CHAPTER 13 OF 15

Glossary

Automated market maker (AMM): the pricing engine behind every FIRM market. It always quotes a price on both YES and NO, so a market has a live price even with no matched buyer and seller. See chapter 6.

Challenge link: a shareable link that turns your forecast into a direct dare, inviting a specific person, or whoever gets there first, to take the other side of the same call.

Company claim: the process by which a founder or project team takes ownership of their company's profile on FIRM, unlocking a direct data connection and the ability to create official markets on their own numbers.

Demo credits: the free, non-cash balance every new FIRM account starts with, used to trade on the live demo product today. Demo credits cannot be deposited, withdrawn, or converted to cash, and have no cash value.

Free forecast: a YES/NO call with a stated confidence level that anyone can post without money, a wallet, or an account funded with demo credits. Free forecasts have no payout; they build a public track record instead.

Position: a holding of YES or NO shares in one market. A winning share pays $1 (or, once real-money markets are live, its USDC equivalent); a losing share pays $0.

Position Drop: a sponsor-funded position given to one specific recipient, or to the first person who satisfies a stated rule, held in a pending state until accepted, rejected, or expired.

Position Waterfall: a sponsor-funded pool of a fixed number of fixed-budget positions, claimed first come, first served, often gated behind a disclosed action such as sharing a market.

Resolution: the process by which a market's deadline is checked against its named evidence source to determine YES, NO, or a cancellation.

Share receipt: the permanent, linkable page a free forecast turns into once its market resolves, showing the call, the confidence, and how it actually turned out.

VOID / cancellation: the outcome when a market's evidence source becomes unreachable or its definition changes so much that the rule fixed at market open can no longer produce a clean answer. Open positions in a cancelled market are unwound under the rule published when the market opened.

YES/NO shares: the two sides of every FIRM market. YES shares pay out if the stated target is reached by the deadline; NO shares pay out if it is not.

$FIRM: FIRM's planned network token, with a fixed proposed supply of 10,000,000,000 units. Not launched, not priced, not for sale. See chapter 9.