diff --git a/src/accountant.rs b/src/accountant.rs
index 755a5510f1..5645a9271e 100644
--- a/src/accountant.rs
+++ b/src/accountant.rs
@@ -3,8 +3,8 @@
 //! transfer funds to other users.
 
 use log::{Entry, Sha256Hash};
-use event::{get_pubkey, sign_transaction_data, verify_transfer, Event, PublicKey, Signature,
-            Transfer};
+use event::{get_pubkey, sign_transaction_data, verify_transaction, Event, PublicKey, Signature,
+            Transaction};
 use genesis::Genesis;
 use historian::{reserve_signature, Historian};
 use ring::signature::Ed25519KeyPair;
@@ -76,8 +76,8 @@ impl Accountant {
         allow_deposits && from == to
     }
 
-    pub fn process_transfer(self: &mut Self, tr: Transfer<i64>) -> Result<()> {
-        if !verify_transfer(&tr) {
+    pub fn process_transaction(self: &mut Self, tr: Transaction<i64>) -> Result<()> {
+        if !verify_transaction(&tr) {
             return Err(AccountingError::InvalidTransfer);
         }
 
@@ -85,7 +85,7 @@ impl Accountant {
             return Err(AccountingError::InsufficientFunds);
         }
 
-        self.process_verified_transfer(&tr, false)?;
+        self.process_verified_transaction(&tr, false)?;
         if let Err(SendError(_)) = self.historian.sender.send(Event::Transaction(tr)) {
             return Err(AccountingError::SendError);
         }
@@ -93,9 +93,9 @@ impl Accountant {
         Ok(())
     }
 
-    fn process_verified_transfer(
+    fn process_verified_transaction(
         self: &mut Self,
-        tr: &Transfer<i64>,
+        tr: &Transaction<i64>,
         allow_deposits: bool,
     ) -> Result<()> {
         if !reserve_signature(&mut self.historian.signatures, &tr.sig) {
@@ -126,7 +126,7 @@ impl Accountant {
     ) -> Result<()> {
         match *event {
             Event::Tick => Ok(()),
-            Event::Transaction(ref tr) => self.process_verified_transfer(tr, allow_deposits),
+            Event::Transaction(ref tr) => self.process_verified_transaction(tr, allow_deposits),
         }
     }
 
@@ -139,14 +139,14 @@ impl Accountant {
         let from = get_pubkey(keypair);
         let last_id = self.last_id;
         let sig = sign_transaction_data(&n, keypair, &to, &last_id);
-        let tr = Transfer {
+        let tr = Transaction {
             from,
             to,
             data: n,
             last_id,
             sig,
         };
-        self.process_transfer(tr).map(|_| sig)
+        self.process_transaction(tr).map(|_| sig)
     }
 
     pub fn get_balance(self: &Self, pubkey: &PublicKey) -> Option<i64> {
diff --git a/src/accountant_skel.rs b/src/accountant_skel.rs
index ae82024644..262fe2cba8 100644
--- a/src/accountant_skel.rs
+++ b/src/accountant_skel.rs
@@ -1,6 +1,6 @@
 use std::io;
 use accountant::Accountant;
-use event::{Event, PublicKey, Transfer};
+use event::{PublicKey, Transaction};
 use log::{Entry, Sha256Hash};
 use std::net::UdpSocket;
 use bincode::{deserialize, serialize};
@@ -11,7 +11,7 @@ pub struct AccountantSkel {
 
 #[derive(Serialize, Deserialize, Debug)]
 pub enum Request {
-    Transaction(Transfer<i64>),
+    Transaction(Transaction<i64>),
     GetBalance { key: PublicKey },
     GetEntries { last_id: Sha256Hash },
     GetId { is_last: bool },
@@ -32,8 +32,8 @@ impl AccountantSkel {
     pub fn process_request(self: &mut Self, msg: Request) -> Option<Response> {
         match msg {
             Request::Transaction(tr) => {
-                if let Err(err) = self.acc.process_transfer(tr) {
-                    eprintln!("Transfer error: {:?}", err);
+                if let Err(err) = self.acc.process_transaction(tr) {
+                    eprintln!("Transaction error: {:?}", err);
                 }
                 None
             }
diff --git a/src/accountant_stub.rs b/src/accountant_stub.rs
index d39858e010..631ff5440f 100644
--- a/src/accountant_stub.rs
+++ b/src/accountant_stub.rs
@@ -5,7 +5,7 @@
 use std::net::UdpSocket;
 use std::io;
 use bincode::{deserialize, serialize};
-use event::{get_pubkey, get_signature, sign_transaction_data, PublicKey, Signature, Transfer};
+use event::{get_pubkey, get_signature, sign_transaction_data, PublicKey, Signature, Transaction};
 use log::{Entry, Sha256Hash};
 use ring::signature::Ed25519KeyPair;
 use accountant_skel::{Request, Response};
@@ -33,7 +33,7 @@ impl AccountantStub {
         last_id: Sha256Hash,
         sig: Signature,
     ) -> io::Result<usize> {
-        let req = Request::Transaction(Transfer {
+        let req = Request::Transaction(Transaction {
             from,
             to,
             data: val,
diff --git a/src/bin/client-demo.rs b/src/bin/client-demo.rs
index 5e66d0c871..2f518e8cb4 100644
--- a/src/bin/client-demo.rs
+++ b/src/bin/client-demo.rs
@@ -3,7 +3,7 @@ extern crate silk;
 
