Skip to main content

Boson Protocol Glossary

Redeemable NFT/NFT VoucherAn implementation of a Voucher using NFT technology.
Redeemable/VoucherA promise, giving the holder of the Voucher the right to receive a certain item or a bundle of items from the Seller, or to transfer that promise to another party. It represents a commitment by a Buyer to participate in the Exchange described by the Offer and from the Seller to fulfill the agreement described in the Offer.
Access TokenA non-fungible token (NFT) or a fungible token(s) which authorizes access to private content for the owner (off-chain, on-chain, or IRL).
BundleA set of items being sold together in a single Offer. When digital Twins are included with a physical item described by an Offer, they are associated with a Bundle. A single Bundle can combine multiple Twins with multiple Offers.
Buyer Funds CommittedThe funds a Buyer commits to participate in an Exchange.
Buyer PayoffThe funds a Buyer may withdraw when an Exchange reaches a finalized protocol state,
Cancel a VoucherThe holder of a Voucher may cancel it, forfeiting the Offer's stated buyer cancelation penalty and being refunded the remainder of their committed funds.
Cancellation PenaltyThe anount of funds defined in the Offer, that Buyer loses if they decide to Cancel a an Exchange. It's defined as a part of the Offer Price. The remainder of the price is returned to the Buyer.
Commit to an OfferCommitting to an Offer causes the protocol to escrow the Buyer's payment and issue them a Voucher.
CommitmentA Buyer’s dedicated promise to the Seller to redeem an item or a bundle from the Seller’s Offer. A Seller’s dedicated promise to the Buyer is to deliver a quality redemption. The commitment is backed up by the deposit from the Seller and the cancellation penalty included in the funds committed by the Buyer.
Conditional CommitA Commitment to an Offer that specifies a Condition. The field of possible Buyers is narrowed to those who meet the Condition, such as holding a minimum quantity of a certain token.
Conditional TokenAn access token which the Buyer must hold in order to Commit to an Offer or Redeem a Voucher. Only relevant for Offers specifying a token-gating Condition.
Contractual AgreementAn agreement that is written down in the natural language that clearly describes the terms and conditions of sale and the terms upon which the disputes will be resolved.
Dispute MutualizerAn entity external to the protocol that “insures” escalated dispute resolution fee deposits of the exchange transaction for a small fee from the Buyer
Dispute Mutualizer FeeThe payment a Dispute Mutualizer charges every time it “insures” a protocol exchange
Dispute Resolution FeeThe funds committed to an Exchange to cover the Dispute in case it is Raised
Dispute ResolverAn entity designated by the Seller for a given Offer, to hear arguments and evidence from each party in the case of a Dispute. For a fee, the Dispute Resolver decides how funds associated with the Exchange are to be split.
Escalate DisputeThe Buyer's final recourse in the course of a Dispute, should attempts at mutual resolution fail. Both parties must accept the decision of the Offer's designated Dispute Resolver.
Escalation Response PeriodPeriod during which DR can respond to a dispute.
Evidence RequirementA requirement for the evidence provided by the Seller and the Buyer during the dispute resolution process.
ExchangeA process that facilitates the trade (exchange) of items for monetary value via the Boson Protocol.
Extend Resolution PeriodAn action a Buyer and Seller can take mutually, triggering a reset of the Resolution Period clock, thus extending the Resolution Period.
Complete ExchangeAn action a Buyer or Seller can take to complete the exchange, allowing the seller deposit and the buyer payment to be withdrawn by the Seller.
Dispute PeriodPeriod during which a buyer can raise a dispute and after which a Seller is automatically paid. Buyer optionally can complete the exchange before the period is over.
GroupA set of Offers which share a common Conditional Commit rule.
Happy PathThe flow of the Boson Protocol in which there are no disputes - all transfers and exchanges end successfully, as expected.
Inactive PeriodOptionally, the Seller can set a future time as the start of the Redemption Period while still allowing Commits to the Offer prior to that time. In such a case, the time between Committing to the Offer and the beginning of the Redemption Period is called the Inactive Period.
ItemIn an Offer, the thing being sold. A broad term that may represent any digital (off-chain/on-chain) or physical product or service.
Lazy BuyerA Buyer that does not perform any on-chain actions unless it is in their interest (such as to raise a dispute, or to avoid a penalty). This is the expected behavior of most buyers.
Mutual ResolutionThe process by which a Buyer and Seller resolve a dispute by mutually agreeing on a resolution, i.e., on how to split the Buyer and Seller funds committed.
Mutual Resoluiton PeriodIs the period during which a buyer and seller may mutually resolve a dispute. Starts with dipuste and ends with 3 different.
OfferSeller's intention to sell an Item or a Bundle of items on the Boson Protocol. It can be though of as an agreement proposed by a Seller and contains details such as price, buyer cancellation penalty, and seller deposit, token of exchange, etc.
Offer MetadataOff-chain data that provides additional information about the Offer, such as Seller contact details, product descriptions, legal terms and conditions, etc.
Offer PriceThe amount the Buyer must provide in order to Commit to an Offer.
Protocol FeeAn amount levied by the Protocol from the proceeds of a Happy Path Exchange.
Protocol FInal StateAny of the end states of an Exchange or a Dispute, after which participants can withdraw any funds owed them.
Protocol StateOne of the states in the state machine(s) of the Boson Protocol.
Raise a Dispute"An action a Buyer can take at any time during the Redemption Period if they are unhappy with the Exchange, have a quality or delivery complaint, or another issue they need to resolve with the Seller.
ReceiptThe record of an Exchange, its Offer, any delivered Twins, and any associated Dispute.
Redeem a VoucherAn action a Voucher holder can take that initiates the Fulfillment Period of the Exchange, and burns the Voucher.
Redemption PeriodThe period during which a Voucher (rNFT) can be redeemed by the Buyer.
ResolutionHow the Committed funds of an Exchange are to be split in the case of a Dispute. Buyer and Seller can mutually agree to a resolution, or it can be decided by a Dispute Resolver.
Resolution PeriodThe time period between a Dispute being raised (or its clock reset), and some resolution being arrived at.
Resolve DisputeOnce a mutual agreement has been reached in a Dispute, the Buyer and Seller can sign a message with the details and submit it to the protocol, moving the Exchange to its Resolved state, where the parties may withdraw their funds accordingly.
Retract DisputeAn action a Buyer can take to accept the original terms of the Offer agreement after a Dispute was raised, allowing the seller to withdraw their deposit and the buyer payment.
Revoke a VoucherAn action a Seller can take after a Buyer has committed to an Offer. The Seller forfeits their deposit (revocation penalty) to the Buyer. The Buyer may withdraw their payment and the Seller deposit.
Seller Deposit (Revocation Penalty)Funds committed by the Seller to the protocol which will be forfeited to the Buyer in the case of Voucher Revocation.
Seller Funds CommittedThe funds a Seller commits to an Exchange at the Commit action.
Seller PayoffThe funds a Seller receives at the end of the Exchange or Dispute (after one of the final protocol states is reached).
Twinning/BundlingA complex exchange involving two or more products. In the case of NFT twinning, this refers to selling of an on-chain NFT along with a physical item such as painting, sneakers, other collectibles, etc.
Void an OfferAn action a Seller can take to permanently prevent further commits to an Offer. Any existing Exchanges related to the Offer are not affected.