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To hallow is "to make holy or sacred, to sanctify or consecrate, to venerate". The adjective form hallowed, as used in The Lord's Prayer, means holy, consecrated, sacred, or revered. The noun form hallow, as used in Hallowtide, is a synonym of the word saint.
The word 'to hallow' itself in English is now archaic; does not appear other than in the quoted text in the Lord's Prayer in the New Testament (Matthew 6:9 and Luke 11:2).