Terminology

AkashicChain

AkashicChain is a distributed ledger technology similar to a traditional blockchain. Data on the system is shared between decentralized nodes around the globe. Updates happen through smart contracting outside of any entity's administration.

AkashicLink

AkashicLink is Akashic's mobile app (iOS, Android) and browser extension (Chrome) which allows users access to AkashicChain. Here you can create an account on AkashicChain (or import a pre-existing one) and use it to send and deposit cryptocurrency on Layer 1 and 2. It is used by individuals as well as business to set up their accounts.

AkashicPay.com

A webapp dedicated to satisfying the need of businesses' operations. Safely connect to the website using AkashicLink to inspect funds, transaction history, set callback URLs, or complete payouts. Transactions and funds can also be inspected without connecting to AkashicLink by entering the L2 address of the relevant user.

Alias

NFTs on AkashicChain all have a special "name" attached to them, known as an Alias. If you own an NFT on AkashicChain it is possible to link your Akashic-account to one NFT and get assigned this alias. This allows others to use your alias as the recipient of a transaction instead of your L2-address, as it is much easier to remember and/or write.

*For businesses, NFTs and aliases will normally not be used and this can safely be ignored.

Native Coins

Native Coins are a Network's native currency. E.g. ETH on Ethereum or TRX on Tron.

Tokens

Tokens are cryptocurrencies that are based on smart contracts deployed on blockchain such as ERC20 based tokens and TRC20 based tokens. For example, USDT ERC20 is a well-known and widely accepted ERC20 token.

Business Partner (BP)

BP refers to merchants, payment processors, and other commercial entities that integrate with AkashicPay to provide crypto payment services to their customers. BPs typically use the AkashicPay SDK to enable cryptocurrency transactions and address generations within their own platforms and services.

End client

The ultimate user of the AkashicPay system who is making or receiving payments. For a business integration, the end client is typically the customer who is paying for goods or services using cryptocurrency. End clients may interact with AkashicPay directly through AkashicLink or indirectly through interfaces provided by Business Partners.

KeyPair

A KeyPair refers to the private key of an Akashic Address, which is used to authorise transactions and to prove ownership of cryptocurrency assets on AkashicChain. At the time of account creation in AkashicLink, a KeyPair is locally generated and stored encrypted on your device.

Also associated with KeyPairs are the 12 word recovery phrase. This a set of 12 words which can be used to reconstruct your KeyPair and thus allows importing your data onto e.g. AkashicLink. Like the private key, it is also of utmost importance that these words are stored securely at your discretion and never shared with anyone.

Deposit/Settlement

A transaction to you. In other words, a deposit causes your balance - on your Akashic Address - to increase.

Fees/Gas

Every crypto-transaction cost a small bit extra to complete, a fee which goes to "node operators" or "miners" as an incentive to keep the network running. On Layer 1 networks, fee is often referred to as "gas". AkashicChain also has fees, albeit much smaller than the L1 networks, referred to as "fee", "akashic fee" or "internal fee".

Layer 1

Layer 1 (L1) refers to traditional blockchains (Tron, Ethereum, Bitcoin, etc.) which handle transaction processing through mechanisms such as "proof of work" or "proof of stake". Transactions on layer 1 must be included in a block on the chain through consensus which may cost significant time and money (in the form of fees often referred to as "gas").

Layer 2

Layer 2 (L2) here refers to AkashicChain which can be seen as layered on top of the Layer 1 blockchains. Layer 2 transactions on AkashicChain do not take place on the Layer 1 blockchains, though still benefit from full security through consensus on the distributed nodes. Layer 2 transactions are near-instant and significantly cheaper than Layer 1.

Similarly to transaction hashes on L1, every transaction within AkashicChain has a specific hash - a unique identifier of the transaction. You will see it referred to as "L2 Hash" or "L2 Tx Hash".

L2 Address/Akashic Address

The L2 (Layer 2) address/Akashic address (or identity) is a user's identifier on AkashicChain, much like a wallet has a public address on an L1 network. It starts with "AS" followed by 64 hexadecimal characters (0-9, a-e) and can be seen in your AkashicLink.

Network

A word used to refer to any L1 blockchain. For example, the "Ethereum Network" is the same as the "Ethereum Blockchain". Akashic currently supports two networks/blockchain: Tron and Ethereum.

Node

A node refers to one of the computers/servers running the AkashicChain around the world. The nodes come together to provide consensus on any and all transactions on the chain. Anyone in the world can become a node operator by hosting their own instance of AkashicChain and thus contribute to the security and accuracy of the network.

Payout/Withdrawal

A transaction from you. In other words, a transaction that decreases your balance on Akashic.

Tokens

Tokens refer to other crypto assets which are tradable on a blockchain/network and handled through smart contracts. Akashic supports the stablecoin "Tether" (USDT) on both Tron and Ethereum networks.

Gas Fee Delegation

The Gas Fee Delegation mechanism is designed to simplify the user experience by handling blockchain transaction fees on behalf of users. Instead of requiring users to maintain native tokens (ETH/TRX) for gas, AkashicChain manages this process through delegation. The gas fee for the actual transaction is included.

In more detail, this allows you to make transactions even when your wallet doesn't have enough native coins (like ETH or TRX) to cover the gas fees. When enabled, AkashicChain will automatically provide the necessary native coins for your transaction, allowing you to pay with USDT instead. This eliminates the need to purchase and transfer small amounts of native coins to your wallet just to cover transaction fees, streamlining the payment experience and reducing friction for users who primarily hold tokens rather than native coins.

This is mandatory on the SDK but is optional on AkashicLink. Please note that minor adjustments will be made regularly based on market conditions.

Non-custodial/Custodial

Custodial services manage private keys and assets on behalf of the client under contractual relationship. Non-Custodial services gives the client full control over the private keys and assets and operates on trustless environment.

Immutable Ledger

A fundamental characteristic of blockchain technology, including AkashicChain, where transaction records cannot be modified, deleted, or tampered with once they have been validated and added to the chain.

This immutability is achieved through cryptographic hashing and consensus mechanisms across distributed nodes. Each transaction builds upon previous ones, creating a permanent, unalterable history that can be verified by any participant.

The immutable nature of AkashicChain's ledger ensures data integrity, transaction transparency, and builds trust in the system without requiring central authority oversight. This feature is particularly valuable for payment processing and financial record-keeping, as it provides indisputable proof of all transactions that have occurred on the network.

AkashicChain Consensus

The mechanism by which AkashicChain's distributed network of nodes reaches agreement on the state of the ledger. This consensus system validates transactions through a distributed network of nodes that must agree on the legitimacy of each transaction before it's permanently recorded on the ledger.