Capability-based security is a concept in the design of secure computing systems, one of the existing security models. A capability (known in some systems as a key) is a communicable, unforgeable token of authority. It refers to a value that references an object along with an associated set of access rights. wikipedia 
A user program on a capability-based operating system must use a capability to access an object. Capability-based security refers to the principle of designing user programs such that they directly share capabilities with each other according to the principle of least privilege, and to the operating system infrastructure necessary to make such transactions efficient and secure.
Capability-based security is to be contrasted with an approach that uses hierarchical protection domains.
Although most operating systems implement a facility which resembles capabilities, they typically do not provide enough support to allow for the exchange of capabilities among possibly mutually untrusting entities to be the primary means of granting and distributing access rights throughout the system. A capability-based system, in contrast, is designed with that goal in mind.
# Capability URL's
Capability URLs grant access to a resource to anyone who has the URL - w3.org
There are times when this is useful, for example one-shot password reset URLs, but overuse can be problematic as URLs cannot generally be kept secret.
See recommendations for good practices for web developers who wish to incorporate capability URLs into their applications - w3.org