Crypto Glossary

Actively validated services (AVS):

Actively validated services (AVS) is an independent blockchain application that leverages Ethereum's security infrastructure via the Eigen Layer protocol.

AI community

The AI community is an online group where experts and AI enthusiast share their insights on AI algorithms and problems.

AI meme

An AI meme is a cryptocurrency token that combines AI innovation with meme culture.

Airdrop

A crypto airdrop is a marketing strategy used by cryptocurrency startups to distribute tokens to current traders, either for free or in exchange for a small promotional task. The goal is to raise awareness and increase the currency's ownership. While many airdrops are legitimate, some have been fraudulent attempts to steal personal information. Recipients may be chosen based on interest, existing token holdings, selection criteria, or raffle winnings.

Airdrop farming

Airdrop farming is the practice where individuals actively seek out and participate in multiple cryptocurrency airdrops to accumulate as many free tokens as possible. Participants often perform required tasks, such as joining social media channels, sharing posts, or using specific services, to meet the eligibility criteria for various airdrops. The goal of airdrop farming is to maximize the number of free tokens received, which can potentially be sold or traded for profit if the tokens increase in value.

Alternative data availability

Alternative Data Availability refers to additional data availability supply to enhance Ethereum's throughput. Currently the specifications only allow for a certain amount of data to propagate per second. This is in relation to third party data availability services that help benefit the Ethereum network and protocols.

App-issued tokens

Developers building applications on a blockchain can create tokens for a variety of purposes. There are four main types of tokens issued by decentralized apps: utility tokens are used to gain access to and enable consumption of a protocol's services or to bestow certain privileges; investment tokens represent ownership in a project or venture and can be thought of as analogous to shares of equity; governance tokens permit the holder to vote on issues pertaining to the app's underlying protocol, its business practices, and its strategic direction; and asset-linked tokens represent ownership of an underlying asset and include an embedded contract describing the specific ownership terms and utilization rights that will be provided to the token holder.

Base blockchain

Base blockchain is a layer-2 blockchain built on Ethereum developed by Coinbase.

Bitcoin

Bitcoin is the largest and original blockchain. In the white paper that introduced Bitcoin, published in October 2008 by Satoshi Nakamoto, the anonymous creator(s?) of Bitcoin, the author described their vision of a peer-to-peer electronic cash system that would allow online payments to be sent directly from one party to another without having to go through a financial institution or be intermediated in any way.

Bitcoin halving

To lessen any potential inflationary impacts, the bitcoin network has been pre-programmed to cut the size of the reward paid to miners each time 210,000 blocks of transactions are added to the chain, or roughly every four years. This means that the amount of bitcoin supply grows less quickly over time. The last halving event occurred on April 19, 2024 when the block reward dropped from 6.25 to 3.125 BTC.

Bitcoin strategic reserve

 A strategic reserve is a stockpile of valuable resources set aside for use during economic or financial crises; Bitcoin strategic reserve has a fixed supply of 21 million tokens, serving as a national safeguard against inflation and monetary devaluation.

Blackbox effect

The blackbox effect is the phenomenon where the internal workings of a complex system, like an AI model, are not transparent or understandable to users, making it difficult to explain how it reaches its outputs or decisions.

Blockchain

A blockchain is a digital record or ledger of transactions, duplicated and distributed across an entire network of computer systems. Blockchains represent complete records of all transactions ever performed within that system. Every node in the blockchain network has a real-time, simultaneously updating copy of this ledger. Every node sees new blocks of transactions being appended to the existing chain of verified blocks and could re-create the entire sequential history of transactions on that chain stretching back to the very first (genesis) trade on the ledger. Blockchain is sometimes described as "distributed ledger technology" or DLT.

Blockchain oracles

Blockchain oracles are third-party applications that send, execute and verify data obtained from external centralized sources before submitting that data to smart contracts, essentially bridging the gap between smart contracts and the external world.

Block times

In Web3, block time refers to the time it takes for a new block to be added to a blockchain. This interval determines how quickly transactions are confirmed and how fast the blockchain grows. Block time varies between different blockchain networks; for example, Bitcoin has a block time of about 10 minutes, while Ethereum aims for around 12–14 seconds. Shorter block times can lead to faster transaction confirmations but may also increase the likelihood of network forks and the need for more robust consensus mechanisms.

