Crypto glossary
Short definitions of the terms used across the site and the app.
- Arbitrum
- An Ethereum layer-2 network with generally lower fees. Arbitrum Sepolia is its test network.
- Atomic swap
- A trade between two cryptocurrencies on different chains where either both transfers complete or neither does, with no intermediary.
- Confirmation
- Each block added after the one containing your transaction. More confirmations mean more certainty it will not be reversed.
- Custody
- Control over someone else's funds. On MoneroP2P nobody has custody: a contract and split keys replace the custodian.
- DLEQ
- Discrete log equality proof. It shows the same secret key is behind a Monero key (ed25519) and an Ethereum key (secp256k1) without revealing it.
- Escrow
- A deposit held in guarantee. On MoneroP2P it is a separate contract per swap that holds the USDT.
- Gas
- A fee paid in the network's coin (for example ETH) to run transactions and contracts.
- Layer 2 (L2)
- A network built on another (such as Ethereum) to process cheaper, faster transactions while inheriting part of its security.
- Maker
- Someone who offers XMR for USDT and runs a program that answers swaps automatically.
- Monero (XMR)
- A cryptocurrency that hides by default the sender, receiver and amount of every transaction.
- Permit (EIP-2612)
- A signed authorization that lets a contract move your tokens without a separate approval transaction.
- Recovery file
- A password-encrypted file holding your half of an MoneroP2P swap key. It lets you resume, claim the XMR or refund.
- Refund
- The action by which the taker recovers their USDT from the contract, before t0 without having confirmed, or from t1.
- Seed
- A list of words that restores a wallet. Whoever has it controls the funds.
- setReady
- The taker's confirmation in the contract that the XMR is correctly locked; from then on the maker can claim.
- Smart contract
- A program living on a blockchain that runs under public rules nobody can change after deployment.
- Stagenet
- Monero's test network that mimics the main network. Its XMR has no value.
- t0 and t1
- The two deadlines of the MoneroP2P contract: before t0 the taker confirms or refunds; from t1 they can refund if the maker did not claim.
- Taker
- Whoever takes an offer: on MoneroP2P, the user who has USDT and wants XMR.
- Testnet
- A test network where tokens have no real value.
- TRC-20 / ERC-20
- Token standards on Tron and Ethereum. USDT exists on both networks, which are not compatible with each other.
- USDT
- Tether's stablecoin that aims to be worth one US dollar. It exists on several networks and its issuer can freeze addresses.
- View key
- A Monero key that shows payments received by an address without being able to spend them.
- Wallet
- A program that stores your keys and lets you send and receive cryptocurrencies.