Glossary

Galt Project or John Galt Project or Project

John Galt Project - open-source software for land tokenization (accounting on blockchain) and self-governance in the form of a set of smart contracts in the Ethereum blockchain, which gives effective tools for any group of people (crypto-enthusiasts, landowners, small nationalities and local tribes):

  • add his own Land plot to the Project for Free and be a part of a global Comminity;
  • buy or use their own Territory of land and raise an investment Fund for its development: the construction of roads, hospitals, schools, the development of the economy by investing in companies and start-ups;
  • to divide whole Territory into Land plots between Project participants by auction if needed;
  • determine the weight of each Project participant in voting in elections in proportion to the contribution to the fund;
  • elect fund managers - Delegates and give them the right to dispose of the Fund's money;
  • to make sure that Delegates increase the amount of money in the fund by means of competent investments in infrastructure, companies and people;
  • at any time, withdraw the cryptographic keys from the current fund managers and transfer them to another managers;
  • at any time, withdraw money from the Fund;
  • at any time, split the Fund into several Funds by Project participants voting;
  • to regulate the relationship between the Project participants by means of cryptography;
  • confirm the one’s right to own or lease a Land plot using cryptography.

GALT Foundation

Cryptographic organization, multisig 2 to 3, founded and managed by the Project Founders, that defines ideology, development strategy and financing the Project. GALT Foundation receives 5% of GALT tokens from each Territory Crowdsale and distributes them among the Project Founders, GALT Foundation Investors and Project Teams. The organization receives 50% of the funds in the Ethers, received by the Territory Entry Operator from the first Territory Crowdsale.

Project Founders

Nikolai Popeka Dima Starodubcev Valery Litvin

GALT Foundation Investors

Private investors and organizations that invested Ethers in the GALT Foundation.

Project Teams

Various organizations registered or not registered in the legal field that develop the software of the Project in accordance with the ideology and strategy of the GALT Foundation, funded by the GALT Foundation.

GALT Project CORE Team

The first and the main team developing the core of the Project software and launching the first Territory Crowdsale. Nikolai Popeka Nikita Chebykin Evgeniy Panichev Igor Frolov Efremov Ivan

Project Participant

Owner of GALT and/or SPACE tokens.

GALT

This is the ERC20 token of the Ethereum network. A token is a digitized right to share ownership or disposal of land included in the Project and the equivalent of a share in the investment Fund that is engaged in the development of the Territory in the Project. The token is used to account for how much each Project participant has invested. Using GALT one can win a Land plot on the Land Auction, GALT can be exchanged from the Funds for Ethers at any time. GALT is the share in all Project Territories and in all Project Funds.

Land plot

Part of the earth's surface that has a fixed boundary.

Geohash

Wikipedia definition.

Standard Land plot or Geohash Plot or Standard Geohash Plot

A plot of land having the shape of a rectangle, which has a unique address in the form of a character string, from 1 to 11 characters in length (Geohash). In total there are 1e32 unique Geohash Plots. Each Geohash Plot of the same rank (for example, Geohash Plots of the 7th rank, w24qguf) consists of 32 Geohash Plots of the next rank (in this case 8th rank, for example, w24qgufe).

Unique Land Plot or Plot Pack or Pack

Land Plot of different shape and size, consisting of 1 - N of any combination of neighboring Geohash Plots of different rank.

2e0bf6646d

SPACE

This is an ERC721 token of the Ethereum network, which corresponds to a specific Land plot. It contains the Geohash of the Land plot. Example: 24qexh. In fact, this is the right of ownership or disposal of the Land Plot which all Project Participants accept for themselves. The SPACE token can be won at the Land Auction for GALT tokens.

Project Territory or Territory

This is a ERC721 standard token, corresponding to the aggregate of Land Plots, which belongs to the smart contract of the Land Auction. These tokens serve as a white-sheet function and are used to verify that the Geohash the Project Participant wants to put up for Land auction is agreed by all Project Participants. According to the general scheme of allocation of Land plots, each Project Participant can create a bet for the Land Auction for a specific Land plot to which the SPACE token corresponds, for example 24qexh and win it for the GALT tokens. In order to control what Land plots can be put up for Land auction and which ones are not the concept of Territory is introduced.

Territory Owner

A natural person, a legal entity, an economic agent who owns the Territory in one or another legal jurisdiction. By means of certain legal mechanisms, they can sell the land to the Project Participants. Has its address in the network Ethereum and receives Ethers for the land.

