Basic Concepts

Below are descriptions of some basic web3 concepts that one needs to understand to be able to use Unicrow (or any web3 app for that matter)

Web3 Wallet

Typically a browser extension that can interact with smart contracts and that manages keys for your crypto balance (e.g. ETH and stablecoins). The most popular web3 wallet is MetaMask.

Ethereum Gas Fees

It is necessary to pay a fee for every transaction on Ethereum or one of its Layer-2 networks. This fee goes to securing the network. It is paid in the Ethereum’s native currency Ether (ETH, often referred to simply as Ethereum).

Unicrow payments on Arbitrum One (see below) cost typically less than one cent (<$0.01).

Arbitrum One (Ethereum Layer-2)

Since transactions with smart contracts on Ethereum’s main network (called mainnet) can get expensive, many users and protocols rely on layer-2 networks. Unicrow is currently deployed on the largest of the L2 networks called Arbitrum One.

Many of the largest exchanges including Binance, Coinbase, or Kraken now support Arbitrum One natively, i.e. you can withdraw and deposit funds directly to and from the network without ever having to interact with Ethereum mainnet. Go to Arbitrum Portal to see the latest list.

Your web3 wallet will almost certainly support Arbitrum natively, even though you might need to add it to the list of default networks. Follow these steps to connect to Arbitrum One with MetaMask: