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Blockchain Terms

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Stablecoin

A stablecoin is a type of cryptocurrency that is pegged to real-world fiat currencies (e.g., USD, EUR) or other assets (e.g., gold). Its purpose is to maintain a relatively stable value through this pegging mechanism, avoiding the extreme price volatility commonly seen in traditional cryptocurrencies like Bitcoin and Ethereum.

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Contract Address

A contract address is a unique address generated when a smart contract is deployed on the blockchain. It identifies the contract and allows interaction with it. Smart contracts are self-executing programs that define rules and operations executed automatically when specific conditions are met. Typically, a token represents a smart contract deployed on the blockchain, which has a corresponding contract address.

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Block Confirmations

Block confirmations refer to the number of blocks added to the blockchain after a transaction has been included in a block. Each new block further verifies all prior transactions, reducing the likelihood of tampering. On the Bitcoin network, at least six confirmations are generally recommended to ensure the transaction’s irreversibility. Different blockchain networks have varying confirmation requirements depending on their security standards.

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Pending Confirmation

Pending confirmation indicates that a transaction has been included in a block but has not yet reached the required number of block confirmations. In blockchain networks, once a transaction is included in a block, it awaits the addition of a specific number of subsequent blocks to ensure finality. Each new block increases the confirmation count. While in this state, the transaction is acknowledged by the network but is not yet secure. More confirmations reduce the risk of tampering.

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Pending Inclusion

Pending inclusion means that a transaction has been broadcast to the blockchain network but has not yet been added to a block. The transaction is waiting for miners or nodes to include it in the next block. Miners typically prioritize transactions with higher fees, so transactions with lower fees may experience longer wait times during periods of high network congestion.

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Network Fee

Also known as miner fee or gas fee, the network fee is the cost of submitting a transaction to the blockchain network. These fees are paid to miners or validator nodes to incentivize them to verify and include the transaction in a block. The fee amount depends on the transaction’s complexity, the level of network congestion, and the computational resources required. Higher fees can speed up transaction confirmation, as miners prioritize transactions with higher fees.

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Operational Terms

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Internal Transfer

An internal transfer refers to a transfer between users within the platform. In this case, funds move only within the platform’s internal accounts without involving on-chain transactions. Internal transfers are nearly instantaneous and do not incur fees.

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External Transfer

An external transfer refers to withdrawing funds from the platform to an external blockchain address. This type of transfer requires processing on the blockchain network, including transaction inclusion and block confirmations. As a result, it is more time-consuming and may incur higher blockchain network fees (e.g., gas fees). External transfers move funds out of the platform to the user’s blockchain address.

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Fund Transfer

Fund transfer refers to moving funds between a user’s multiple accounts within the platform. Similar to internal transfers, fund transfers do not involve external blockchain transactions. The funds move only between the user’s wallets or accounts on the platform, making the process fast and fee-free. This is typically used for reallocating funds within the same user’s accounts.

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2FA (Two-Factor Authentication)

Two-factor authentication (2FA) is an additional layer of security for your account. It requires entering a unique, time-limited code in addition to your credentials when performing critical operations. We strongly recommend enabling 2FA for all users and team members as an essential measure to protect your financial security. Google Authenticator is recommended as a reliable option.