A period of inactivity and expectation, especially during a computing process or procedure.
Latency refers to a period of waiting for something to be fully executed. The term is most commonly used in computing and refers to the interlude between executing a program or command and waiting for it to be perfectly carried out. Furthermore, this period of waiting involves the interaction between computer components, including both the hardware and software, before information is retrieved or modified based on user demand.
In crypto, latency has to do with the time delays in the execution of a transaction and the confirmation by the network.