Terminology

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

PreviousRaffle Reward Distribution

Last updated 1 year ago

Terminology

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

NFT (Non-Fungible Token): A unique digital asset stored on a blockchain, often representing ownership of a specific item or piece of content.
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.
Ethereum: A decentralized blockchain platform supporting smart contracts and DApps, frequently used for NFTs and cryptocurrency transactions. Everything is recorded on .
MetaMask: A popular cryptocurrency wallet and gateway to decentralized applications (DApps) on the Ethereum blockchain.
Wallet Address (Example: 0xAbCdEfGh1234567890): A unique identifier associated with a user's cryptocurrency wallet, used for sending and receiving digital assets on the blockchain.
OpenSea: A leading NFT marketplace where users can buy, sell, and discover a wide range of digital assets.
Smart Contract: Self-executing contracts with the terms written directly into code, automating and enforcing predefined rules without the need for intermediaries.
Community Governance: The collective decision-making process where key holders participate in shaping the project's direction and initiatives.
Decentralized Autonomous Organization (DAO): A self-governing community where decisions are made collectively by members rather than a central authority.
Key Holder: An individual who owns a Vault Key NFT, signifying active participation and ownership in the project.
Vault Key: A symbol of ownership in the project, granting key holders access to the Vault and the benefits, governance, and participation in events.
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.
Rewards Distribution: The allocation of benefits, such as cryptocurrency or exclusive opportunities, to key holders based on predefined conditions or events.
Raffle Revolution: An innovative approach to community-driven events, providing participants with chances to win rewards through a fair and transparent system.
Discord: A communication platform where TheVaultDAO community gathers to discuss, engage, and stay informed.

PreviousRaffle Reward Distribution

Last updated 1 year ago

NFT (Non-Fungible Token): A unique digital asset stored on a blockchain, often representing ownership of a specific item or piece of content.
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.
Ethereum: A decentralized blockchain platform supporting smart contracts and DApps, frequently used for NFTs and cryptocurrency transactions. Everything is recorded on .
MetaMask: A popular cryptocurrency wallet and gateway to decentralized applications (DApps) on the Ethereum blockchain.
Wallet Address (Example: 0xAbCdEfGh1234567890): A unique identifier associated with a user's cryptocurrency wallet, used for sending and receiving digital assets on the blockchain.
OpenSea: A leading NFT marketplace where users can buy, sell, and discover a wide range of digital assets.
Smart Contract: Self-executing contracts with the terms written directly into code, automating and enforcing predefined rules without the need for intermediaries.
Community Governance: The collective decision-making process where key holders participate in shaping the project's direction and initiatives.
Decentralized Autonomous Organization (DAO): A self-governing community where decisions are made collectively by members rather than a central authority.
Key Holder: An individual who owns a Vault Key NFT, signifying active participation and ownership in the project.
Vault Key: A symbol of ownership in the project, granting key holders access to the Vault and the benefits, governance, and participation in events.
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.
Rewards Distribution: The allocation of benefits, such as cryptocurrency or exclusive opportunities, to key holders based on predefined conditions or events.
Raffle Revolution: An innovative approach to community-driven events, providing participants with chances to win rewards through a fair and transparent system.
Discord: A communication platform where TheVaultDAO community gathers to discuss, engage, and stay informed.