Glossary
Short & sweet definitions of all the terms you'll come across on the TLD planet.
Account
Technical Definition:
The Member Account created upon registration on The LifeDAO (TLD) platform to access and utilize mutual protection services. Translation:
Your backstage pass to TLD, unlocking access to all the mutual protection perks!
Agreement
Technical Definition:
The End-User License Agreement Translation:
The fine print you promised to read but probably won’t!
Airdrop
Technical Definition:
A distribution method used in the cryptocurrency and blockchain space to allocate free tokens or coins to individuals, typically as part of a promotional strategy or to incentivize certain behaviors. Translation:
Free crypto falling from the sky—like a digital gift, but cooler!
AML/CFT Requirements
Technical Definition:
The Anti-Money Laundering and Countering the Financing of Terrorism requirements that members must comply with to ensure the integrity of the DAO. Translation:
The “no shady business” rules to keep things legit, secure and Shariah-compliant in the DAO!
Beneficiary
Technical Definition:
The person named by a Member of TLD to receive Benefits in the event of the Member's death.
Translation:
The person you choose to receive the benefits in case something happens to you.
Benefit
Technical Definition:
The amount determined by the Benefit Multiplier at the Contract's inception, payable to the Beneficiary upon the Member's death, affected by underwriting questions.
Translation:
The golden ticket your beneficiary gets when you move on—calculated by the Benefit Multiplier and influenced by those pesky underwriting questions!
Benefit Multiplier
Technical Definition:
The factor used over the contribution to calculate the maximum Benefit amount payable to the beneficiaries in the event of a Benefit Payout.
Translation:
The magic number that boosts your contributions to determine how much your beneficiaries score when the benefit payout comes around!
Benefit Multiplier Adjuster (B.M.A)
Technical Definition:
The dynamic adjustment factor that may be applied to the base Benefit Multiplier based on the health of the mutual protection fund and other relevant factors.
Translation:
The adjustable dial that tweaks your Benefit Multiplier based on the health of the mutual protection fund and other key factors—keeping things in balance!
Benefit Payout
Technical Definition:
The payout provided to beneficiaries upon a valid benefit payout request as determined by The LifeDAO.
Translation:
The cash-in-your-pocket moment for beneficiaries when a valid benefit request is made, courtesy of The LifeDAO!
Benefit Payout Request
Technical Definition:
A request for Benefits due to the death of the Member.
Translation:
The "cash me out" call when a member passes away.
Blockchain
Technical Definition:
A decentralized digital ledger technology that securely, transparently, and immutably records transactions across a network of computers.
Translation:
The high-tech, unbreakable notebook that records transactions for everyone to see, but no one can mess with!
Bylaws
Technical Definition:
The rules and regulations set by an organization or governing body to outline its internal management and operational processes. They act as a fundamental document that directs the governance and day-to-day functions of the entity.
Translation:
The rulebook that lays down the law for how an organization runs, keeping everything organized and in check!
Commencement Date
Technical Definition:
The date on which your membership begins.
Translation:
Yeah pretty much just that...
Community
Technical Definition:
A decentralized group of individuals who collaboratively manage and drive the organization’s goals, leveraging blockchain technology and smart contracts to facilitate transparent and democratic governance.
Translation:
A crew of like-minded folks working together to steer our spaceship, using blockchain and smart contracts to keep things transparent and fair!
Contribution Amount
Technical Definition:
The amount contributed by a Member to the DAO fund under the Contract.
Translation:
The crypto you throw into the tDAO fund to help keep things rolling!
Coverage Contract Term
Technical Definition:
The duration for which membership remains in force.
Translation:
The timeframe your membership is in the game—how long you’re covered and ready to roll!
DAO
Technical Definition:
Decentralized Autonomous Organization, is a type of organization that operates through smart contracts on a blockchain, rather than through traditional hierarchical structures, DAO means The LifeDAO.
