9 Glossary of terms

This glossary provides clear and concise definitions for key terms used in the GRX Chain documentation.

Blockchain: A distributed, immutable ledger that records transactions in a secure, transparent, and decentralised manner across many computers.

Block Explorer: A web-based tool (e.g., GRXscan.io) that allows users to view, search, and analyse data on a blockchain, including transactions, addresses, and block details.

dApp (Decentralised Application): An application that runs on a decentralised network, like GRX Chain, using smart contracts.

DPoS (Delegated Proof-of-Stake): The consensus mechanism used by GRX Chain. It relies on a limited number of elected validators to secure the network and validate transactions, offering high speed and scalability.

EVM (Ethereum Virtual Machine): The computational engine that powers Ethereum. GRX Chain is EVM-compatible, meaning it can run smart contracts written for the Ethereum network.

Gas Fees: The transaction fee required to execute a transaction or a smart contract on a blockchain. GRX Chain uses the GRX token for its ultra-low gas fees.

GRX Chain: The proprietary, high-performance, EVM-compatible blockchain developed and operated by GRXCHAIN Limited.

GRX Token: The native utility token of the GRX Chain, used for gas fees, staking, governance, and exclusive payments on the GroveX exchange.

GRXswap: The native decentralised exchange (DEX) built on GRX Chain, serving as the primary on-chain liquidity hub.

GroveX: The centralised digital asset exchange (GroveX Pty Ltd) that backs and supports GRX Chain.

Init_hash: The unique hash of the initialisation code for all liquidity pairs on a decentralised exchange like GRXswap. It is a technical constant for developers.

Liquidity Pool (LP): A pool of digital assets locked in a smart contract to facilitate decentralised trading and lending. Liquidity providers earn fees from transactions within the pool.

Mainnet: The official, live, and publicly used production version of a blockchain network where real transactions occur.

Multicall: A smart contract that allows multiple contract calls to be batched into a single transaction, saving gas fees and time for dApps.

RPC (Remote Procedure Call): A protocol that allows a program to request a service from a program located on another computer on a network without having to understand the network's details. Developers use an RPC URL to connect their dApps and wallets to a blockchain.

Smart Contract: A self-executing contract with the terms of the agreement directly written into lines of code. Smart contracts automatically execute when predetermined conditions are met.

Staking: The process of locking up cryptocurrency to support the operations of a blockchain network.

• Delegator: A user who stakes their tokens by delegating them to a validator to earn rewards.

• Validator: A participant responsible for producing and validating blocks in a DPoS network.

Testnet: A separate blockchain network used by developers for testing dApps and smart contracts without using real-world assets.

Tokenomics: The economic model of a digital asset, describing how its value is created, distributed, and managed within its ecosystem.

WGRX (Wrapped GRX): An ERC-20 compliant version of the native GRX token, used for interacting with smart contracts that require an ERC-20 interface, particularly for liquidity pools on GRXswap.