> For the complete documentation index, see [llms.txt](https://polymarketguide.gitbook.io/polymarketguide/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://polymarketguide.gitbook.io/polymarketguide/basics/glossary.md).

# Glossary

<table><thead><tr><th width="175.9000244140625">Word</th><th width="264.316650390625">Definition</th><th>Notes</th><th>Section</th></tr></thead><tbody><tr><td><strong>Polymarket</strong></td><td>A decentralized prediction market platform where users trade on real-world events.</td><td>Users trade against each other. There is no house or trading fee.</td><td>Basics</td></tr><tr><td><strong>Shares</strong></td><td>Investment in a market</td><td>Users who own shares in a Polymarket market.</td><td>Basics</td></tr><tr><td><strong>UMA</strong></td><td>Universal Market Access, the oracle that resolves market outcomes.</td><td>UMA stakers vote on disputed proposals.</td><td>Resolution</td></tr><tr><td><strong>Stakeholder</strong></td><td>Any participant with a vested interest in a market.</td><td>Includes UMA stakers, Polymarket traders, and proposal authors.</td><td>Resolution</td></tr><tr><td><strong>Proposal</strong></td><td>A submitted answer to a market question, backed by a bond and reward.</td><td>"Proposed" is used interchangeably with "answered."</td><td>Resolution</td></tr><tr><td><strong>Dispute</strong></td><td>A challenge to a submitted proposal.</td><td>Must be submitted within the 2-hour challenge period after a proposal is posted.</td><td>Resolution</td></tr><tr><td><strong>Voting</strong></td><td>The process where UMA stakers decide the outcome of a disputed proposal.</td><td>Voting only happens if a proposal is disputed.</td><td>Resolution</td></tr><tr><td><strong>Market Resolution</strong></td><td>The final outcome of a proposal after any disputes are resolved.</td><td>Once resolved, shareholders may receive payouts based on the result.</td><td>Resolution</td></tr><tr><td><strong>Precedent</strong></td><td>A decision pattern established through multiple resolved cases.</td><td>Precedents are used to help answer similar future proposals.</td><td>Resolution</td></tr></tbody></table>