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Glossary

This glossary provides definitions of terms specific to the JMES Protocol.

Active set​

The top 100 validators that participate in consensus, receive rewards, and secure the blockchain.

Blockchain​

An unchangeable ledger of transactions copied among a network of independent computer systems.

Blocks​

Groups of information stored on a blockchain. Each block contains transactions that are grouped, verified, and signed by validators.

Bonded validator​

A validator in the active set participating in consensus. Bonded validators earn rewards.

Bonding​

When a user delegates or bonds bJMES to a validator to receive staking rewards. Validators never have ownership of a delegator's bJMES, even when bonded. Delegating, bonding, and staking generally refer to the same process.

Commission​

The percentage of staking rewards a validator keeps before distributing the rest of the rewards to delegators. Commission is a validator’s income. Validators set their own commission rates.

Community pool​

A special fund designated for funding community projects. Any community member can create a governance proposal to spend the tokens in the community pool. If the proposal passes, the funds are spent as specified in the proposal.

Consensus​

A system used by validators or miners to agree that each block of transactions in a blockchain is correct. The JMES blockchain uses the Tendermint consensus. Validators earn rewards for participating in consensus. Visit the Tendermint official documentation site for more information.

Cosmos-SDK​

The open-source framework the JMES blockchain is built on. For more information, check out the Cosmos SDK Documentation.

dApp​

An application built on a decentralized platform.

DDoS​

Distributed denial-of-service attack. When an attacker floods a network with traffic or requests in order to disrupt service.

DeFi​

Decentralized finance. A movement away from traditional finance and toward systems that do not require financial intermediaries.

Delegate​

When users or delegators add their bJMES to a validator's stake in exchange for rewards. Delegated bJMES is bonded to a validator. Validators never have ownership of a delegator's bJMES. Delegating, bonding, and staking generally refer to the same process.

Delegator​

A user who delegates, bonds, or stakes bJMES to a validator to earn rewards. Delegating, bonding, and staking generally refer to the same process.

Fees​

  • Gas: Compute fees added on to all transactions to avoid spamming. Validators set minimum gas prices and reject transactions that have applied gas prices below this threshold.

For more information on fees, visit Fees on JMES.

Full node​

A computer connected to the JMES mainnet that is able to validate transactions and interact with the JMES blockchain. All active validators run full nodes.

Governance​

Governance is the democratic process that allows users and validators to make changes to the JMES protocol. Community members submit, vote, and implement proposals. One staked bJMES is equal to one vote.

Governance proposal​

A written submission for a change or addition to the JMES blockchain. Topics of proposals can vary from community pool spending, software changes, or parameter changes.

IBC​

Inter-Blockchain Communication. The technology that enables different blockchains to interact with each other. IBC allows for assets to be traded and transacted across different blockchains.

Inactive set​

Validators that are not in the active set. These validators do not participate in consensus and do not earn rewards.

Jailed​

Validators who misbehave are jailed or excluded from the active set for a period of time.

bJMES​

The native staking token of the JMES protocol. bJMES is also used as a governance token. Delegators can stake bJMES to receive rewards.

Miss​

When a vote fails to be included in consensus.

Module​

A section of the JMES Core that represents a particular function of the JMES protocol. Visit the JMES Core module specifications for more information.

Udo-1​

The latest version of the JMES mainnet.

Pools​

Groups of tokens. Supply pools represent the total supply of tokens in a market.

Proof of Stake​

A blockchain consensus mechanism where validators are chosen to confirm blocks at a rate proportional to their stake. The Tendermint Concensus outlines the proof-of-stake procedure utilized by JMES.

Quorum​

The minimum amount of votes needed to make an election viable. 30% of all staked bJMES must vote to meet quorum. If quorum is not met before the voting period ends, the proposal fails, and the proposer's deposit is burned.

Redelegate​

When a delegator wants to transfer their bonded bJMES to a different validator. Redelegating bJMES is instant and does not require a 21-day unbonding period.

Rewards​

Revenue generated from fees given to validators and disbursed to delegators.

Self-delegation​

The amount of bJMES a validator bonds to themselves. Also referred to as self-bonding.

Slashing​

Punishment for validators that misbehave. Validators lose part of their stake when they get slashed.

For more information, see slashing in the description of the JMES protocol.

Slippage​

The difference in a coin's price between the start and end of a transaction.

Stake​

The amount of bJMES bonded to a validator.

Staking​

When a user delegates or bonds their bJMES to an active validator to receive rewards. Bonded bJMES adds to a validator's stake. Validators provide their stakes as collateral to participate in the consensus process. Validators with larger stakes are chosen to participate more often. Validators receive staking rewards for their participation. A validator's stake can be slashed if the validator misbehaves. Validators never have ownership of a delegator's bJMES, even when staked.

For more information on staking, visit the concepts page.

Tendermint consensus​

The proof-of-stake consensus procedure utilized by the JMES protocol. When a validator proposes a new block, the remaining validators then vote on the block in two voting rounds. If a block receives a two-thirds or greater majority of yes votes in both rounds, it gets added to the blockchain. All validators get rewarded with the block's transaction fees, however, the initial proposer of the block will receive a slightly higher reward. For each new block, a validator is selected to propose based on their weight. Check out the Tendermint official documentation for more information.

JMES Core​

The official source code for the JMES protocol.

For more information on the JMES Core, see JMES Core modules.

JMES mainnet​

The JMES protocol's blockchain network where all transactions take place.

JMESd​

The command line interface for interacting with a JMES node.

For more information on JMESd, see the JMESd guides.

JMESvaloper address​

A validator's public address beginning with jmesvaloper followed by a string of characters.

Testnet​

A copy of the mainnet network used for testing. The testnet does not use real tokens. You can use the testnet to get familiar with carrying out transactions on JMES. The current testnet for JMES is pisco-1.

The JMES ecosystem​

A quickly expanding network of decentralized applications built on the JMES protocol.

Tombstone​

A tombstoned validator is blocked from participating in consensus and cannot rejoin the active set.

Total stake​

The total amount of bJMES bonded to a delegator, including self-bonded bJMES.

Unbonded bJMES​

bJMES that can be freely traded and is not staked to a validator.

Unbonded validator​

A validator that is not in the active set and does not participate in consensus or receive rewards. Some unbonded validators may be jailed.

Unbonding​

When a delegator decides to undelegate their bJMES from a validator. This process takes 21 days. No rewards accrue during this period. This action cannot be stopped once executed.

Unbonding bJMES​

bJMES that is transitioning from bonded to unbonded. bJMES that is unbonding cannot be traded freely. The unbonding process takes 21 days. No rewards accrue during this period. This action cannot be stopped once executed.

Unbonding validator​

A validator transitioning from the active set to the inactive set. An unbonding validator does not participate in consensus or earn rewards. The unbonding process takes 21 days.

Undelegate​

When a delegator no longer wants to have their bJMES bonded to a validator. This process takes 21 days. No rewards accrue during this period. This action cannot be stopped once executed.

Uptime​

The amount of time a validator is active in a given timeframe. Validators with low uptime may be slashed.

Validator​

A JMES blockchain miner responsible for verifying transactions on the blockchain. Validators run programs called full nodes that allow them to participate in consensus, verify blocks, participate in governance, and receive rewards. The top 100 validators with the highest total stake can participate in consensus.

For more information on validators, visit the concepts page.

Weight​

The measure of a validator's total stake. Validators with higher weights get selected more often to propose blocks. A validator's weight is also a measure of their voting power in governance.