Glossary of Terms

Blockchain: A distributed ledger technology that maintains a continuously growing list of records (blocks) secured using cryptography and linked using hashes of previous blocks.

Consensus Mechanism: The process by which all participants in a Blockchain network agree on the current state of the network and validate transactions.

Decentralized Application (dApp): An application that runs on a distributed computing system rather than a single computer, typically using Blockchain technology.

Distributed Ledger Technology (DLT): A consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.

EVM Compatibility: The ability of a Blockchain to execute smart contracts written for the Ethereum Virtual Machine, allowing developers to use Ethereum tools and code.

Layer 1: The base Blockchain protocol that processes and finalizes transactions on its own Blockchain. HCM57 Network is a Layer 1 Blockchain.

Layer 2: Scaling solutions built on top of a Layer 1 Blockchain that handle transactions off the main chain while inheriting the security of the underlying Layer 1.

Resolution 57-NQ/TW: A Vietnamese government directive issued in October 2024 identifying Blockchain as a strategic priority and setting development goals through 2030.

Smart Contract: Self-executing code deployed on a Blockchain that automatically implements the terms of an agreement when predetermined conditions are met.