Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Anti-Money Laundering

AML is the abbreviation for ‘anti-money laundering’. AML stands for policy and legislation on money laundering. This prevents illegally acquired funds from being converted into a legal variant. Within the crypto world, it is no longer unusual for AML techniques to be used by exchanges and wallets. This term is often used as AML/KYC, where KYC stands for 'Know your customer'.

Other Important Terms

Mnemonic Phrase

Mnemonic phrase – also known as mnemonic seed, mnemonic phrase, mnemonic recovery phrase and seed phrase. An order sensitive combination of words that contains all the information necessary for restoring a cryptocurrency wallet. For example, circus collapse practice feed trap open despair creek road long ice least is a seed phrase.

Atomic swap

Atomic swap - A smart contract technology that allows to exchange one cryptocurrency for another without using centralized intermediaries. The technology is being used by the DEXes.

Decentralized Autonomous Organizations

DAO is an abbreviation of 'Decentralised Autonomous Organization'. This is basically an organisation that runs automatically on itself without any human interventions. The work is automatically excecuted through Smart contracts.

Metaverse

Metaverse is a digital world. It is a virtual reality and digital representation of the real world, where users can interact, play games and experience things or activities as they would in the real world. In the metaverse, cryptocurrencies serves as means of conducting transactions.

Block Header

Block header – a unique alphanumeric string used to identify a particular block on an entire blockchain. It is necessary for miners to be able to carry out PoW. For example, 0100000095 00c43a25c6 24520b5100 adf82cb9f9 da72fd2447 a496bc600b 0000000000 006cd86237 0395dedf1d a2841ccda0 fc489e3039 de5f1ccdde f0e834991a 65600ea6c8 cb4db3936a 1ae3143991 is a block header.

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