Secure Asset Fund for Users (SAFU)
By CoinGecko | Updated on Mar 03, 2020
On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users (SAFU) as an emergency insurance fund to protect their users in the event of any hacks or security breaches.
The SAFU fund is collected as a portion of users' trading fees, and increases as more users trade on Binance
Related Terms
Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
Merkle Tree
A Merkle tree is also known as a hash tree in cryptography. It is a tree where every lead node is labelled with cryptographic hash of a data block, and every non-leaf node is labelled with the hash of the labels of its child nodes. It is used to verify of data stored within it and transferable in and between computers.
Liquidity
The ease of which cryptocurrency can be bought and sold without impacting the overall market price.
Distributed Ledger Technology (DLT)
Describes the technology that enables distributed ledger.
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