 use silk::accountant_stub::AccountantStub;
 use silk::event::{generate_keypair, get_pubkey, sign_transaction_data, verify_event, Event,
-                  Transfer};
+                  Transaction};
 use silk::genesis::Genesis;
 use std::time::Instant;
 use std::net::UdpSocket;
@@ -48,7 +48,7 @@ fn main() {
     println!("Verify signatures...");
     let now = Instant::now();
     for &(k, s) in &sigs {
-        let e = Event::Transaction(Transfer {
+        let e = Event::Transaction(Transaction {
             from: alice_pubkey,
             to: k,
             data: one,
diff --git a/src/event.rs b/src/event.rs
index 94f5fc47f9..98d426be04 100644
--- a/src/event.rs
+++ b/src/event.rs
@@ -1,17 +1,4 @@
-//! The `log` crate provides the foundational data structures for Proof-of-History,
-//! an ordered log of events in time.
-
-/// Each log entry contains three pieces of data. The 'num_hashes' field is the number
-/// of hashes performed since the previous entry.  The 'id' field is the result
-/// of hashing 'id' from the previous entry 'num_hashes' times.  The 'event'
-/// field points to an Event that took place shortly after 'id' was generated.
-///
-/// If you divide 'num_hashes' by the amount of time it takes to generate a new hash, you
-/// get a duration estimate since the last event. Since processing power increases
-/// over time, one should expect the duration 'num_hashes' represents to decrease proportionally.
-/// Though processing power varies across nodes, the network gives priority to the
-/// fastest processor. Duration should therefore be estimated by assuming that the hash
-/// was generated by the fastest processor at the time the entry was logged.
+//! The `event` crate provides the data structures for log events.
 
 use generic_array::GenericArray;
 use generic_array::typenum::{U32, U64};
@@ -26,7 +13,7 @@ pub type PublicKey = GenericArray<u8, U32>;
 pub type Signature = GenericArray<u8, U64>;
 
 #[derive(Serialize, Deserialize, Debug, PartialEq, Eq, Clone)]
-pub struct Transfer<T> {
+pub struct Transaction<T> {
     pub from: PublicKey,
     pub to: PublicKey,
     pub data: T,
@@ -34,9 +21,9 @@ pub struct Transfer<T> {
     pub sig: Signature,
 }
 
-impl<T> Transfer<T> {
+impl<T> Transaction<T> {
     pub fn new_claim(to: PublicKey, data: T, last_id: Sha256Hash, sig: Signature) -> Self {
-        Transfer {
+        Transaction {
             from: to,
             to,
             data,
@@ -54,12 +41,12 @@ impl<T> Transfer<T> {
 #[derive(Serialize, Deserialize, Debug, PartialEq, Eq, Clone)]
 pub enum Event<T> {
     Tick,
-    Transaction(Transfer<T>),
+    Transaction(Transaction<T>),
 }
 
 impl<T> Event<T> {
     pub fn new_claim(to: PublicKey, data: T, last_id: Sha256Hash, sig: Signature) -> Self {
-        Event::Transaction(Transfer::new_claim(to, data, last_id, sig))
+        Event::Transaction(Transaction::new_claim(to, data, last_id, sig))
     }
 }
 
@@ -119,11 +106,11 @@ pub fn get_signature<T>(event: &Event<T>) -> Option<Signature> {
 pub fn verify_event<T: Serialize>(event: &Event<T>) -> bool {
     match *event {
         Event::Tick => true,
-        Event::Transaction(ref tr) => verify_transfer(tr),
+        Event::Transaction(ref tr) => verify_transaction(tr),
     }
 }
 
