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description = "Glossary of legal terms used in RGB smart contracts" | ||
template = "page.html" | ||
permalink = "/glossary/legal" | ||
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# RGB Legal Glossary | ||
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Glossary explaining legal meaning of terms relate to RGB smart contracts. | ||
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## RGB contract | ||
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RGB contract is an agreement between contract parties structured in a form of bearer digital contract. The contract | ||
may relate to the both digital of physical assets and events. Contracts which relate to only digital world | ||
potentially may be settled in an automatic way without involving any third parties or intermediaries outside the | ||
contract parties. RGB contracts may provide an ability for the broader public, which is not a part of the contract | ||
parties to participate contract operations via mechanism of valencies and state extensions. | ||
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A contract has state and business logic, expressed in terms of ownership rights and executive rights. The contract | ||
state, rights and conditions of valid operations are defined using RGB schema; only state and operations which | ||
allowed by the schema declarations and validation scripts are allowed to happen within the contract scope. | ||
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## Contract participant | ||
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Contract participant is an actor which participate in contract operations. | ||
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Contract parties are classified into the following categories: | ||
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- _Contract issuer_, an actor creating contract genesis | ||
- _Contract party_ – all actors which has ownership rights over RGB contract state | ||
- _Public_ – an actor constructing state extensions. Can exist only in contracts providing valencies and state extensions. | ||
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## Contract parties | ||
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RGB contract always have a well-defined parties of the contract, which hold ownership rights over atoms of state. | ||
The state owned by a contract party is called owned state.A contract party is always also a contract participant. | ||
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## Contract rights | ||
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RGB contract parties have a different rights as a part of the contract conditions defined through RGB schema. The | ||
rights under RGB contract can be classified into the following categories, defined below: | ||
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- [Ownership rights](#ownership-rights) | ||
- [Executive rights](#executive-rights) | ||
- [Public rights](#public-rights) | ||
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## Ownership rights | ||
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A party having rights over some of the owned contract state. This is exactly the same party which can spend bitcoin | ||
UTXO serving as a single-use-seal definition for the state assignment. | ||
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It is important to note that ownership rights and ability to spend UTXO participating assignment doesn't necessary | ||
implies ability to update the contract state or construct a valid state transition (see executive rights). See | ||
rights mismatch section for the details. | ||
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## Executive rights | ||
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An ability to update the contract state in a final form, i.e. to construct a valid state transition satisfying | ||
schema validation rules. See also rights mismatch and ownership rights to better understand the difference of | ||
executive and ownership rights in the scope of RGB smart contract. | ||
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## Public rights | ||
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A right under some schemata to use a contract valency and construct a valid state extensions, which can be later | ||
included into the state via reference from a different valid state transition. See state extension for the details. | ||
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## Rights mismatch | ||
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A mismatch between ownership rights and executive rights; an inability to provide an update to the state owned by a | ||
party. This is caused due to the schema bugs leading to the impossibility to construct a valid state transition with | ||
a specific set of ownership rights of the party and/or combination of seal definitions in their assignments. | ||
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Rights mismatch may happen in two main cases: | ||
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- A user by mistake has assigned different rights to the same UTXO and the schema doesn't provide a way of spending | ||
that combination of rights with a valid state transition. This is a reason why properly-designed schema must | ||
provide a rights split transition option. | ||
- A schema doesn't provide a way of constructing state transition for a defined owned state. | ||
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Contractum compiler notifies about this two bugs during schema compilation, however schemata designed without | ||
Contractum may still contain it. |
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