Translation:
A blockchain-powered crew that runs on smart contracts instead of boring old hierarchies. In this case, it’s all about The LifeDAO!
DAO Governance
Technical Definition:
The set of rules, processes, and mechanisms by which decisions are made within the DAO, including voting procedures and proposal submissions.
Translation:
The playbook for how decisions get made in the DAO, from voting shenanigans to proposal pitches—keeping everyone on the same page!
DAO Operations Contributor Committee
Technical Definition:
The individuals elected or appointed by the DAO community to oversee the governance and decision-making processes of the DAO.
Translation:
The chosen ones of the DAO squad, keeping an eye on governance and making sure decisions get made like a well-oiled machine!
Data Privacy
Technical Definition:
The protection and management of member’s data in accordance with relevant data protection laws and regulations.
Translation:
Keeping your info under wraps and safe, following all the necessary rules to make sure your data isn’t wandering around uninvited!
Decentralized Governance
Technical Definition:
The democratic decision-making process facilitated by the LifeDAO, allowing members to participate in key decisions through voting mechanisms.
Translation:
The democratic vibe of The LifeDAO, where members get to weigh in on important decisions through fun voting antics!
Dispute Notification
Technical Definition:
The formal communication initiated by a member to notify The LifeDAO of a dispute, triggering the resolution process.
Translation:
The official shout-out from a member to TLD when things go sideways, kicking off the resolution process!
Dispute Resolution
Technical Definition:
The process of resolving disputes between Members of The LifeDAO platform, utilizing a decentralized Dispute Resolution service provider.
Translation:
The way we sort out squabbles between members on The LifeDAO, using a decentralized service to keep it fair and square!
Downtime
Technical Definition:
The total accumulated time during which the Services are unavailable or unresponsive, excluding scheduled maintenance.
Translation:
The total time services are snoozing and unavailable (except during scheduled maintenance).
Earnings
Technical Definition:
Refers to the Members' gradual earned contributions over a 12-month period.
Translation:
The sweet rewards that stack up from your contributions over a year!
Exclusions
Technical Definition:
Specific conditions, circumstances, or items that are not covered by The LifeDAO mutual protection contract.
Translation:
The “not covered” conditions in The LifeDAO mutual protection contract—every contract has its quirks!
Governance
Technical Definition:
The process by which decisions are made by The Life DAO members and when such decisions are necessary, in line with The LifeDAO's Bylaws.
Translation:
How TLD members make decisions when it’s time to take action, all according to the Bylaws!
Incident
Technical Definition:
Any event that causes a disruption to the Services.
Translation:
Yeah ... that.
Incident Resolution Time
Technical Definition:
The time it takes for Takadao to resolve an Incident from the moment it is reported.
Translation:
The clock ticking from when you report an incident to when Takadao gets it sorted out.
Incident Response Time
Technical Definition:
The time it takes for Takadao to acknowledge receipt of an Incident report.
Translation:
The quickness with which Takadao gives you a thumbs-up after you report an incident!
KYC
Technical Definition:
The process used to verify the identity of a Member.
Translation:
The "Know Your Customer" game, where we verify who you are before letting you in!
KYC Compliance
Technical Definition:
The adherence of members to the Know Your Customer process and the provision of accurate and complete information for verification.
Translation:
When members play by the rules, providing accurate info for the Know Your Customer check!
KYC Requirements
Technical Definition:
The specific information and documentation members are required to provide during the Know Your Customer process, as outlined in the membership Agreement.
Translation:
The info and docs you need to share during the KYC process, as spelled out in the membership agreement!
KYC Verification
Technical Definition:
The confirmation and validation process conducted by the DAO to ensure compliance with KYC requirements.
Translation:
The check-up by the DAO to confirm you’ve met all those KYC requirements!
License
Technical Definition:
The right granted by Takadao to TLD to use the Technology.
Translation:
The thumbs-up from Takadao for TLD to use their technology!
