Glossary
Definitions
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
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