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Terms and definitions
Please read the basic terms and definitions before you start working with 0Xprocessing
- Merchant – the party that integrates 0Xprocessing to accept payments in cryptocurrency for its service and/or goods.
- Client – a customer of the Merchant who conducts a payment through 0Xprocessing on the Merchant's side.
- Network fee - comission paid by sender to network validators or miners for successful transaction in cryptocurrency.
The actual Network fee to pay will vary depending on the network type. In 0Xprocessing Network fee can be paid by Client or covered by the Merchant. By default, the Network fee is paid by Client.
Here you can see an example of the network fee variation:
If Client conducts the payment of 1000 USDT in Tron Network (TRC20), he will be billed for 1000.81 USDT (TRC20), since the network commission is around 10 TRX (~$0.8) for any transaction amount.
If Client conducts the payment of 1000 USDT in Ethereum Network (ERC20), he will be billed 1005.43 USDT(ERC20), the network commission is constantly changing and on the average about 0.00310555 ETH (~$5).
- Processing fee - commission of 0Xprocessing for each deposit to the Merchant balance. Final amount of fee depends on the Merchant's monthly turnover. There is no processing fee for withdrawals.
- Webhook (callback) - notification in JSON format sent to a specified webhook URL when a particular event occurs during the payment process. This feature allows Merchants to receive real-time updates on the statuses of their Clients payments.
- VRCS - Volatility risk control system
To avoid risks of high cryptocurrency volatility, 0Xprocessing has a feature of automatic conversion to stablecoins. With VRCS feature enabled, funds received from Client are automatically converted into one of the stablecoins supported by 0Xprocessing.
- Stablecoin - token with market price tied to another stable asset. Unlike other cryptocurrencies, stablecoin is backed by certain fiat currencies or actives that can be traded on exchanges (USD, EUR, JPY and others). The most popular stablecoins are USDT, DAI, USDC, TUSD.
- 0Xprocessing vault - system of secure hot wallets for storage of merchants balances.
- KYC\KYB- Know Your Customer\Business - Know Your Client\Business - identification process for merchants and their customers.
- Destination Tag optional parameter used for sending the transaction in several cryptocurrencies like XRP. Due to network specifics XRP sender wallet address is the same for all clients, the only way to identify the sender is the Destination tag. Payments without this identifier will be considered as unpaid and merchant will receive a callback with "Canceled" payment status.
- Transaction hash unique identifier for a particular blockchain transaction which helps to check the transaction status. Transaction hash usually looks like a random set of letters and/or numbers.
- Static wallet intersystem wallet with a permanent address that does not change after each deposit.
- Web3 wallet - non-custodial wallet for storage of cryptocurrency, NFTs or other digital assets. Web3 wallets usually have a user-friendly interface that allows to smoothly interact with decentralized applications (dApps) on various blockchains. Most popular web3 wallets are Metamask and Trustwallet.
- Fiat money is legal currency of any state. USD, EUR, CNY, JPY and others.
- Wallet address - randomly generated set of numbers and letters that represent a type of unique number, similar to a bank account number. It usually consists of 26-35 alphanumeric characters.
- System wallet unique 0Xprocessing wallet used for receiving deposits from merchant's clients. It is used for determination of the payment validity. After validity is successfully determined, payment amount is sent to the 0Xprocessing vault and credited to the merchant's balance.
- Native Currency Network- main token of the blockchain used to pay Network fee, e.g. BNB within the BNB chain or ETH within the Ethereum network.
- A token is form of crypto asset created with a smart contract on a particular network. Each token has its own standard (protocol) belonging to the network in which was created.