📜Terminology

Empowering newcomers with clarity and understanding of crypto and NFT concepts.

  1. NFT (Non-Fungible Token): A unique digital asset stored on a blockchain, often representing ownership of a specific item or piece of content.

  2. Mint NFT: The process of buying/ initiating the creation and releasing of a new NFT, generating and granting ownership of a unique digital asset on the blockchain.

  3. Ethereum: A decentralized blockchain platform supporting smart contracts and DApps, frequently used for NFTs and cryptocurrency transactions. Everything is recorded on Etherscan.

  4. MetaMask: A popular cryptocurrency wallet and gateway to decentralized applications (DApps) on the Ethereum blockchain.

  5. Wallet Address (Example: 0xAbCdEfGh1234567890): A unique identifier associated with a user's cryptocurrency wallet, used for sending and receiving digital assets on the blockchain.

  6. OpenSea: A leading NFT marketplace where users can buy, sell, and discover a wide range of digital assets.

  7. Smart Contract: Self-executing contracts with the terms written directly into code, automating and enforcing predefined rules without the need for intermediaries.

  8. Community Governance: The collective decision-making process where key holders participate in shaping the project's direction and initiatives.

  9. Decentralized Autonomous Organization (DAO): A self-governing community where decisions are made collectively by members rather than a central authority.

  10. Key Holder: An individual who owns a Vault Key NFT, signifying active participation and ownership in the project.

  11. Vault Key: A symbol of ownership in the project, granting key holders access to the Vault and the benefits, governance, and participation in events.

  12. Burning Mechanism: The ability for key holders to voluntarily destroy their Vault Key NFTs, contributing to scarcity and potentially increasing the value of remaining keys.

  13. Rewards Distribution: The allocation of benefits, such as cryptocurrency or exclusive opportunities, to key holders based on predefined conditions or events.

  14. Raffle Revolution: An innovative approach to community-driven events, providing participants with chances to win rewards through a fair and transparent system.

  15. Discord: A communication platform where TheVaultDAO community gathers to discuss, engage, and stay informed.

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