Territory Entry Operator

An individual, a legal entity, an economic agent who proposes to include the Territory in the Project. Has its address in the Ethereum network and receives Ethers from the Territory Owner, as a commission.

Territory Crowdsale

Mint of GALT tokens and distribution of GALT tokens between Project Participants in exchange for Ethers. Performed for a specific Territory. Purchase of the Territory from the Territory Owner for the Ethers and including the Territory into the Project.

Vickrey auction

Wikipedia definition.

Project Fund or Fund

Registered or not registered in the legal field organization that develops one or more Territories. Managed by seven elected Delagates. The Fund invests Ethers in infrastructure development, so that the Territory is attractive and comfortable for the life of talented people and companies. The fund invests Ethers in start-ups and derives profit from its investments. An unlimited number of Funds can be created in the Project. Each Project Participant is a shareholder of all existing Funds. If the Fund's capitalization grows, then each Project Participant becomes richer. Thus, the Funds will always act exclusively in the interests of the Project Participants.

Land Auction

If the Territory is not divided between the Project Participants, then an honest mechanism for its separation is needed. Auction - the most effective and honest way. The auction takes place in a closed format. Each auction participant can place a bet on a piece of land. The auction follows the Auction scheme of the second price or Vickrey. The auction wins the maximum bet, but the winner actually pays not her, but the second bet.

Land pledge or Pledge

When the Project Participant wins the Land Auction, the winning bid in GALT tokens is transferred to the Fund as Pledge. The Fund can not move this Pledge. The Project participant can exchange his Land plot (SPACE token) to the Pledge (GALT tokens) at any time. At the same time, the Land plot (SPACE token) will be put back on the Land Auction.

Land Owner

Owner of the SPACE token.

Land Tenant

Project participant renting partially or completely the SPACE token with the help of a smart lease contract.

Reputation Owner

A Reputation Owner is a Project Participant who has a Reputation by fully or partially owning specific SPACE tokens or by renting out specific SPACE tokens in full and in part through SPACE token lease smart contracts. It is Land Owner or Land Tenant.

Reputation

Reputation is an integer. It determines the weight of the Reputation Owner in voting for the election of fund managers - Delegates. This is the sum of all Pledges on all Land Plots of the Land Owner or Land Tenant. If the Project Participant does not have Land Plots, then he does not have a Reputation. For example, the Land Owner has 2 plots of land: Plot No. 1 "sgbh9" - 12,500 GALT in pledge. The plot number 2 "sgbh3u" - 1200 GALT in the pledge. His Reputation is 13,700 points. The more the Project participant has invested in the Fund and the more Pledge for the Land Plots, the more Reputation and more weight when choosing Delegates.

Reverse purchase

Land plots (Tokens SPACE) and GALT are always liquid! The Project participant can at any time return the Land plot to the Fund and get back the pledged GALT. GALT can also be exchanged from all Funds for Ethers at any time.

GALT Reverse Purchase

Suppose that all the Funds have only 10 000 Ethers. All GALT owners now have 10,000 GALT. Everyone can automatically exchange 1 GALT for 1 ETH. If all Funds have 11 000 Ethers, then each GALT can be exchanged for 1.1 ETH.

Delegates Candidate or Candidate

It's just a list of addresses. Behind every address is a person - a public person who wants to be among the fund managers - Delegates. Land owners vote on this list with their Reputation.

Fund Delegate or Delegate

Public figures elected by the Land Owners to manage the Ethers and Tokens of the Fund. They, as a board of directors, should ensure the development of the infrastructure of the Territory and the development of its economy with the ethers of the Fund. Their task is to make the Territory attractive to people and companies by investing in infrastructure and companies. They invest in local companies and start-ups, as an investment fund. Their task is to make sure that the ethers in the Fund does not decrease, but increase due to competent management.

Emission Auction

After the completion of the first Territory Crowdsale, the GALT tokens will be issued in the auction format. Every 23 hours will be issued, for example 100 GALT (the specific amount is calculated by the formula). During these 23 hours, everyone can send the Ethers for Emission auction smart contract. After the Emission auction round ends, 50 GALT will be received by those who sent Ethers in proportion to their contribution. A 50 GALT will receive Land owners in proportion to their Reputation. The Funds will receive Ethers from the Emission Auction in proportion to Reputation ot their Land owners.

results matching ""

    No results matching ""