Loss Ratio
Technical Definition:
The ratio of total claims and expenses to the total contributions and other revenue received within a specific period.
Translation:
Essentially, how much of the money is going out!
Member
Technical Definition:
The individual shown in the Membership Benefit Certificate, the Contract owner, and the person responsible for paying contributions.
Translation:
The one footing the bill for contributions and who's covered in case they pass away.
Member Credentials
Technical Definition:
The combination of a unique username and password chosen by the member during the registration process, granting access to the member Account. Additionally, a phone number may be required for two-factor authentication.
Translation:
Your unique username and password combo from sign-up that unlocks your member account (and a phone number for that extra security boost).
Member Data
Technical Definition:
Any information provided by the member during the registration process, KYC procedures, or while using The LifeDAO’s services.
Translation:
Your digital footprint: Any info you share during sign-up, KYC checks, or while using The LifeDAO’s services.
Membership Benefit Certificate
Technical Definition:
The document containing Member details, membership details, basic rights and Benefits, contribution, Beneficiary details, and the duration of membership.
Translation:
The official document that lays out all your details: who you are, your rights, benefits, contributions, beneficiary info, and how long you’re in the game!
Membership Contributions
Technical Definition:
The annual amount contributed by a Member to the DAO fund under the Contract.
Translation:
The yearly crypto you chip in to the DAO fund as part of your contract.
Mutual Protection Fund
Technical Definition:
The collective pool of funds contributed by The LifeDAO Members to cover potential losses, benefit payouts, and operational expenses.
Translation:
The collective crypto stash from LifeDAO members, ready to cover losses, benefit payouts, and keep things running smoothly!
Platform
Technical Definition:
The digital infrastructure and software provided by Takadao for the facilitation of mutual life protection services, DAO Governance, and DAO Operations.
Translation:
The tech built by Takadao for all things mutual life protection, DAO governance, and operations!
Privacy Policy
Technical Definition:
The document outlining The LifeDAO practices and procedures for collecting, storing, and using member data, as well as the measures taken to ensure data security.
Translation:
The guide that explains how The LifeDAO handles your data; how it’s collected, stored, used, and kept secure!
Referral Program
Technical Definition:
A marketing system allowing individuals or entities to earn rewards for referring new members to TLD.
Translation:
A rewards system where you earn goodies for bringing new members to TLD—spread the word and reap the benefits!
Rewards
Technical Definition:
TAKA tokens are distributed as loyalty rewards to tDAO members, ensuring that active participants benefit from the ecosystem's growth.
Translation:
TAKA tokens given out as loyalty treats to tDAO members, making sure active participants get a slice of the ecosystem's success.
Scope of Service
Technical Definition:
The mutual protection services provided by the DAO for the members.
Translation:
There really isn't a better way to say this...
Service Fees
Technical Definition:
Fees payments made by the DAO fund for having specific services delivered by Takadao/The Services Provider.
Translation:
The payments the DAO fund coughs up for getting specific services from Takadao or other service providers.
Services
Technical Definition:
All technology-related services provided by Takadao to TLD, including but not limited to the development, maintenance, and operation of TLD's platform.
Translation:
All the tech wizardry from Takadao to TLD, covering everything from building and maintaining the platform to keeping it running smoothly.
Shariah Board
Technical Definition:
A board of experts ensuring that the mutual protection services offered are compliant with Islamic jurisprudence and principles.
Translation:
The team of experts making sure that the mutual protection services play by the rules of Islamic law and principles.
Shariah Compliance Report
Technical Definition:
The formal documentation provided by the Shariah Board detailing the results of the Shariah Compliance Review.
Translation:
The official paperwork from the Shariah Board, sharing the findings from their compliance check; keeping everything in line with Islamic law.
Shariah Compliance Review
Technical Definition:
The regular assessment conducted by the Shariah Board to ensure ongoing adherence to Islamic principles in all aspects of mutual protection operations.
