Definition: Nonce-word, also known as nonce phrase or secret code, refers to a cryptographically secure alphanumeric sequence used in the context of online transactions. It's a set of characters that can be encrypted by a user and decrypted by the recipient if their public key is known. The term 'nonce-word' was first coined in the 1960s and it represents a unique code or a secret code used for encrypting sensitive information, such as passwords and credit card numbers. It's not intended to provide any financial benefits but rather serves as a security mechanism that ensures privacy and confidentiality of data. The definition of 'nonce-word' is that the nonce-word is generated by a cryptographic algorithm during the encryption process, which makes it unique and secure from potential eavesdropping or tampering. The user can decrypt the nonce-word to reveal the encrypted data, thus enhancing the security of the transaction. One example of using a nonce-word in an online context could be when a user sets up a password protection on their bank account that is generated by a hash function during the signing process. This ensures that even if there's an eavesdropper, they won't be able to decipher the user's password without the nonce-word. In summary, a nonce-word is a cryptographically secure alphanumeric sequence used in online transactions for ensuring privacy and security.
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