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Terminology

This article lists the most common terms used in the app, along with their definitions, and explains how they apply in the app's context. It also covers terms related to the business area the app is associated with.

App terminology​

Coinsflow platform​

Coinsflow platform is the main solution that allows merchants to receive cryptocurrency from their end users.

Merchant​

Merchant is a person or company that sells goods or services. A Merchant is a client of Coinsflow and an entity within the Coinsflow platform that has one or several projects/websites.

End-user​

End-user is a person that is a merchant’s client and has a need to either transfer money to the merchant for the goods or services, or receives a payout from the merchant.

Merchant’s user​

Merchant’s user is a merchant’s employee that interacts with the Coinsflow platform in order to set it up, configure, or receive information on the merchant's integration.

Coinsflow user​

Coinsflow user is a Coinsflow employee that has access to the internal interfaces (like a member of the support team).

Coinsflow Pay​

Coinsflow Pay allows you as a merchant to transfer funds between projects inside Coinsflow platform, which means that the merchant can move funds between its own different projects or to make a payment to a partner that also has a Coinsflow account. This process is quicker and cheaper since the transfers are made inside Coinsflow.

Merchant’s portal​

Merchant’s portal is a web interface where merchant’s employees can get information on the Coinsflow integration such as balances, available assets, and the list of operations, as well as request funds settlement.

Administrative panel (Admin)​

Administrative panel (or Admin) is the web interface for the internal Coinsflow use where team members configure the platform, set up the merchant's details, and receive the operational data.

Operations​

The Coinsflow platform is used to move funds between different parties. Operations are created to set a task to move these funds. All of the operations are merchant specific and have several mandatory fields (network, amount, address and a timeframe, for example).

Deposit​

Deposit is the operation that refers to a one-time transfer of funds that results in the top-up of the account (most commonly from end-user to merchant).

Exchange​

Exchange is the operation that refers to a conversion of assets between the merchant’s accounts.

Operation status​

All operations have an external and internal status. External status is the one that is visible to merchants.

To know more about the available statuses, click here.

Project​

Project is an entity within merchant, usually a separate website, that requires a separate setup. It is part of 1 legal entity or group of companies but it has a separate role based access model, and separate balances.

API​

API (Application programming interface) is a way of frontend and backend to communicate. While separating the frontend from the backend, that allows the development of one component without impacting the other, it also allows users to bypass the frontend and perform operations on the backend directly via the API.

Payment terminal​

Payment terminal is a service where the required information for operations to be executed is displayed as a web page or embedded into your website as an i-frame. The data required for the operation is available for the user as a QR-code, with the currency and deposit amount (if the amount was determined).

Payment link is a generated URL that contains all the required information for an operation to be made. This operation link is generated on the app or via API, based on the inserted information, and it can be used only once for a specific operation process.

Deposit​

Deposit is the operation of receiving funds in your account, without the targeted amount.

To know more about the available statuses, click here.

Order​

Orders are more complex versions of the Payment link since they involve sub-operations. The sub-operations occur in the underpaid and overpaid scenarios. While, in a payment link, the user pays it and the payment link gets closed, no matter if the user paid more, less, or the requested amount, orders have mechanisms in place to ensure that the requested amount is met. Orders marked as underpaid or overpaid have additional operations available to fix the status.

Payout​

Payout is the transferring of money to an end-user’s account. It can be performed via API or through the separate part of the merchant’s portal. It requires no additional approval (except for big volumes).

To know more about the available statuses, click here.

Exchange​

Exchange is the conversion of an asset to another asset (cryptocurrency) between the merchant’s accounts.

To know more about the available statuses, click here.

Settlement​

Settlement is a money transfer from the merchant’s account. It can be only performed by Coinsflow user via the admin panel. These are the available statuses for a settlement operation:

  • PENDING
  • PROCESSING
  • SUCCESS
  • FAILED

Transactions​

Transaction is the process of data transmission across the network of computers in a blockchain system. From a user point-of-view, a transaction occurs when one person gives a designated amount of cryptocurrency they own to another person.

Callback​

Callback is a server response that happens when an event is triggered. This way the system executes something when a specific event occurs. The events that trigger callbacks are ´Deposit´, ´Exchange´ , and ´Payout´.

To know more about our callbacks, click here.

Callback url​

Callback url is an url path to where the response is directed to. For each event a callback url is required.

Callback attempt​

Callback attempt is an attempt to deliver a callback response. If the callback (response) fails to be delivered, the system retries to deliver it for the configured amount of times.

Business terminology​

Blockchain​

Blockchain is a way of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It consists of 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. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).

Cryptocurrency​

Cryptocurrency is a digital or virtual currency that is secured by cryptography. This makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Cryptocurrency token​

Cryptocurrency token is a virtual currency token or a denomination of a cryptocurrency. It represents a tradable asset or utility that resides on its own blockchain and allows the holder to use it for investment or economic purposes.

Tokens and assets​

Cryptocurrencies are the native asset of a specific blockchain protocol. Tokens are created by platforms that build on top of those blockchains. The key differentiation between the 2 classes of digital asset is that cryptocurrencies are the native asset of a blockchain (like BTC or ETH) and tokens are created as part of a platform that is built on an existing blockchain.

Cryptocurrency custody​

Cryptocurrency custody is an independent storage and security system (by third party providers) used to hold large quantities of tokens. Their services are mainly aimed at institutional investors, such as hedge funds, who hold large amounts of bitcoin or other cryptocurrencies. The solutions generally incorporate a combination of hot storage, or crypto custody with connection to the Internet, and cold storage, or crypto custody that is disconnected from the Internet.

Cryptocurrency address​

Cryptocurrency address is an application that functions as an address for your cryptocurrency. It is called an address because it is used similarly to a mailbox where you put items in. Instead of holding these physical items, it stores the passkeys you use to sign for your cryptocurrency transactions and provides the interface that lets you access your crypto. Cryptocurrency addresses store users public and private keys while providing an easy-to-use interface to manage crypto balances. They also support cryptocurrency transfers through the blockchain.

Network fee​

Network fee (also known as "Gas Fee") is a certain amount of cryptocurrency you need to pay to complete a transaction on a blockchain. This amount is given to the Blockchain Validators, with different Networks utilizing different Network Fee structures, from "Proof of Work", "Proof of Stake", and others, all commonly referred to as "consensus mechanisms".

Network fees are, in general, dynamic depending on many factors such as the Blockchain in question (BTC, ETH, TRX, etc.), supply & demand, congestion, and more.

Dedicated addresses​

Dedicated addresses are addresses connected to your balances forever (instead of addresses that are leased temporarily and can be associated with another merchant later on).

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