We would like our website and White Paper to be as easy to understand as possible, so we have prepared for you a short glossary of the most difficult terms from the crypto world.
AML (Anti-Money Laundering)
Laws, regulations and procedures that oblige financial institutions to monitor customer transactions and report suspicious financial activity. They aim to prevent criminals from disguising illegally obtained funds as legitimate income.
Blockchain
Distributed database shared among the nodes of a computer network. It’s a digital ledger consisting of records called blocks that store data of any kind. Blockchain plays a crucial role in maintaining the security and privacy of a record of data and generating trust without the need for a trusted third party.
Consensus Mechanism
A consensus mechanism is a fault-tolerant mechanism that helps the network reach the necessary agreement on a single data value or a single state of the network that represent transactions on the blockchain. There are two primary mechanisms: Proof of Work (PoW) and Proof of Stake (PoS).
DAO (Decentralized Autonomous Organization)
Type of community that is not governed by a central authority. Candao’s solution is even more — Decentralized Autonomous Aggregator — a place to make business contacts, share skills and much more.
DApp (Decentralized Application)
It is a computer application that works on a decentralized computing system, built on a decentralized network, that combines a smart contract and a frontend user interface.
DEX (Decentralized exchange)
Cryptocurrency exchange, which enables direct peer-to-peer cryptocurrency transactions, without an intermediary.
Ethereum
A blockchain platform with its cryptocurrency — Ether or Ethereum (ETH), and its programming language — Solidity. Ethereum is a decentralized public ledger used to verify and record transactions. The main utility of the network is the ability to create and deploy dApps on the platform, using ETH cryptocurrency as payment.
Ethereum Candao
Side chain of Ethereum blockchain.
Etherscan
A website used to view data regarding any pending or confirmed Ethereum blockchain transactions. It’s a decentralized smart contracts platform.
KPIs (Key Performance Indicators)
Set of quantifiable financial and non-financial measurements used to gauge a company’s overall long-term performance and achievements.
KYC (Know Your Customer)
A procedure of verification of user’s identity used by financial institutions to prevent financial crime, money laundering and identity theft.
Liquidity in cryptocurrency
The ability of a coin to be easily exchanged for fiat, stablecoins or other cryptocurrencies.
NFT (Non-Fungible Tokens)
Tokens that are unique and indivisible and non-interchangeable. It’s a unit of data stored on a digital ledger (blockchain).
PoS (Proof of Stake)
A blockchain consensus algorithm in blockchain technology used for approval of transactions, based on the percentage of coins held by the miner.
PoW (Proof of Work)
The original consensus algorithm in blockchain technology was used to confirm transactions and add new blocks to the chain. Requires massive energy consumption to drive computing power due to complicated cryptographic algorithms used to hash transactions and prevent double-spending.
P2P (Peer-to-Peer)
A decentralized economic model in which two equally privileged individuals interact with each other to buy, sell or produce goods and services directly, without the need of an intermediary — a third party or the use of a registered entity or company. The participants form a network of peer-to-peer nodes.
Smart Contract
Smart contracts are used to implement their rules and policies, which are coded and stored on a blockchain. They are automatically executed when predetermined terms and conditions are met. Thanks to smart contracts, there is no need for intermediaries to handle transactions.
SNL (Social Network Launchpad)
Platform with multiple uses. It has two primary goals, one is to distribute income among all parties involved, the other is to unlock personal potential through community engagement.
Web 3.0
The third generation of the Internet, also known as the Decentralized Web. It’s a global network powered by distributed ledger technology, the most common being blockchain. It permits more intelligent interactions between all its users and devices, and or processes information with near-human-like intelligence.