-pub fn verify_transfer<T: Serialize>(tr: &Transfer<T>) -> bool {
+pub fn verify_transaction<T: Serialize>(tr: &Transaction<T>) -> bool {
     let sign_data = serialize(&(&tr.from, &tr.to, &tr.data, &tr.last_id)).unwrap();
     verify_signature(&tr.from, &sign_data, &tr.sig)
 }
diff --git a/src/genesis.rs b/src/genesis.rs
index 2d8be7c2b6..d379590b4f 100644
--- a/src/genesis.rs
+++ b/src/genesis.rs
@@ -1,6 +1,6 @@
 //! A library for generating the chain's genesis block.
 
-use event::{generate_keypair, get_pubkey, sign_transaction_data, Event, PublicKey, Transfer};
+use event::{generate_keypair, get_pubkey, sign_transaction_data, Event, PublicKey, Transaction};
 use log::{create_entries, hash, Entry, Sha256Hash};
 use ring::rand::SystemRandom;
 use ring::signature::Ed25519KeyPair;
@@ -56,7 +56,7 @@ impl Genesis {
         let last_id = self.get_seed();
         let from = self.get_pubkey();
         let sig = sign_transaction_data(&data, &self.get_keypair(), to, &last_id);
-        Event::Transaction(Transfer {
+        Event::Transaction(Transaction {
             from,
             to: *to,
             data,
@@ -93,7 +93,7 @@ mod tests {
     fn test_create_events() {
         let mut events = Genesis::new(100, vec![]).create_events().into_iter();
         assert_eq!(events.next().unwrap(), Event::Tick);
-        if let Event::Transaction(Transfer { from, to, .. }) = events.next().unwrap() {
+        if let Event::Transaction(Transaction { from, to, .. }) = events.next().unwrap() {
             assert_eq!(from, to);
         } else {
             assert!(false);
diff --git a/src/historian.rs b/src/historian.rs
index bdb019ed9a..7b700e0613 100644
--- a/src/historian.rs
+++ b/src/historian.rs
@@ -114,7 +114,7 @@ mod tests {
         let data = b"hello, world";
         let zero = Sha256Hash::default();
         let sig = sign_claim_data(&data, &keypair, &zero);
-        let tr0 = Transfer::new_claim(to, &data, zero, sig);
+        let tr0 = Transaction::new_claim(to, &data, zero, sig);
         let mut sigs = HashSet::new();
         assert!(reserve_signature(&mut sigs, &tr0.sig));
         assert!(!reserve_signature(&mut sigs, &tr0.sig));
diff --git a/src/log.rs b/src/log.rs
index 6dc20792ca..b5af9abf15 100644
--- a/src/log.rs
+++ b/src/log.rs
@@ -169,7 +169,7 @@ pub fn next_ticks(start_hash: &Sha256Hash, num_hashes: u64, len: usize) -> Vec<E
 #[cfg(test)]
 mod tests {
     use super::*;
-    use event::{generate_keypair, get_pubkey, sign_claim_data, sign_transaction_data, Transfer};
+    use event::{generate_keypair, get_pubkey, sign_claim_data, sign_transaction_data, Transaction};
 
     #[test]
     fn test_event_verify() {
@@ -277,7 +277,7 @@ mod tests {
         let keypair1 = generate_keypair();
         let pubkey1 = get_pubkey(&keypair1);
         let data = hash(b"hello, world");
-        let event0 = Event::Transaction(Transfer {
+        let event0 = Event::Transaction(Transaction {
             from: get_pubkey(&keypair0),
             to: pubkey1,
             data,
@@ -295,7 +295,7 @@ mod tests {
         let pubkey1 = get_pubkey(&keypair1);
         let data = hash(b"hello, world");
         let zero = Sha256Hash::default();
-        let event0 = Event::Transaction(Transfer {
+        let event0 = Event::Transaction(Transaction {
             from: get_pubkey(&keypair0),
             to: pubkey1,
             data: hash(b"goodbye cruel world"), // <-- attack!
@@ -314,7 +314,7 @@ mod tests {
         let pubkey1 = get_pubkey(&keypair1);
         let data = hash(b"hello, world");
         let zero = Sha256Hash::default();
-        let event0 = Event::Transaction(Transfer {
+        let event0 = Event::Transaction(Transaction {
             from: get_pubkey(&keypair0),
             to: get_pubkey(&thief_keypair), // <-- attack!
             data: hash(b"goodbye cruel world"),