Glossary of Terms¶
| Term | Definition |
| Economic Commons (EC) | An open association of people and organizations with the aim of inclusive community creation and increased prosperity. |
| Instruments | Instruments are contracts or agreements formed by or between members of an Economic Commons. They include Certificates, Vouchers and Swaps. | Guardians | Guardian of a EC, hold veto rights and exist to passively uphold the aims and principles of the EC. |
| General Members (GM) | A general member that has implemented or uses the Instruments defined by a EC and could be an individual, and organization or an association of Members. |
| Platform | A set of services offered by an EC including Ledger Access, Training and Arbitration |
| Platform Service Providers (PSP) | EC Members that provide Platform Services such as Ledger Access, Training and Arbitration |
| Grassroots Economic Commons License (GECL) | An open license defining the rights and responsibilities of an Economic Commons |
| Grassroots Economic Commons Aggreement | Implements the GECL for local application and defines all Instruments. This is an Agreement made by EC Members relating to arbitration, validation, accountability, and Instruments. |
| Intermember Service Agreement | Service agreements made between EC Members which involve EC Instruments. |
| Exchequer or Ledger Technology (LT) | Ledgers within the EC Platform that hold all of the final information related to Member accounts and Instruments |
| Voucher (Instrument) | A promise denominated in an agreed upon Unit of Account issued and accepted in exchange for money or in-kind and representing an assignable credit obligation of the issuer. (If the acceptor/final holder of the voucher presents it in payment to the issuer, for goods or services supplied, it must be accepted in payment.) (Bilateral Instrument) |
| Community Inclusion Currency (CIC) | A Voucher that acts a general purpose medium of exchange within a community. |
| Certificate (Instrument) | A real or virtual object (fungible or non fungible) that may be accepted by another Member in exchange for value at their complete discretion. There is no obligation to accept a Certificate nor is there any obligation to redeem a Certificate by the issuer. (Unilateral Instrument) |
| Swap (Instrument) | A production and risk sharing agreement over time. e.g. A Swap may entitle a group of Members to share in the revenue or production from land usage over a period of time. A Swap may represetna percentage of ownership of another asset or Instrument. (Multilateral Instrument) |
Last update:
2024-07-09