Glossary
New to Web3 or need a refresher? Here's a few common terms you'll see across the crypto and Webacy ecosystem.
Backup Wallet
A wallet that the user owns and operates, with the ability to recover protected assets from the original user wallet in case of loss of access. Powered by Webacy's smart contracts.
Crypto Wallet
A digital wallet to hold your currencies, collectibles (eg, NTFs), and used to log into dApps (example: Metamask, Rainbow, Coinbase Wallet).
Crypto Will
A decentralized, self-custodial method of allocating assets for post-life. Based on real-time, on-chain passive activity monitoring and a dead man's switch.
Custodial Account
A type of account where a centralized entity holds and manages your keys and access. (example: Coinbase, Kraken, Binance).
Self Custodial Account
A type of account where you manage and hold your own keys and passphrases. Your keys, your crypto. (example: Metamask, Rainbow, Coinbase Wallet).
DAO
Acronym for Decentralized Autonomous Organization.
dApp
Short for decentralized application.
DeFi
Short for decentralized finance.
DYOR
Do your own research - a way of expressing that you should adequately understand a project or asset before investing in it.
Grimmies
NFT
An NFT (or “non-fungible token”) is a specific kind of digital asset that is unique and can’t be duplicated or counterfeited.
Panic Button
Webacy's one-click evacuation tool that enables users to move all of their protected assets in an emergency.
Smart Contract
A smart contract is a piece of code that is deployed and runs on a blockchain. Smart contracts are executable programs.
Wallet Watch
Webacy's real-time monitoring and notification service that notifies you on any and all activity that has to do with your crypto wallet.
Web3
The next stage of the internet, following Web 2.0, which is more decentralized and built with blockchain and other decentralized networks.
Last updated