BRC-20

BRC-20 is a token standard designed for the Bitcoin blockchain, inspired by Ethereum's ERC-20 standard. It allows for the creation and management of fungible tokens on Bitcoin, facilitating the issuance, transfer, and interaction of tokens directly on the Bitcoin network. BRC-20 aims to extend Bitcoin's functionality beyond simple transactions, enabling decentralized applications (dApps) and more complex financial activities on the Bitcoin blockchain.

Centralized limit order book (CLOB)

A centralized limit order book (CLOB) is a trading system used by centralized exchanges to match buy and sell orders for assets like stocks, commodities, or cryptocurrencies. It collects and displays all orders in a single ledger, showing quantities and prices in real-time for transparent and efficient price discovery. Orders are matched based on price and time priority, ensuring the best prices for traders. This system is widely used in traditional financial markets and centralized cryptocurrency exchanges.

Consensus layer (CL)

The consensus layer is a crucial part of any blockchain network. It refers to the entire stack of protocols, incentives and ideas responsible for validating the blocks and facilitating agreement among nodes on the true state of the blockchain.

Consensus mechanism

A consensus mechanism is the collective work of validator nodes on a blockchain to verify the accuracy of each transaction. A "consensus" must be reached across the nodes in the network, and when achieved, the verified data is added in a new block on the blockchain. There are different types of consensus mechanisms, but the two main consensus mechanisms used are proof-of-work (PoW) and proof-of-stake (PoS).

Cryptographic

Cryptographic techniques and methods are used to secure information and communication through the use of codes and ciphers, ensuring data privacy, integrity, and authenticity.

Cryptocurrency token

A cryptocurrency or payment token (or coin) is used for payments in the Web3 digital asset economy, just as government issued fiat currencies such as the US dollar, euro or Japanese yen are used for payments in the traditional economy. Similar to nations issuing their own currency, each blockchain can issue its own cryptocurrency in the form of a token. The term cryptocurrency is used because these monies are cryptographically protected so that each token can be identified and tracked to prevent unauthorized movements and duplication.

Cryptocurrency wallet

A cryptocurrency wallet is necessary for token owners to participate in a blockchain ecosystem. This wallet is essentially a piece of software that provides an interface between the owner and the blockchain. Cryptocurrency wallets are simply addresses on the internet where assets can be stored. There is no identifying information on these wallets other than a long string of letters and numbers. Instead of containing the asset itself, the wallet contains a digital key that is required to unlock and access the holdings in the user's wallet. These keys are only shared when a user authorizes a transaction.

DAI stablecoin

DAI is a stablecoin token on Ethereum whose value is kept as close to the US dollar as possible.

Daily active users

Daily active users is a metric that reflects the number of unique public addresses that are transacting on a blockchain each day.

Danksharding

Danksharding is a system that enhances Ethereum's transaction handling by providing more space for data, allowing it to support more transactions simultaneously. It increases data block size from six to 64 and requires updates to handle these larger blocks.

Decentralized applications (dApps)

Decentralized applications or dApps are digital applications built and run on a blockchain instead of on a single computer. They use open-source code and operate on distributed protocols, which means users can view, audit, and verify how they work and directly engage with them without the need for access credentials and are thus outside the purview and control of a single authority. DApps can be developed for a variety of purposes including gaming, finance and social media. For example, a developer can create a Twitter-like dApp and put it on a blockchain where any user can publish messages. Once posted, no one—including the app creators—can delete the messages.

Decentralized autonomous organizations (DAO)

Decentralized autonomous organizations (DAO) are web-native, self-governing entities with no central governing body. DAOs execute rules established by its member community, which shares a common goal to act in the best interest of the entity. The rules are written into the code of the organization via smart contracts, which form the basis of the DAO's self-governance. DAOs typically create a new governance token that entitles holders to vote on matters of strategic importance. Governance tokens can be earned through community participation or bought by those looking to have a voice.

Decentralized CLOB

A decentralized CLOB is based on a distributed network of nodes that manage the order book collectively. In this model, no central entity controls the order book. Instead, a network of nodes that validate and record orders in a decentralized ledger, such as a blockchain, maintains the order book. Orders are matched and executed through smart contracts or other consensus mechanisms without the need for a centralized intermediary.

