The legal process of a business identifying and verifying the identity of its clients. KYC requirements vary from jurisdiction to jurisdiction.
42. Liquidity
The ease of converting an asset (or, in this case, cryptocurrency) to cash (fiat).
43. Mainnet
The production version of a blockchain.
44. Merkle Tree/Hash Tree
In cryptography, a Merkle or hash tree is a tree in which every leaf node is labelled with the hash of a data block, and every non-leaf node is labelled with the cryptographic hash of the labels of its child nodes.
45. Mining
In a public blockchain, the process of verifying a transaction and writing it to the blockchain for which the successful miner is rewarded in the cryptocurrency of the blockchain.
46. Node
A computer that holds a copy of the blockchain ledger.
47. Non-Fungible
The property is an item of not being exchangeable with other like items.
48. Off-chain
Data stored external to the blockchain.
49. On-chain
Data stored within the blockchain.
50. Open Source
Software products that include permission to use, enhance, reuse or modify the source code, design documents, or content of the product.
51. Oracle
An application that connects blockchain applications to legacy applications.
52. Peer-to-Peer (P2P)
A direct connection between two participants in a system – can be computer to computer or person to person.
53. Provenance
The entire history of a product during its lifecycle including its chain of custody and all documentation of value added services and activities which were used to produce that product or service.
54. Public/Private Key
A public key is a unique string of characters derived from a private key which is used to encrypt a message or data. The private key is used to decrypt the message or data.
55. Satoshi Nakamoto
The name used by the person or entity who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.
56. Seed Phrase
A random sequence of words which can be used to restore a lost wallet.
57. Sharding
A type of database partitioning that separates very large databases into smaller, faster, more easily managed parts called data shards.
58. Sidechain
A discrete blockchain that is linked to a main blockchain via two-way pegs which enable assets to be interchanged between the main blockchain and the sidechain.
59. Smart Contract
Self-executing computer code deployed on a blockchain to perform a function, often, but not always, the exchange of value between a buyer and a seller.
60. Solidity
A JavaScript-like object-oriented programming language for Ethereum for implementing smart contracts on the Ethereum blockchain.
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