What does onchain meaning in the context of cryptocurrency?

3 answers

• Mar 24, 2022 · 3 years ago
  Onchain refers to the transactions or activities that occur directly on the blockchain of a cryptocurrency. It includes all the data and operations that are recorded and verified on the blockchain, such as sending and receiving coins, smart contract executions, and token transfers. Onchain activities are transparent and permanent, as they are stored on the decentralized blockchain network. This term is often used to distinguish transactions that happen on the blockchain from offchain transactions that occur outside the blockchain, such as those on centralized exchanges or payment processors.
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• Mar 24, 2022 · 3 years ago
  In simple terms, onchain means anything that happens on the blockchain. It's like the digital equivalent of doing something in the real world. When you make a transaction or interact with a decentralized application on a blockchain, you are doing it onchain. It's important because onchain activities are recorded and verified by the network, ensuring transparency and security. So, when someone talks about onchain transactions or onchain data, they are referring to actions and information that are directly stored on the blockchain itself.
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• Mar 24, 2022 · 3 years ago
  Onchain, as the name suggests, refers to activities that take place directly on the blockchain. It's like the main stage where all the action happens. When you send or receive cryptocurrency, or when a smart contract is executed, it's all onchain. Think of it as the official record of everything that goes on in the cryptocurrency world. It's the backbone of decentralization and trust in the digital realm. So, next time you hear someone talking about onchain, you know they're referring to the real deal happening on the blockchain itself.
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