Decentralized exchanges

Decentralized exchanges are run either by foundations or DAOs. Cryptocurrency holders must have their own digital cryptocurrency wallet to connect to a decentralized exchange. A participant looking to buy or sell a token designates their interest and an automated market maker algorithmically matches bids and offers for specific tokens. All transactions are verified through a consensus mechanism and are listed on a public blockchain. Every node that is a part of the network has transparency into this transactional record.

Decentralized finance (DeFi)

Decentralized finance (DeFi) is an umbrella term for the global borderless financial system enabled by public blockchains. Instead of relying on centralized intermediaries like banks, stock exchanges, or brokers, DeFi services use smart contracts—self-executing software of encoded rule sets that network participants can inspect and audit for authenticity—to record transactions and transfer funds. Central authority is replaced by group consensus.

Decentralized physical infrastructure network (DePIN):

A decentralized physical infrastructure network (DePIN) is a blockchain-based system that enables decentralized ownership and management of physical infrastructure, such as data centers and networks, through tokenization and smart contracts.

Default risk

Default risk is the risk of a borrower failing to repay a loan, mitigated in DeFi by requiring collateral.

Digital identity

Digital identity is a system where individuals control and manage their own identity information using blockchain technology, without relying on central authorities or intermediaries.

EIP-4844

EIP-4844 introduces a new transaction type to Ethereum aimed at improving data availability and throughput. The key feature of this upgrade is a "blob utilization/transaction type," where large, temporary data blobs are accessible only on the consensus layer. These blobs are designed to be both large and inexpensive, significantly reducing data costs on the Ethereum mainnet.

ERC-20

ERC-20 is a fungible token standard on the Ethereum network that allows users to create, mint and transfer fungible tokens.

Ethereum

Ethereum, developed by Vitalik Buterin, is the second largest L1 blockchain technology that set out to build a new open-source development platform on top of a blockchain payment network where programmers could develop a whole array of applications to operate in a decentralized manner. Ethereum's native cryptocurrency is known as ether, or ETH.

Ethereum virtual machine

Ethereum virtual machine is a decentralized virtual environment that consistently and securely executes code across all Ethereum nodes.

Execution layer (EL)

The execution layer in blockchain is the environment for applications and smart contracts to execute (i.e., operate and process) transactions within and between applications.

Fat app thesis

The fat app thesis is the theory that most value in blockchain ecosystems is created and accrued at the application layer (dApps).

Fat protocol thesis

The fat protocol thesis is the idea that Layer 1 protocols capture significant value as the foundational layer in blockchain systems.

Flash loans

Flash loans are instant, uncollateralized loans in DeFi that must be repaid within the same transaction.

Fully diluted valuation (FDV)

Fully diluted valuation (FDV) is the total potential value of a cryptocurrency if all of its tokens were in circulation at the current price.

Gas fee

Gas is the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.

Graphics processing units (GPUs):

Graphics processing units (GPUs) are specialized electronic circuits designed to accelerate the processing of images and videos, performing parallel operations to handle complex graphical tasks efficiently.

Illiquidity risk

Illiquidity risk is the risk associated with having assets locked-up and in market turmoil not being able to convert an asset into cash without affecting the price quickly enough.

Initial coin offering (ICO)

Initial coin offering is equivalent to an IPO, when a company is seeking to raise money to create a new coin, app or service launch an ICO to raise funds.

Launchpad

Launchpad is a platform designed to facilitate the development, deployment, and management of AI models.

Layer 1 blockchain (L1)

Layer 1 blockchain (L1) is the foundational layer and main structure of a blockchain network. L1's are the most basic form of blockchain, providing the infrastructure for all other applications and protocols that are built on top of the network. Bitcoin and Ethereum are examples of L1 blockchains.

Layer 2 blockchain (L2)

Layer 2 blockchain (L2) refers to a secondary framework or protocol that is built on top of an existing blockchain system. The L2 solution for the Bitcoin payment network was developed by Lightning Labs and is referred to as the Lightning network. This network allows two transactors to open a channel with each other by depositing Bitcoin and "invoicing" each other. The two nodes can continue to send invoices back and forth so long as the channel is open. When it is closed—by withdrawing the Bitcoin—all of the associated transactions are compressed and reported to the Bitcoin network to be transcribed into the ledger. L2 protocols are built independently and often issue their own native payment token but rely on the associated L1 Ethereum blockchain—often referred to as the mainnet—for security and recording transactions.

