Switchain Services

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Domain Glossary ​

This glossary defines the ubiquitous language used throughout the Switchain Services project. It ensures that all team members, from developers to business stakeholders, share a common understanding of the domain concepts.

Core Concepts ​

Wallet ​

A digital container that stores cryptographic keys used to manage cryptocurrency assets. In Switchain, wallets are associated with specific blockchain networks and can hold multiple addresses.

Address ​

A unique identifier on a blockchain network that represents a destination for sending cryptocurrency. Each address is derived from a public key and has a specific format depending on the blockchain.

Transaction ​

An operation that transfers cryptocurrency from one address to another. Transactions are recorded on the blockchain and require confirmation by the network.

Exchange ​

The process of converting one cryptocurrency to another at a specific rate. Exchanges in Switchain involve multiple transactions across different blockchain networks.

Rate ​

The conversion ratio between two cryptocurrencies at a specific point in time. Rates are used to calculate the amount of cryptocurrency to be received in an exchange.

Wallet Domain ​

Wallet Type ​

Defines the blockchain network associated with a wallet (e.g., Bitcoin, Ethereum, Tron, Solana).

Wallet Status ​

Represents the current state of a wallet:

  • Active: Wallet is operational and can be used for transactions
  • Inactive: Wallet is not currently available for use
  • Locked: Wallet is temporarily restricted from performing operations

Seed Phrase ​

A sequence of words that can be used to derive all the private keys for a wallet. Also known as a mnemonic phrase or recovery phrase.

Private Key ​

A cryptographic key that allows access to cryptocurrency funds. Private keys must be kept secure and are never exposed through APIs.

Public Key ​

A cryptographic key derived from a private key that is used to generate addresses. Public keys can be shared without compromising security.

Transaction Domain ​

Transaction Status ​

Represents the current state of a transaction:

  • Pending: Transaction has been submitted but not yet confirmed
  • Confirming: Transaction has been included in a block but needs more confirmations
  • Confirmed: Transaction has received enough confirmations to be considered final
  • Failed: Transaction was rejected by the network or failed for other reasons

Confirmation ​

Verification of a transaction by the blockchain network. The number of confirmations indicates how many blocks have been added to the blockchain since the transaction was included.

Transaction Fee ​

The cost paid to the blockchain network for processing a transaction. Also known as gas fee in some networks like Ethereum.

UTXO ​

Unspent Transaction Output. A concept in Bitcoin and similar blockchains representing the outputs of previous transactions that can be used as inputs for new transactions.

Exchange Domain ​

Exchange Rate ​

The price at which one cryptocurrency can be exchanged for another. Exchange rates fluctuate based on market conditions.

Spread ​

The difference between the market rate and the rate offered to users. The spread is part of Switchain's business model.

Slippage ​

The difference between the expected price of a trade and the price at which the trade is executed. Slippage can occur due to market volatility.

Liquidity ​

The availability of cryptocurrency for trading. High liquidity means that large amounts can be exchanged without significantly affecting the price.

User Domain ​

Customer ​

An end user who uses Switchain to exchange cryptocurrencies.

Administrator ​

A system user with elevated privileges who can manage the platform.

KYC ​

Know Your Customer. The process of verifying the identity of users to comply with regulatory requirements.

System Domain ​

Queue ​

A data structure used to manage background jobs. Queues in Switchain are implemented using BullMQ and Redis.

Worker ​

A process that executes background jobs from a queue. Workers handle tasks that don't need to be performed synchronously.

API ​

Application Programming Interface. A set of rules that allow different software applications to communicate with each other.

Webhook ​

A mechanism for notifying external systems about events that occur within Switchain. Webhooks send HTTP requests to configured endpoints when specific events happen.