Glossary - Spell Docs

Spell Pay

Term	Description
Order	Refers to the payment management system in Spell, which supports lifecycle management of various blockchain payment methods.
Wallet	The management system in Spell used for aggregating payment cards, allowing users to manage their cards.
Self-Custody Addresses	Users manage their private keys and mnemonic phrases themselves, only importing public keys into the system for receiving payments.
Custodial Addresses	Spell generates payment information for receiving, without requiring users to handle private keys and other low-level details.
Receiving Cards	An encapsulation of existing payment information (blockchain, currency, address) within Spell.
Invoice	A pre-configured blockchain payable invoice initiated by the recipient (merchant, individual), which the payer (user) can access and complete the payment via a unique link.
Callback	A system in Spell that monitors changes in order status.

Term	Description
Blockchain	A distributed ledger used to record all transaction information.
Wallet	A software or hardware device used to store cryptocurrencies.
Address	A unique identifier for the sender or receiver of a cryptocurrency transaction.
Transaction Fee	A fee paid by users to utilize the blockchain network.
Token Contract	A smart contract used to issue and manage tokens.
Smart Contract	A self-executing contract used to implement complex business logic.

Term	Description
Stablecoin	A type of cryptocurrency whose value is pegged to another asset, such as the US dollar.
USDT	A USD-pegged stablecoin issued by Tether.
USDC	A USD-pegged stablecoin issued by Circle.