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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":435,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Lambo?","slug":"what-is-lambo","section":"L","keyword":"Lambo","status":"published","definition":"a shortened way of calling Lamborghini, which became a stereotypical aspiration of many crypto enthusiasts.","content":"<p><strong>Lambo</strong> is a shortened version of <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/
Lamborghini/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Lamborghini</strong></a>, an exotic and expensive car that became a stereotypical aspiration of many <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">
crypto enthusiasts. Lamborghinis typically cost at least $200.000. If a crypto enthusiast manages to capitalize on <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">
Bitcoin’s market movements to the extent that he can buy this car, <strong>it becomes a symbol of success</strong>. <em>Some wealthy crypto traders even bought a Lamborghini only as a symbolic gesture.</em></p>\n<p>This term was especially common in crypto forums in the early days when instead of asking <em>“When are the prices going up?”</em> people asked, “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-does-when-lambo-mean/">
When Lambo</strong></a>?”. Therefore, when cryptocurrency prices are about to go up and the crypto holder is about to be <strong>able to purchase a Lamborghini</strong>, or in other words become rich, people often joke around saying “When Lambo?”.</p>","level":"easy","meta_title":"What is Lambo? Definition & Meaning | Crypto Wiki","meta_description":"Lambo meaning: Lambo - a shortened way of calling Lamborghini, which became a stereotypical aspiration of many crypto enthusiasts.","meta_keywords":null,"language":"en","created_at":"2022-03-18T13:35:38.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-lambo"},"prevSection":{"id":448,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Know Your Customer (KYC)?","slug":"what-is-know-your-customer-kyc","section":"K","keyword":"Know Your Customer (KYC)","status":"published","definition":"a regulation for financial institutions to do specific identification and background checks on their clients before allowing them to use the platform's services.","content":"<p>Know your customer (KYC) is a very essential tool in <strong>preventing terrorism financing and money laundering</strong>.</p>\n<p>The policies of KYC have become more popular and essential in the world of finance as a way of ensuring that no money laundering actions will take place. Besides, the policies provide financial organizations protection to guarantee that their activities are done in a legal manner. KYC is a regular technique in the investing business to be sure that advisers have precise customer data, and this goes outside crypto exchanges.</p>\n<p>These factors might involve a customer's investment expertise, risk tolerance, private information, and financial situation. <strong>From a crypto standpoint, this generally entails demanding picture identification, such as a passport or driver's license.</strong></p>\n<p>Furthermore, credit businesses, banks, and insurance organizations often undertake KYC and ask consumers to supply all essential data. This is done to verify that consumers are not involved in corruption or fraud.</p>\n<h3>Is it Possible to Buy Crypto Without KYC?</h3>\n<p><strong>It is feasible to acquire cryptocurrency without KYC</strong>, but the user must first locate an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">exchange or cryptocurrency <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer platform that does not have these restrictions.</p>\n<p>Although most crypto exchanges and services must adhere to the KYC and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-anti-money-laundering-aml/">AML requirements of the nation in which they are located or registered, it is possible to discover services that do not come under KYC requirements in the decentralized cryptocurrency ecosystem.</p>\n<p>However, keep in mind that choosing a platform, which does not require KYC indicates that the service may not be supervised by any regulatory authority. Even though this may be a positive idea, it could also be a terrible one if the service has malicious intent.</p>\n<h3>Steps of the KYC Process</h3>\n<p>To start, KYC processes typically gather fundamental information about the customers, and this process is referred to as <strong>electronic identity verification</strong>. It includes details like the user’s name, account number, birthday, and social security details.</p>\n<p>This can all be very important when trying to catch any financial crime or manipulation.</p>\n<p>After getting this particular data, organizations typically <strong>take a look at a database of people convicted of corruption to see whether any clients are similar</strong>. Besides, usually, the data is compared against a list of sanctions or a list of politically revealed individuals.</p>\n<p>After getting that out of the way, companies may determine the amount of threat involved in their customer trying any illegal action.</p>","level":"medium","meta_title":"What is Know Your Customer (KYC)? Definition & Meaning | Crypto Wiki","meta_description":"Know Your Customer (KYC) meaning: Know Your Customer (KYC) - is a regulation for financial institutions to do specific identification and background checks on their clients before allowing them to use the platform's services.","meta_keywords":null,"language":"en","created_at":"2022-03-21T06:46:22.000000Z","updated_at":"2022-10-14T07:08:31.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-know-your-customer-kyc"},"currentChapter":"K","currentSection":"what-is-keccak","chapterTitle":"K","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-keccak","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter K
What is Keccak?
Keccak MEANING:
Keccak -
can also be referred to as SHA-3 is a cryptographic algorithm.
Let's find out Keccak meaning, definition in crypto,
what is Keccak,
and all other detailed facts.
Keccak is a cryptographic mechanism that was created by Gilles Van Assche, Guido Bertoni, Joan Daemen, and Michael Peeters. It offers the best and most upgraded security compared to how it was with older SHA-1 and SHA-2 hash functions. However, the algorithm is used for other functions as well.
2007 was approximately the year when the Keccak function started to be created. It took place after NIST's announcement of a public competition and testing procedure for a new cryptographic hash function capable of overcoming the possible weaknesses of the prior SHA-1 and SHA-2.
To put things into perspective, the Secure Hash Algorithm (SHA) is a collection of cryptographic hash functions that were published by the U.S. National Institute of Standards and Technology (NIST). Speaking of the earlier versions, SHA-1, and SHA-2, these are very similar and were created by the US National Security Agency (NSA).
Conceptual attacks on SHA-1 were carried out in 2004 and made public in 2005. NIST announced SHA-2 as the new standard hash function to be used a few years later, in 2011. However, the transition from SHA-1 to SHA-2 was extremely slow, and it wasn't until early 2017 that a considerable number of developers and computer scientists made the switch.
Soon afterward, in February 2017, Google disclosed an effective SHA-1 collision attack. Since then, SHA-1 is no longer regarded as safe, and its use is banned.
Even though Keccak has the same hash lengths as SHA-2, they are still distinct. This is why Keccak is also considered to be SHA-3.
Because Keccak includes a unique structure, which is demonstrated to be safer and more reliable than the other algorithms. This is why it was chosen by NIST. The SHA-3 algorithm is based on sponge functions (or sponge construction), as opposed to the Merkle Damgrd construction used by SHA-1 and SHA-2, if you were to look at it from a technical standpoint.
Until today, there were no major SHA-2 attacks, but it doesn’t change the belief that hash functions could be breached eventually. If this happens, it will take a long time to establish a new one.
Speaking of which, there were, however, successful breaches through SHA-1. They took place back in 2004 and 2005. This was the stepping stone of the idea to develop a new standard function.
Following that, in 2012, Keccak was finally considered to be the newest addition to the collection of SHAs. It was the third version - SHA-3.
Even though SHA-2 is a previous version, it’s still used and considered to be safe. To specify, it’s employed by various cryptocurrencies including Bitcoin. It is a part of the mining process.
Considering the safety and low level of attack possibility SHA-3 is seeing an increasing adoption as well. But it doesn’t stop there. In the future, there will be even more new and innovative hash algorithms being created. It’s mandatory since the cryptography industry is always evolving and solving numerous issues.
