Glossary of Terms

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We have compiled some terms used through the ACEToken site and generally used in the CryptoEconomy. Have a read below and see if what you are looking for is here. You may also find something helpful on our FAQs page.

If not, all you have to do is reach out here and someone from our helpful Team will get back to you.

1.  What is FIAT money?

   Most modern paper currencies are Fiat money, such as the US dollar and Euro and other major currencies. Fiat is government issued currency that is not backed by a commodity like gold and gives banks greater control over how much money is printed. One problem with that is when too much is printed, it can cause hyperinflation. The value of Fiat money comes from supply and demand, and the stability of the government issuing it, instead of the commodity that backs it.

2. What does“Pump and Dump” mean?

   Pump and dump schemes are, in basic terms, a form of fraud usually involving groups of people buying large quantities of tokens in a short space of minutes. Once other buyers see prices rising and they buy in, those inside the group sell, causing the price to crash. Simply put, the initiator of the scheme plans to sell assets based on false information while taking money from innocent investors. When those investors buy in, the initiator is selling, which effectively pushes the price lower. The result is big gains for the scammer and losses for the investor.

3. What does “Staking” mean?

   Staking is a way of earning rewards for holding particular cryptocurrencies. You can stake some of your holdings and earn a percentage reward rate over time. Think of it like an ‘interest bearing’ savings account.

4. What Are Crypto Tokens?

   Crypto tokens are a type of cryptocurrency that represents an asset or specific use and reside on their own blockchain. Tokens can be used for investment purposes, to store value, or to make purchases. Cryptocurrencies are digital currencies used to facilitate transactions (making and receiving payments) along the blockchain. Altcoins and crypto tokens are types of cryptocurrencies with different functions. Created through an initial coin offering, crypto tokens are often used to raise funds for crowd sales. (Excerpt taken from Investopedia.com)

5. What is a BEP-20 Token?

   BEP-20 token is a Cryptocurrency token which is developed from the Binance Smart Chain, and extends ERC-20, the most common Ethereum token standard. You can think of it as a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. Due to its similarity to Binance Chain’s BEP-2 and Ethereum’s ERC-20, it’s compatible with both. BEP-20 was conceived as a technical specification for Binance Smart Chain, with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault (i.e. a stablecoin). (Excerpt taken from Binance.com)

6. What does the term “Burning Tokens” mean?

   Burning tokens refers to removing tokens from circulation to increase the price by reducing supply. As a result increasing demand and value. It also can create a volatile environment with greater price fluctuations.

7. What does it mean to “Relinquish Ownership” of a Token?

   This is a security feature in Blockchain where the owners/founders of the Token cannot make changes to the contract. It gives the holder a greater sense of security.

8. What are PPE & FMCG?

   PPE is an acronym for Personal Protective Equipment, usually related to protective usage due to COVID-19. Surgical gloves, masks, gowns etc…

   FMCG is an acronym for Fast Moving Consumer Goods, packaged products that are regularly used or consumed by people like packed foods, beverages, toiletries, cosmetics etc…

9. What is a Whitepaper?

   The term ‘whitepaper’ is commonly used in the Crypto world. It is a report or guide including all pertinent information about a project that informs the reader and empowers them to understand a complex issue and/or make a decision.

   In the traditional business world it may also be referred to as a “prospectus” or a “information memorandum”.

10. What does “caring economics” mean in relation to ACEtoken?

    Caring economics is broadly defined as “work related to welfare, and health protection for all” (relating to community, country, etc…). In the context used for the ACEToken community, it is our intention to convey the message that through the projects ACE is involved with, we are able to assist the "provision of care" as this is the most impacted area of commerce that was affected by the pandemic.

11. What is a “new economic harmony”?

    The new economic harmony system referenced is intended to transpire the core of what ACEToken are doing by creating a system within the existing economy that provides an opportunity for safe and secure transactions and allowing token holders to:

    • earn a passive income

    • be a part of a unique project in the Crypto space

    • make a difference in an area of commerce that was lost due to the pandemic