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Enhanced Due Diligence

Enhanced Due Diligence is a KYC process of carrying out further due diligence on customers that may be seen to be more high risk to mitigate regulatory issues (i.e. Politically Exposed Persons, Sanctioned entities, or other high risk individuals). 

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ERC-20

What is ERC-20? Tokens are a subset of Distributed Ledger Technology (DLT) Layer 2 Digital Assets, built on top of an existing blockchain system. “Ethereum Request for Comments 20,” more commonly known as ERC-20 tokens, are a subset of Tokens and represent a a technical standard used to implement smart contracts that create the API…

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ERC-20 Tokens

What are ERC-20 tokens? ERC-20 tokens are a subset of Distributed Ledger Technology (DLT) Layer 2 (L2) Digital Assets, built on top of an existing blockchain system, usually through smart contract technology, . “Ethereum Request for Comments 20,” more commonly known as ERC-20 tokens, are a subset of Tokens and represent a a technical standard…

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Ether (ETH)

How is ether (ETH) different from bitcoin (BTC)? When launching the sale of Ethereum’s native cryptocurrency, ether (ETH), co-founder Vitalik Buterin stated, “Ether is a product, NOT a security or investment offering. Ether is for paying transaction fees or building or purchasing decentralized application services on the Ethereum platform…” Ether (ETH), is the native cryptocurrency…

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Ethereum (blockchain)

What is Ethereum? Launched in July of 2015, Ethereum is one of the world’s leading programmable blockchains with two basic functions: a blockchain that can record transactions, and a virtual machine that can produce smart contracts. This programmability allows developers to build decentralized applications (DApps) off its smart contract technology, unlike Bitcoin, which can only…

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Ethereum 2.0 (Serenity)

What is Ethereum 2.0? When asked about the future of Ethereum, co-founder Vitalik Buterin stated, “scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction…

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Ethereum Classic (ETC)

What’s the difference between Ethereum (ETH) and Ethereum Classic (ETC)? In 2016, hackers exploited a flaw in the smart contract code of the DAO—a decentralized autonomous organization built on the Ethereum blockchain, resulting in the theft valued at the time at about$50 million worth of ether collected from the sale of the DAO’s tokens. To…

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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 how many units of gas you’re willing to pay for. You can think of your…

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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 between all network members by nodes passing information to their neighbors. The protocol ensures data…

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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 of the Comptroller of the Currency (OCC) defines a hosted wallet as “an account-based software…

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