, as well as the sustainability of the ecosystem.
 

 

Visit-to-earn

Since the number of visitors on the PARSELL is a key metric for evaluating the price of ads, advertisements and leads, getting visitors to visit the PARSELL will then cause positive feedback by increasing the potential revenue for the PARSELL owners, this is Visit-to-earn.

w

Web 3.0

Denotes the third generation of the Web, based on blockchain technology.

White paper

Defines, in the crypto-currency world, the project and its missions. In the context of an ICO, it aims to interest investors.

z

Zip Code

A 5-digit number set up by La Poste in France to facilitate mail delivery. Note that some cities may have multiple postal codes and some postal codes multiple cities. There is no postal code for a department, region or country, this only applies to French cities.