Glossary
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Glossary

  • Blockchain: A digitally distributed, decentralized, public ledger that exists across a network.
  • Dapps (Decentralized Applications): They run on peer-to-peer networks, such as a blockchain using smart contracts.
  • Decentralized: A system which has moved away from a single point of control, towards many points of control.
  • DeFi (Decentralized Finance): Financial applications in crypto or the blockchain that’s geared towards disrupting financial intermediaries.
  • Ether: The cryptocurrency of the Ethereum network.
  • Ethereum: The blockchain network where Ether is held and exchanged. The Ethereum network can also be used to store data and run decentralized applications.
  • Hardware Wallet (Cold Wallet): A wallet that stores your private keys in a secure hardware device offline.
  • HD Wallet: Hierarchical deterministic wallet where your wallet has a cryptographic secret phrase that can be used to generate a primary wallet and an infinite number of sub-wallets. When you create multiple wallets in Rainbow, you're actually generating sub-wallets using the same secret phrase.
  • Hot Wallet: A wallet that is always connected to the internet and a crypto network; i.e. Rainbow
  • iCloud: A service from Apple that securely stores your photos, files, notes, passwords, and other data in the cloud and keeps it up to date across all your devices, automatically.
  • Matic: Polygon’s own cryptocurrency that is used to pay fees on the Polygon network.
  • NFTs (Non-fungible Tokens): Digital assets that represent real-world objects like art, music, in-game items and videos.
  • Non-Fungible: Cannot be copied, substituted, or subdivided.
  • OpenSea: A marketplace to purchase and sell NFTs.
  • Polygon: A Layer 2 sidechain that acts as a speedy/cost effective parallel blockchain running alongside the main Ethereum blockchain.
  • Private Key: A random string of letters and numbers that is the password to your wallet.
  • Public Wallet Address: Comparable to account numbers, your public wallet address can be freely shared with everyone, and anyone can potentially send transactions to them.
  • Secret Phrase: A random set of 12-24 words that is the password to your wallet. By using a series of words instead of random numbers and letters, it’s easier to correctly store and makes it infeasible to crack.
  • Smart Contracts: Agreements that have been codified inside a blockchain. They're created with code that is built inside a blockchain.
  • Tokens: Types of crypto that represent an asset or specific use and reside on their own blockchain.
  • WalletConnect: A “bridge” that connects Dapps.
  • Wyre: Rainbow’s payment processor that enables you to purchase Ether (ETH)