Lending protocols

Lending protocols are DeFi platforms that allow borrowing and lending of digital assets via smart contracts.

Liquid restaking tokens

Liquid restaking tokens are tokenized representations of already staked assets deposited on Liquid restaking platforms.

Liquid staking tokens

Liquid staking tokens are tokenized representations of staked assets that can be traded or used in various DeFi applications.

Liquidation penalty

A liquidation penalty is a fee charged when a CDP’s collateral is liquidated.

Liquidity pool

Liquidity pools are funds deposited by users into a DeFi platform, available for others to borrow.

Liquidity pool tokens

Liquidity pool tokens are tokens issued to liquidity providers in liquidity pools, representing their share of the pool and the fees it generates.

Loan-to-value (LTV) ratio

Loan-to-value (LTV) ratio is the ratio of a loan to the value of the provided collateral, often 100-150% in DeFi.

Meme coin

A meme coin is a type of cryptocurrency that originated from an internet meme, character or trend with no inherent value or utility. They are typically supported by online communities and generally intended to be light-hearted and fun.

Mindshare

Mindshare is the percentage of the total conversation about the token on X of all AI Agent tokens.

Mining

In proof-of-work (PoW) blockchains, such as Bitcoin—the largest and original blockchain— validators, or "miners," race to solve an increasingly complex cryptographic puzzle ("mine"). The winner of this race gets to add the block to the chain and earn the block "reward" for having done so. The reward is paid in the native currency of the blockchain. The network automatically mints new currency to pay the miners. This is how the token supply, or money supply, increases in a proof-of-work blockchain.

Minting

Minting is the process of generating new coins through verification of data, creation of new blocks, and documentation of the verified information on a blockchain network via proof-of-stake consensus mechanism. These newly minted coins are circulated in the market for trading purposes.

Multi-agent system

A multi-agent system is a system where multiple independent entities work together.

Narrow AI

Narrow AI are AI systems designed to perform specific tasks or solve particular problems with high efficiency, but without general cognitive abilities or understanding beyond their designated function.

Native staking yield

Native staking yield is the expected return on investment from staking a blockchain's native token into a decentralized finance platform. It's calculated based on various factors and can vary depending on the blockchain and the total number of tokens staked.

Node

A node is a computer or device connected to other computers or devices that run a blockchain's software to validate, store and update the complete history of transactions on the network. Nodes are integral to the blockchain, verifying data to be added to a blockchain via a group consensus mechanism with other nodes, and maintaining the integrity of the network.

Node operator

A node operator is the entity that runs software ("validators") that keeps a full copy of the blockchain and broadcasts transactions across the network. Node operators ensure smooth operation, security and reliability, verifying transactions on proof-of-stake networks.

Non-fungible tokens (NFTs)

Some tokens are fungible—identical and substitutable—and others representing unique assets are non-fungible. Non-fungible tokens (NFTs) are a unique, cryptographic unit of data that exists on a distributed ledger and cannot be replicated. They can represent digital media or real-world, tangible assets like artwork and real estate, making buying, selling, and trading more efficient, while reducing the scope for fraud. NFTs can also represent identities, property rights, or even a bundle of rights—all encoded into digital contracts or attestations.

OP_CAT (Operation Concatenate)

OP_CAT is an opcode that was proposed by Satoshi Nakamoto introducing a way for two data values within a stack to be joined together. 

Optimistic rollups

An optimistic rollup is an L2 solution that accumulates a set of trades and assumes that all are valid, running a "fault proof" when they suspect that an invalid transaction may be present. Because they must wait for potential fraud challenges, it can often take significant time to post these transactions to the mainnet. Optimistic rollups look at and transmit all data in a transaction, just like verifiers on the mainnet. As such, this approach is seen as offering greater security, particularly for transactions that require minimum additional on-chain actions.

Ordinals

Ordinals are a means of creating Bitcoin NFTs. Individual satoshis, the lowest denomination of Bitcoin, are inscribed with a unique piece of information (text or image), allowing them to be tracked and transformed into NFTs.

