Glossary

Definitions

Explaining of terms used in this documentation.

VV

• Stands for VerifyVASP.

• A service provider of the Travel Rules service.

VASP

• Virtual Asset Service Provider

• ex. Cryptocurrency exchanges or cryptocurrency custodies

Verification

• A verification process performed before sending virtual assets to satisfy Travel Rules

• Generally, verification is a process where the originator information is sent to the beneficiary VASP, the beneficiary VASP verifies the beneficiary information entered by the originator and delivers the results.

Originator

• A person who wishes to send virtual assets

• A person who requested withdrawal from VASP

Beneficiary

• A person who receives virtual assets

Originating VASP

• The VASP to which an originator belongs

• aka. ordering VASP

Beneficiary VASP

• The VASP to which a beneficiary belongs

VV Central Server

• A communication mediating server operated by VerifyVASP

• Every verification request performed through VerifyVASP is mediated to each VASP via VV Central Server.

Enclave Server

• A server module to be installed in each VASP infrastructure

• A backend server module to ease VV connection. Provided by VerifyVASP.

• Vicariously proceeds detailed performances communicating with VV Central Server

Sanction Screening

• A process of pre-verification to check whether a certain user or wallet address is on the sanction list.

Risk Assessment

• It includes both pre-validation and post-validation, and uses information such as blockchain addresses, transactions, individuals, and entities for sending and receiving to assess the risk of a given transaction.

• We typically use solutions from 3rd party vendors who have a lot of transaction data and fraud history data to assess risk.

Alliance

• VASPs registered in VerifyVASP

TxHash

• ID value which can identify the transaction in the blockchain after the virtual asset was performed in the actual blockchain

Vout

• In cases where multiple transfers can be included in a single transaction, such as Bitcoin, an index value indicating which transfer corresponds to within a single transaction