| D | |
|---|---|
| DAO | Deterministic Autonomous Organization |
| K | |
|---|---|
| KNC | Know your customer |
DAO stands for Deterministic Autonomous Organization. It’s a concept that involves using smart contracts to create a decentralized organization that operates autonomously, without the need for human intervention. However, implementing a DAO can be resource-intensive and may not always provide the best user experience.
KYC stands for Know Your Customer, which refers to the process of verifying the identity of customers in order to prevent fraud, money laundering, and other financial crimes. In the context of cryptocurrency exchanges, KYC often involves submitting personal information and documentation to the exchange platform in order to comply with regulations and laws.