Glossary of Terms
Decentralized Autonomous Organization (DAO): A DAO is an organization represented by rules in the form of executable computer code that is transparent, controlled by the organization members, and not influenced by a central government or organization. A DAO's financial transaction record and program rules are maintained on a blockchain to maintain complete transparency as well as an immutable record of all historical activities, providing an excellent audit log and inspiring trust among its members and the community overall.
Dev Team: The developer team that wrote the Apollo token protocol.
Dev Donation Wallet: This is a decentralized finance wallet that holds the Apollo tokens provided to the dev team by the rules of the DAO and Smart Contract to be used to offset operating costs.
Creator Prize Fund: This is a decentralized finance wallet that holds the Apollo tokens generated by the 1% donation transaction fee. These tokens are then used as prizes in the creator contests that the DAO and Apollo community control.
Smart Contract: Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without an intermediary's involvement or time loss.
Tokenomics: The term tokenomics is formed by combining the words token and economics. So, the term tokenomics basically describe the economics of a crypto token. Another commonly used term to describe this is "token design".
Reflection: Apollo rewards holders by employing a mechanism in which transactions such as buys, sells, and transfers are charged a fee which is redistributed to holders of the token.
Burn: "Burning" a cryptocurrency refers to the act of sending a token to an account that can only receive them but can do nothing with them. This action is irreversible. Wallet addresses used for burning cryptocurrency are called "burner" or "eater" addresses. The act of burning effectively removes tokens from the available supply, which decreases the number in circulation creating a deflationary effect.
Apollo Holder: Any person who owns and holds Apollo token in a qualified crypto wallet.
Liquidity: In terms of crypto, liquidity is the ability of a coin or token to be easily converted into cash or other coins or tokens. Liquidity is important for all tradable assets including crypto. Liquidity is essentially the ability of an asset to be quickly converted into cash, hence the importance of having a stable liquidity pool to allow new token holders to enter and exit the Apollo community.
Nomination and Nominee: Creators who hold Apollo tokens and nominate themselves in a contest are considered a nominee for that contest. If a creator does not win a contest, and wants to compete in another contest, they must nominate themselves again. The Apollo community (those that hold Apollo token) vote on the nominees during the voting period to determine the winning creator.
Creator Award: This is the amount of Apollo token that a creator is awarded as part of a contest. The number of votes and the current size of the Creator Prize Fund dictates the amount of each weekly prize, insuring each prize is matched to the popularity of the audience and plenty is left over for future winners.
Gas Fees: The Ethereum blockchain is supported by computers all over the world, proving super fast decentralized transactions relative to traditional financial systems. Gas Fees are the fees that the owners of these computers charge to process transactions and update the Ethereum blockchain. Gas Fees are not charged to "read" the chain, but are charged to "write" to the chain. This is why you will be asked to pay Gas Fees whenever you choose to perform an action which requires writing data to the blockchain. The dev team has worked hard to write code that reduces the fees as much as possible. Gas Fees are also variable throughout the day based on supply and demand. That is why some people wait until the early morning hours to make transactions. Neither the Apollo DAO nor the Apollo dev team receives any of these fees.