Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.
AML is the abbreviation for ‘anti-money laundering’. AML stands for policy and legislation on money laundering. This prevents illegally acquired funds from being converted into a legal variant. Within the crypto world, it is no longer unusual for AML techniques to be used by exchanges and wallets. This term is often used as AML/KYC, where KYC stands for ‘Know your customer’.
DAO is an abbreviation of ‘Decentralised Autonomous Organization’. This is basically an organisation that runs automatically on itself without any human interventions. The work is automatically excecuted through Smart contracts.
With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.
A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.
An altcoin is any cryptocurrency or token created after the Bitcoin was developed.