Translation:
The routine check-up by the Shariah Board to make sure everything is still in harmony with Islamic principles in the mutual protection operations!
Shariah Review Period
Technical Definition:
The defined intervals at which the Shariah Compliance Review is conducted to assess and confirm adherence to Islamic law.
Translation:
The scheduled check-ins for the Shariah Compliance Review.
Smart Contract
Technical Definition:
A computer program stored on a blockchain that automatically executes when certain conditions are met.
Translation:
A blockchain program that automatically runs when the right conditions are met; think of it as a digital deal-maker.
Surplus Distribution
Technical Definition:
The process of allocating The LifeDAO risk management surplus among Members in proportion to their holdings of TLD Credits.
Translation:
The process of divvying up The LifeDAO's extra cash among members, based on how many TLD Credits they hold.
TAKA token
Technical Definition:
The native utility token for the Takadao ecosystem, designed to enhance and connect various Decentralized Autonomous Organizations (DAOs) powered by Takadao. It serves multiple purposes, including paying fees, staking, and earning rewards, all while fostering community governance and participation.
Translation:
The currency of the Takadao ecosystem, linking up all the DAOs and doing it all—paying fees, staking, earning rewards, and boosting community vibes!
Takadao
Technical Definition:
Developer of the technology powering the mutual protection Decentralized Autonomous Organization (DAO), serving as a crypto-based service provider.
Translation:
The brains behind the tech that powers the mutual protection DAO, acting as your crypto-based service provider.
Technology
Technical Definition:
The software, technology infrastructure, intellectual property (IP), algorithms, smart contracts, and proprietary applications developed by Takadao.
Translation:
All the tech cooked up by Takadao, packed with intellectual property and proprietary applications!
Technology Licensing Fees
Technical Definition:
Fees payments made by the DAO fund to use the technology stack developed and maintained by Takadao/The Technology Licensing Provider.
Translation:
The payments TLD makes to use Takadao’s tech stack (basically, the cost of borrowing their brainpower).
The LifeDAO
Technical Definition:
The decentralized autonomous organization responsible for the governance and decision-making related to the Mutual Protection Fund and the overall operation of The LifeDAO platform, Also referred to as TLD.
Translation:
TLD - The decentralized crew in charge of governing the Mutual Protection Fund and running the show on The LifeDAO platform.
The LifeDAO Mutual Protection Contract
Technical Definition:
The agreement between the Member and The LifeDAO, based on an application, supporting documents, payment of contributions, completion of requirements, and acceptance by the DAO, serving as evidence of membership in The LifeDAO.
Translation:
The official agreement between you and The LifeDAO that shows you’re a member, based on your application, docs, contributions, and all the necessary checks.
TLD Credits
Technical Definition:
Membership units in The LifeDAO are granted in return for annual contributions, offering governance rights and a share of any surplus generated by TLD.
Translation:
Your governance rights and a share of the surplus generated by TLD, which you get in exchange for your annual contribution as a member.
Tokenomics
Technical Definition:
Refers to the study and design of the economic systems and mechanisms behind the issuance, distribution, and management of tokens within a blockchain or cryptocurrency project.
Translation:
The economics of the token world: how tokens are born, shared, and managed within a blockchain or crypto project.
Underwriting / Risk Assessment
Technical Definition:
The process of evaluating and taking on risk in exchange for a contribution or fee.
Translation:
Think of it as the risk calculator.
Uptime
Technical Definition:
The total time the Services are operational and available.
Translation:
The total time the services are up and running, ready for action!
User
Technical Definition:
Any individual or entity that accesses or uses TLD’s platform.
Translation:
Anyone or anything that hops onto TLD’s platform to access or use its features!
Verifiers
Technical Definition:
Individual DAO members appointed by the DAO, tasked with evaluating and assessing benefit payout requests submitted by the claimants in a decentralized manner.
Translation:
The DAO members who are appointed to check out and evaluate benefit payout requests, making sure it’s all done in a decentralized way.
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