> For the complete documentation index, see [llms.txt](https://zchains.gitbook.io/zchains-whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zchains.gitbook.io/zchains-whitepaper/tokenomics/glossary.md).

# Glossary

**Blockchain**: A system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

**Ethereum Virtual Machine (EVM)**: A computation engine that acts as a decentralized computer, containing millions of executable projects. It serves as the runtime environment for every smart contract on the Ethereum network.

**Proof of Stake (PoS)**: A consensus mechanism in a blockchain network where transactions and blocks are validated by approved accounts, known as validators based on the amount of cryptocurrency locked up, or staked. PoS is known for its speed and efficiency compared to proof-of-work systems.

**Smart Contract**: Self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

**Tokenomics**: A term that combines 'token' and 'economics' and refers to the economics concerning the creation, distribution, and usage of a cryptocurrency or blockchain token.

**Validator**: A participant in the blockchain network responsible for verifying, voting on, and maintaining the ledger's accuracy and helping the network reach consensus.

**Decentralized Applications (dApps)**: Digital applications or programs that exist and run on a blockchain or peer-to-peer network of computers instead of a single computer, and are outside the purview and control of a single authority.

**Liquidity Pool**: A collection of funds locked in a smart contract. Liquidity pools are used to facilitate decentralized trading, lending, and many more functions.


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