In this unit, we will discuss some key concepts to build a stronger knowledge base when using our APIs. Below are simple terms and explanations categorized into four areas: API, Compliance, Accounting and Banking, and Stablecoin and Blockchain.
| Term | Definition |
|---|
| Access Token | A temporary authorization code that allows specific actions or access to resources within the API, often used with an API Key. |
| API Key | A unique code that identifies and authenticates your application when making requests to the Kotani Pay API. |
| Fiat Wallet | A digital wallet in the Kotani Pay system for holding and managing traditional currencies used in onramping and offramping. |
| Term | Definition |
|---|
| KYC | Know Your Customer; a mandatory process of verifying users' identities to comply with financial regulations and prevent fraud. |
| Terms of Service | The legal contract between you and Kotani Pay, detailing the terms under which you can use the API and related services. |
| Term | Definition |
|---|
| Fiat | Conventional currencies issued by governments, such as USD, EUR, or JPY, used in everyday transactions. |
| Wallet Address | A unique string of characters that represents a destination for cryptocurrency transactions, similar to a bank account number. |
| Onramp Account | An account linked to services that allow users to purchase cryptocurrency using fiat currency. |
| Offramp Account | An account connected to services that enable users to sell cryptocurrency and receive fiat currency. |
| Term | Definition |
|---|
| Chain | Short for blockchain; a secure, decentralized ledger that records transactions across a network. |
| Onramp | The act or service of exchanging fiat currency for cryptocurrency. |
| Offramp | The act or service of exchanging cryptocurrency for fiat currency. |
| Stablecoin | A type of cryptocurrency whose value is pegged to a stable asset, like fiat currency, to minimize price volatility. |