Proof-of-stake (PoS)

Proof-of-stake (PoS) is a consensus mechanism by which validators commit their own capital (stake) as collateral to verify transactions and mint new blocks onto the blockchain. The larger the stake, i.e., the more capital put at risk, the higher the probability of that validator being selected by the protocol to verify a new block of transactions and earn a reward for doing so successfully. In this way, those with the most to lose are most involved in the operation of the system and validators become increasingly invested in the integrity and continued operation of the system.

Proof-of-work (PoW)

Proof-of-work (PoW) is the consensus mechanism through which Bitcoin and other cryptocurrencies verify new transactions before they are added in a new block to the existing blockchain. Miners race to complete a complex cryptographic puzzle, known as hash functions, to verify and add transactions to the blockchain, in order to earn a reward in the form of new coins or transaction fees.

Protocol

In computer science, protocol refers to the basic set of rules in code that allow data to be shared between computers. In the context of blockchain, protocols are rules that govern a blockchain network—the common communication rules that the network operates according to. Two key protocols are Bitcoin and Ethereum. Their respective protocols establish the structure and operation of their blockchain. Protocols are developed by teams of people such as foundations, private companies, or groups of developers who collaborate to establish rules with parameters that will create the blockchain.

Protocol fees

Protocol fees are the costs associated with using a protocol’s services.

Proto-Danksharding

Proto-Danksharding, or EIP-4844, is a method that makes transactions cheaper on Ethereum. It introduces "data blobs" that are attached to blocks and automatically deleted after about 18 days. This allows rollups to transmit data more affordably, resulting in cheaper transactions for users.

Real world assets (RWAs)

Real world assets (RWAs) are traditional financial assets, like U.S. Treasuries, used as collateral in DeFi.

Repository

A repository is a central location where all the files, code, and revision history of a project are stored.

Restaking

Restaking is a method that allows users to stake the same tokens on the main blockchain and other protocols, securing multiple networks at once. It can also offer users additional rewards for securing additional protocols.

Rollups

Rollups are a type of layer-2 scaling solution that helps increase the speed and efficiency of blockchain networks by aggregating or "rolling" batches of transactions into a singular transaction that is posted to the layer-1 Ethereum blockchain.

Runes

Runes is a new protocol and fungible token standard on the Bitcoin network intended to be a more efficient standard compared to BRC-20. It allows users to create, mint and transfer fungible tokens more simply.

Satoshi

Satoshi is the smallest denomination of Bitcoin, with a value of 0.00000001 BTC.

Sidechains

Sidechains are a hybrid between the L1 and L2 solution. Unlike the L2 solutions discussed above, side chains have their own consensus mechanisms and maintain their own blockchain ledger, but they can share transactional details with a mainnet via a two-way bridge. These offerings are becoming increasingly popular for use cases where there is a desire for some centralized oversight, such as restricting the participants able to join into the chain or requiring full know your customer/anti–money laundering (KYC/AML) for participants.

Slashing risk

The risk validators face for malicious behavior, resulting in their staked cryptocurrency being confiscated.

Smart contracts

Smart contracts are self-executing contracts in the form of code that are housed on a blockchain. Just as a transaction is recorded on the blockchain, the terms of the transaction are also recorded on the blockchain.

Solana

Solana is a layer-1 blockchain designed to support decentralized applications by increasing transaction speeds and lowering fees. It was launched in 2020 using a unique combination of proof-of-history and delegated proof-of-stake mechanisms. Solana is known for supporting the decentralized finance, non-fungible tokens, and meme coin sectors.

Solana virtual machine

Solana virtual machine is the software infrastructure on the Solana blockchain that enables it to handle thousands of transactions per second.

SPL

The token standard for tokens that operate on the Solana blockchain. It defines the setoff rules for how tokens should operate on the network.

Spot ETP

A spot ETP is an exchange-traded product that tracks the current market price of an underlying asset, such as a commodity, cryptocurrency, or index. Instead of holding the asset directly, investors buy shares of the ETP, which represents a portion of the asset held by the fund. This allows investors to gain exposure to the asset's price movements without needing to purchase, store, or manage the asset themselves. Spot ETPs are traded on traditional stock exchanges during regular market hours, providing a regulated and convenient way to invest in various assets with benefits such as enhanced security and ease of access. However, they may come with higher fees, potential tracking errors, and are limited by traditional market trading hours, unlike the 24/7 cryptocurrency markets. A Spot Bitcoin ETP tracks Bitcoin's market price and a spot Ethereum ETP tracks Ethereum's market price. These products are not an investment company registered under the Investment Company Act of 1940 (1940 Act), and therefore are not subject to the same regulatory requirements as mutual funds or ETFs registered under the 1940 Act.

