Key Definitions

Asset URI

(Uniform Resource Identifier) is a specific type of URI used to uniquely identify and access digital assets or resources. In the context of blockchain and NFTs (Non-Fungible Tokens), an Asset URI often points to the location of metadata or the digital file associated with an asset. It typically includes a URL, IPFS Link, and Metadata File.

Arbitrator

An arbitrator is a neutral third party appointed to resolve disputes between parties outside of traditional court systems. Arbitration is a form of alternative dispute resolution (ADR) where the arbitrator acts as a judge to make a binding decision based on the evidence and arguments presented by the parties involved.

ERC 6551

ERC 6551, also known as the "Token Bound Accounts" standard, is a proposal for a new type of Ethereum token standard. It extends the functionality of ERC-721 (a popular NFT standard) by allowing tokens to have associated accounts or wallets. This enables the token to own and manage other tokens or assets, facilitating more complex interactions and applications such as decentralized finance (DeFi) and advanced tokenization schemes.

KOR ERC 6551

It is the modified version of ERC 6551 Standard to support additional functionalities for protocol. For example (support of attaching License)

ERC 721

ERC 721 is a widely recognized Ethereum token standard for creating non-fungible tokens (NFTs). Unlike ERC-20 tokens, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and distinguishable from one another. Each ERC-721 token has distinct attributes and is used to represent ownership of a specific asset or item, such as digital art, collectibles, or virtual real estate, with each token having its own unique identifier.

IPFS (InterPlanetary File System)

A decentralized file storage system that uses a peer-to-peer network to store and share data in a distributed manner. IPFS aims to make the web more resilient and efficient by allowing users to retrieve files based on their content rather than their location.

IP Account

A digital account associated with intellectual property, typically used to manage and track the ownership and usage of IP assets. This can include accounts with IP management systems or platforms where IP rights are registered and monitored.

Collection IP Account

A digital account associated with intellectual property Collection, typically used to mint new IPs with the predefined Licensing terms attached to it. also manage and track the ownership and usage of IP assets. This can include accounts with IP management systems or platforms where IP rights are registered and monitored.

ISCC (International Standard Content Code)

A standard for uniquely identifying and managing digital content across different platforms and systems. The ISCC helps in tracking and verifying digital assets, ensuring that content can be consistently and accurately referenced.

Intellectual Property (IP)

Refers to creations of the mind for which exclusive rights are recognized by law. These creations can include inventions, literary and artistic works, designs, symbols, names, and images used in commerce. IP laws protect the rights of creators and owners by granting them control over the use of their creations.

KOR Protocol

The KOR Protocol is a blockchain-based protocol designed to facilitate secure and decentralized digital transactions, including those involving non-fungible tokens (NFTs) and other digital assets. It often aims to enhance interoperability between different blockchain networks and provide solutions for scalability and efficiency in decentralized finance (DeFi) applications. The specifics of the KOR Protocol may vary depending on its latest developments and applications within the blockchain ecosystem.

KORUS Platform

The KORUS Platform is a comprehensive digital ecosystem that integrates various blockchain technologies and services to create a unified environment for managing and interacting with digital assets. It typically includes features for asset creation, transaction management, and interoperability with other blockchain systems. The platform aims to streamline processes and enhance user experiences within the digital and decentralized space.

Metadata

Information that provides details about other data. In the context of digital assets, metadata includes information such as the title, author, date created, and other attributes that describe and help manage the digital content.

Mint Fees

Charges associated with the process of creating or issuing NFTs or other digital tokens on a blockchain. Minting refers to the act of publishing a new token to the blockchain, and mint fees cover the costs of this process, including transaction fees and network charges.

NFT (Non-Fungible Token)

A type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis.