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Proof of Work (PoW) A succinct definition of Proof of Work (PoW) Proof of Work (PoW)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPROOF OF WORK (POW)Copy linkShare on TwitterShare on FacebookShare on LinkedinProof of Work (PoW)The Proof of Work (PoW) consensus mechanism is a method of validating transactions, which requires miners to solve complex mathematical problems to add new blocks to the blockchain. Used by Bitcoin and many other public blockchains, PoW — the original …
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Non-Custodial Wallet A succinct definition of Non-Custodial Wallet Non-Custodial WalletLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYNON-CUSTODIAL WALLETCopy linkShare on TwitterShare on FacebookShare on LinkedinNon-Custodial WalletA non-custodial wallet, also known as a self-custody wallet, is a digital wallet that allows individuals to securely store and manage their digital assets without relying on a third-party custodian. It promotes financial autonomy and privacy, offeri…
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Hot Wallet A succinct definition of Hot Wallet Hot WalletLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYHOT WALLETCopy linkShare on TwitterShare on FacebookShare on LinkedinHot WalletHot wallets are connected to the internet, meaning that funds stored in hot wallets are more accessible. However, because of this connection, they are also susceptible to malicious attacks. Examples of hot wallets include web-based wallets, mobile wallets, and desktop wallets. Hot wallets work as …
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Open-Source Blockchain A succinct definition of Open-Source Blockchain Open-Source BlockchainLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYOPEN-SOURCE BLOCKCHAINCopy linkShare on TwitterShare on FacebookShare on LinkedinOpen-Source BlockchainAn open-source blockchain refers to a blockchain network or protocol whose source code is made publicly available, allowing anyone to freely view, modify, and distribute the code. Open-source blockchain projects offer several key benefits…
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Passkey A succinct definition of Passkey PasskeyLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPASSKEYCopy linkShare on TwitterShare on FacebookShare on LinkedinPasskeyA passkey refers to a password or private key used to access a cryptocurrency wallet, sign transactions, or interact with blockchain-based applications. Using cryptography, passkeys provide a safer alternative to traditional passwords by eliminating the need to memorise them, as well as adding phishing resistance…
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Seed Phrase A succinct definition of Seed Phrase Seed PhraseLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSEED PHRASECopy linkShare on TwitterShare on FacebookShare on LinkedinSeed PhraseA seed phrase, or a recovery phrase, is a series of 12 to 24 randomised words used to unlock a cryptocurrency wallet and its private keys. This string of words is typically generated by a crypto wallet’s software and derived from its private keys, serving as a master password for the digital…
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Politically Exposed Person (PEP) A succinct definition of Politically Exposed Person (PEP) Politically Exposed Person (PEP)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPOLITICALLY EXPOSED PERSON (PEP)Copy linkShare on TwitterShare on FacebookShare on LinkedinPolitically Exposed Person (PEP)PEP typically stands for ‘Politically Exposed Person’, which refers to individuals who are or have been entrusted with prominent public functions, such as government officials, senior e…
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Decentralised Applications (Dapps) A succinct definition of Decentralised Applications (Dapps) Decentralised Applications (Dapps)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDECENTRALISED APPLICATIONS (DAPPS)Copy linkShare on TwitterShare on FacebookShare on LinkedinDecentralised Applications (Dapps)Visually, decentralised applications (dapps) are like normal apps; they offer similar functions and look the same. However, dapps are applications or programmes that operate on a …
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Application Programming Interface (API) A succinct definition of Application Programming Interface (API) Application Programming Interface (API)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYAPPLICATION PROGRAMMING INTERFACE (API)Copy linkShare on TwitterShare on FacebookShare on LinkedinApplication Programming Interface (API)Similar to a contract, an Application Programming Interface (API) aids the communication between software applications. For example, Party A can send a re…
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Zero-Knowledge Proof A succinct definition of Zero-Knowledge Proof Zero-Knowledge ProofLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYZERO-KNOWLEDGE PROOFCopy linkShare on TwitterShare on FacebookShare on LinkedinZero-Knowledge ProofA Zero-Knowledge (ZK) proof is a method of authentication where one user can prove the authenticity of certain information without conveying any extra information. In short, a ZK proof allows private information to be kept private during an exchange…
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