Stablecoin

A stablecoin is a type of token that has its value pegged to another currency, commodity, financial instrument, or basket, and should, if well designed and operated, maintain a steady value, neither appreciating nor depreciating in price. Stablecoins typically tie their value to the US dollar in some way. The collateral pools associated with these stablecoins are primarily, though not exclusively, comprised of government-issued fiat currencies or fiat-denominated fixed income securities.

Staking

Staking is how validators who participate in proof-of-stake earn rewards. Validators "stake" their cryptos as collateral for a period of time while they verify transactions on a blockchain. One can liken staking to depositing cash in a high-yield savings account: banks lend deposits, and the depositor earns interest on their account balance. Staking rewards are calculated in percentage yields, and returns are typically higher than interest rates offered by traditional banks.

Super AI

Super AI is an advanced form of artificial intelligence that surpasses human intelligence across all domains, including problem-solving, creativity, and emotional understanding.

Tokens

Tokens are used to facilitate payments, initiate services, bestow ownership, authorize voting, convey rights, and transfer assets. Specialized tokens are used for each of these functions. Broadly, these specialized tokens can be broken down into two categories: cryptocurrency tokens and app-issued tokens.

Token generation event (TGE)

A token generative event is the first time a new token is launched on a blockchain network.

Tokenization

Tokenization is the process of converting, through symbolic representation or encoded rule sets and attestations, something of value into a digital token that can be transacted on a blockchain. These tokens can represent tangible assets like gold, real estate, and art, or intangible assets like voting rights, ownership rights, or content licensing.

Tokenomics

Tokenomics informs the timing of an investment opportunity and highlights short-term influences that may affect token pricing. Tokenomics describes the topic of understanding the supply, demand and economic characteristics of digital assets. This entails a number of considerations and complexities additional to those considered in the valuation of traditional assets.

Total value locked (TVL)

Total value locked is a metric used to measure the overall value of crypto assets that are deposited into a decentralized finance protocol; it is an important indicator of investor and developer interest on the blockchain or decentralized application.

Validator

In blockchain consensus mechanisms like proof-of-stake (PoS), a validator plays a key role in validating transactions. They ensure that new transactions comply with the network's rules and verify that the sender has sufficient funds. Validators also help secure the blockchain by monitoring for malicious activities, such as double-spending, which is the act of spending the same currency units twice.

USDC

A digital currency pegged to the United States dollar that is managed by Circle, which also known as a stablecoin.

Web3

Web1 provided users direct access to websites offering previously unimagined amounts of data, access to knowledge, and connectivity. Web2 shifted the customer experience of the internet, combining new mobile technologies with information networks to allow the upload of user-generated content and leveraging the power of big data and nascent AI technologies to personalize and tailor the delivery of content via specialized apps. Web3 is the next iteration of the world wide web—a decentralized, blockchain-based online ecosystem. Platforms and apps built on Web3 aren't owned or governed by a central authority; rather, they are owned by network participants, who earn their ownership stake by helping to develop and maintain those services.

x Non-fungible token (xNFT)

An x non-fungible token (xNFT) is a standard specifically designed for building NFTs on the Solana network.

XRP

XRP is the native cryptocurrency of the Ripple network, designed to facilitate fast, low-cost international money transfers; the network is designed to serve the needs of the financial services industry.

Zero-knowledge proofs

Zero-knowledge proofs are cryptographic methods that allow one party to prove to another party that they know a value without revealing the value itself.

Zero-knowledge (zk) rollups

A zero-knowledge rollup is a layer 2 blockchain solution that performs computations and storage off-chain while funds are held in a smart contract. They take a different approach than optimistic rollups, using "validity proofs" to compute transactions off-chain, looking at only key data fields. This results in much faster processing times as hundreds of transactions can be compressed before being posted to the mainnet. The term "zero-knowledge" refers to the use of zero-knowledge proofs for on-chain transaction verification without requiring interaction or trust; they are cryptographic proofs that can demonstrate a statement's truth without disclosing any information about the statement itself.