Cryptocurrency Terms and Definitions
What is Delegated Proof of Stake (DPoS) in cryptocurrencies?
Delegated Proof of Stake is a consensus algorithm in which coin holders vote to choose a limited number of trusted nodes that create blocks on behalf of the entire network.
What is ECDSA (Elliptic Curve Digital Signature Algorithm) in cryptocurrencies?
ECDSA is a digital signature algorithm based on elliptic curves that allows the owner of a private key to confirm the right to dispose of coins. It is precisely what protects transactions in Bitcoin and many other networks.
What is an orphan block in a blockchain?
An orphan block is a correctly or incorrectly formed block that the network ultimately rejected and did not include in the main chain. It does not make it into the blockchain's overall transaction history.
What is KYC/AML (Know Your Customer / Anti-Money Laundering)?
KYC/AML is a set of rules under which exchanges and exchange services are obliged to identify customers and counter money laundering. Usually the procedure includes verifying identity by documents.
What is the Bitcoin Price Index (BPI)?
The Bitcoin Price Index (BPI) is an averaged indicator of the value of bitcoin, calculated from the data of several major exchanges. It helps to assess the market price without being tied to a single venue.
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