Terms and definitions
Coin - A type of digital currency that is typically native to its own blockchain, like Bitcoin on the Bitcoin blockchain or Ether on the Ethereum network. Coins are often used as a medium of exchange, store of value, or unit of account within their respective blockchain networks.
Token - Tokens are digital assets created on existing blockchains. Unlike coins, they do not have their own blockchain but reside on top of another blockchain, like ERC-20 tokens on the Ethereum network. They can represent various assets or utilities and are often used in decentralized applications (dApps).
Cryptocurrency - A broad term that encompasses digital or virtual currencies that use cryptography for security. Cryptocurrencies are decentralized and typically based on blockchain technology. Both coins and tokens are types of cryptocurrencies.
Chain - Often referred to as a blockchain, it's a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger.
Client – a customer of the Merchant In this context, a client is someone who conducts a payment through a specific processing service on the merchant's side. The client is the end user or consumer in the payment process.
Processing Fee: This is the commission charged by RPAY.IO for each deposit and withdrawals made to a client's balance or from a client balance. It's a service fee for handling the transaction.
Webhook (callback) - A webhook, in the context of online payments, is a way for an app to provide other applications with real-time information. A webhook delivers data to other applications as it happens, meaning you get data immediately. In this case, it's a notification in JSON format sent to a specified URL when a particular event occurs during the payment process, allowing merchants to receive updates on client payments.
Stablecoin - A type of cryptocurrency that is designed to have a stable value as compared to other cryptocurrencies. The value of a stablecoin is tied to a more stable asset, like fiat currencies (USD, EUR, JPY, etc.) or other assets. Examples include USDT, DAI, USDC, TUSD. They are often used to mitigate the volatility typically associated with cryptocurrencies.
Fiat Money - This is government-issued currency that is not backed by a physical commodity, like gold or silver, but rather by the government that issued it. Examples include the US Dollar (USD), Euro (EUR), Chinese Yuan (CNY), and Japanese Yen (JPY).
Wallet Address - A unique string of numbers and letters (26-35 alphanumeric characters) that represents a destination for a cryptocurrency payment. Similar to a bank account number, a wallet address is used to receive and send funds in the network.
Native Currency Network -Refers to the main token or coin of a particular blockchain network, which is used to pay network fees and participate in network operations. Examples include BNB for the BNB Chain or ETH for the Ethereum network. These native currencies are integral to their respective blockchain ecosystems.
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