Glossary of Terms

Bitcoin:

A type of digital currency that is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain.

Blockchain:

A system of recording information in a way that is decentralized and makes it difficult or impossible to change or hack.

Custodial:

A trusted entity stores/ holds cryptographic keys that provide access to assets on behalf of the consumer.

Cryptocurrency:

A form of digital currency created by solving a complex series of cryptographic equations. Once “minted”, the crypto exists on a blockchain and is decentralized, meaning it is not controlled by a singular entity the way all traditional currencies are.

(e.g., Bitcoin and Ethereum)

Crypto Exchange:

A marketplace to buy and sell assets/currencies. (e.g., Coinbase)

Ethereum:

A decentralized, open source blockchain with smart contract functionality.

Fiat Currency:

A government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks control over the economy because they can control how much money is in circulation.

Fintechs:

Refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers.

Rickys (RKS) Token (Non-Fungible Token): Tokens that are tied to and/ or represent ownership of an underlying media asset.

Fungibility:

Something that is replaceable or exchangeable. (e.g., gold or silver)

Blockchain Transaction Fees: Forms of payment to the miners or stakeholders who help operate the blockchain.

Nifty Gateway:

Started in 2017, the self-described “premier marketplace for Nifties” is home to some of the world’s top creators.

Non-custodial:

The consumer is responsible for storing the cryptographic keys that control the tokens themselves.