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Gas Limit and Gas Price

When you send an Ethereum transaction, you specify your gas price, typically denominated in Gwei, and a gas limit. The gas price you set determines how much you’re willing to pay per unit of gas. Whereas, the gas limit determines…

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Gossip Protocol

Gossip protocol refers to a type of peer-to-peer (P2P) communication between computers and digital devices in a decentralized network. As decentralized networks do not have a centralized register of all members of the network, gossip protocol ensures information is disseminated…

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Wallet Hosted

Hosted Wallet

A Hosted wallet is an online service where a user’s bitcoins are stored, and they can send and receive bitcoins from this service. Coinbase, Bitflyer, and Mt Gox are examples of hosted wallets. In their Interpretive Letter #1172, the Office…

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Know Your Customer (KYC)

The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The term can also refer to the bank…

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Mixers, Tumblers, Foggers

Mixers, Tumblers, Foggers

Mixing Service: Mixer, Tumbler, Fogger: A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, with the intention of confusing the trail back to the fund’s original source. Tumblers…

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Money Service Business (MSB)

In 2011, FinCEN issued a final rule that defined a money services business (MSB) as the following: a person doing business, whether or not on a regular basis or as an organized or licensed business; the business is wholly or…

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Multi-input

Multi-Input

Multi-input is a way of associating multiple addresses with a single individual or entity. This can help to group addresses into what is often called a “wallet address”. The way this works is that if many bitcoin addresses are used…

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Node

A node, in the world of digital currency, is a computer that connects to a cryptocurrency network. The node or computer supports the network. It supports it through validation and relaying transactions. At the same time, it also gets a…

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P2P Exchange

A Peer-to-Peer (P2P) exchange acts like a match-maker or auction service, matching the buyer and seller instead of initiating the trade right away. The matching is done on the basis of the price and what type of payment is accepted…

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Proof of Stake

What is proof of stake in blockchain technology? The proof of stake consensus model was proposed in 2012 in response to the substantial amount of electricity and energy required to mine a single block under the proof of work model.…

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