Glossary
Plain definitions of the core terms used across these docs.
Non-custodial
A model where you alone hold the keys to your crypto — no company can spend, freeze, or recover your funds. Ownbit is non-custodial: keys are generated and stored encrypted on your device and never uploaded to any server.
Self-custody
The practice of holding your own keys rather than trusting a custodian. It gives you full control and full responsibility — including backing up your seed phrase.
Seed phrase (mnemonic)
A list of 12 or 24 words (BIP39 standard) that encodes your wallet's master secret. Anyone with these words controls the funds, so it must be backed up offline and never shared.
Private key / public key
The private key signs transactions and must stay secret; Ownbit derives it from the seed only when needed. The public key (and the address derived from it) is safe to share so others can pay you.
MultiSig (m-of-n)
A wallet controlled by several participants where any m of n must sign to spend (e.g. 2-of-3). It removes the single point of failure of one key.
Standard vs Accident-Protection MultiSig
Standard MultiSig can only spend when the required signatures are gathered. Accident-Protection MultiSig lets the remaining participants recover after a participant is inactive for a preset period (about 416 days).
Cold wallet & air gap
A cold wallet keeps the private key on a permanently offline device. The air gap is that physical break from any network; Ownbit crosses it only with plaintext QR codes.
Watch-only wallet
An online wallet that holds public keys only. It can monitor balances and build transactions but cannot sign or spend — pairing with an offline cold wallet that does the signing.
Hot wallet
A wallet whose key lives on an internet-connected device. Convenient for everyday amounts; for high value, prefer a cold wallet or MultiSig.
Enterprise roles
Owner adds/removes members and changes the signing mode; Signer approves transactions; Security Admin sets whitelist and limits. A weight lets a signer count for more or less toward the threshold.
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Download Ownbit
Install the app, then set up a cold wallet or MultiSig for the workflow you need.