Custody
By Cryptomcmillan1 | Updated on May 24, 2020
In the context of cryptocurrency, a "custodial" asset means an asset is placed under the care of a third party. This is similar to how banks have custody over their customer's funds. A Custodial Wallet refers to a wallet whose private key management falls under the care of a company. Examples of Custodial wallets include Coinbase, Nexo and other wallets where users do not have access to their private keys.
Related Terms
Byzantine Fault
A byzantine fault is where an error has occured, yet a computer system does not know due which component/what failed to the lack of information and continues to iterate on a given instruction.
Whitepaper
An introductory paper to consicely explain an issue and a possible solution on the issue.
Trustless
Entirely verifiable, without needing to trust or assume an action is done completely and in good faith.
Hot Wallet
It is a tool that store your cryptocurrencies and always connected to internet
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.