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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: 2022-08-30
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