Key

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Key

Definition:

Like a physical key, your crypto key provides access to your crypto wallets. In cryptography, messages are secured by a combination of public and private keys. Appearing as a large string of numbers, the private key is the password to everything and if it gets leaked, you’re in strife. Don’t store this on any physical device.

Degen Chat

“Each crypto wallet has a public and private key. If you lose these, HFSP. Not your keys, not your crypto.”

Related Terms:
  • Dictionary: DAO
    A DAO is an entity with no central point of authority. It is essentially a member-owned crypto community with a shared wallet and distinct token. Amongst other utilities, the token gives community members voting rights. Other key rules are written down in code and enforced by a smart contract on the blockchain. All activity is transparent and public.
  • Dictionary: KOL
    Key opinion leader. AKA influencer. The crypto and NFT space has many outspoken KOLs in social media. Just ask them.
  • Dictionary: Open Edition
    An open edition NFT collection has no limit to the amount of NFTs that can be minted. Rather than utilising rarity that 1:1 NFTs or limited edition collections have, this could be a limited time offer or end after a goal is reached. This style of collection was popularised by @Nifty Gateway and is also ideal for P2E games and games like @axieinfinity where breeding is a key aspect of the game theory.
  • Dictionary: Schelling Point
    The Schelling Point is a key concept in game theory, where independent participants arrive at the same conclusion. It often refers to a focal point in a given field or the solution that we are all seeking. In crypto, Bitcoin is acknowledged as the Schelling Point as it attracts interest from a diverse range of investors, such as speculators, those looking to hedge against inflation, moonboys and crypto investors.
  • Dictionary: TPS
    Short for transactions per second. A key metric for blockchain efficacy, the TPS refers to how many transactions per second a blockchain can handle. The Bitcoin blockchain TPS is approximately 7, whereas the Solana blockchain has clocked in at a TPS of 50,000.


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