# Glossary

**Asset Smart Contract (ASC) –** Platform smart contract which holds all the assets for the platform.  These include all Sponsor tokens, winning NFTs, and the platform treasury.

**Collateral -** Money locked into a lottery’s winning NFTs.

**Currency of Account** - The currency (USD or other Fiat, or Stablecoin) that a lottery is defined by.  Set by Sponsor for each lottery.

**Lottery** –Each lottery is a smart contract which represents the sale of a good, offered by a Sponsor, at a **quantity (Q)** and a set **price (P)**.  In addition to P and Q, it has other parameters.

**Manager Smart Contract (MSC) –** One of two platform smart contracts, it controls and holds the creation, editing, running, entering, cancelling, finishing, and outcomes of a lottery.

**Participants** - Individuals who participate in the lottery, identified by a wallet address.

**Participant Stake** - The amount of money a Participant locks into the Lottery in order to put a ticket into the Pool.

**Pool** - The total tickets (weighted) entered into a given lottery.

**Price Premium** - The ratio of a Participant’s Stake to the Price of the good.

**Purse** - Total money deposited into Lottery’s smart contract.

**Residual** - The excess value in the Purse once the auction ends.  Is equal to the Purse minus the Sponsor Take.

**Sponsors** - Brands, companies, organizations or individuals who create an auction.  They sponsor by staking an amount of money which allows them access to the dApp’s lottery contracts (MSC and ASC).

**Sponsor Take** - The P\*Q of a lottery, owed to the Sponsor upon completion.

**Sponsor Token -** Unique to each Sponsor**,** these tokens are created and distributed by the Sponsor to participants to reward them for loyalty and value creation.

**Ticket** - A weighted chance to win the lottery.  The weight (probability) of a ticket is a function of its Price Premium, item Price, and their Points with that particular Sponsor.  Participants can acquire multiple tickets.

**Ticket Weight Factor (TWF)** - This comes from a function determining how stake amount and Sponsor tokens determine a ticket’s relative probability to winning vs. a base ticket (base ticket stake = price, and points = 0).  Determined by the Sponsor for each individual lottery. 

**Token Distribution Score** - A measure of the variance in the distribution of a Sponsor’s Sponsor tokens to other wallets.  This Factor determines how the number of a token affects the Participant’s probability in this Sponsor’s lotteries.

**Treasury** – The dApp platform’s capital held in Stablecoin on the ASC.


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