What is the meaning of onchain in the context of cryptocurrencies?

3 answers

• Dec 27, 2021 · 3 years ago
  Onchain refers to the transactions or activities that occur directly on the blockchain. It involves the recording and validation of transactions on the blockchain network. This term is often used to distinguish activities that happen on the blockchain from offchain activities, which occur outside the blockchain network. Onchain transactions are typically more secure and transparent due to the decentralized nature of blockchain technology.
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• Dec 27, 2021 · 3 years ago
  In simple terms, onchain means that the transaction or activity is happening directly on the blockchain. It is like a public ledger where all the transactions are recorded and verified by multiple participants in the network. Onchain transactions are considered to be more reliable and tamper-proof compared to traditional centralized systems. They provide transparency and immutability, which are key features of cryptocurrencies.
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• Dec 27, 2021 · 3 years ago
  When we talk about onchain in the context of cryptocurrencies, we are referring to the transactions and activities that take place directly on the blockchain. This includes sending and receiving cryptocurrencies, executing smart contracts, and recording any changes or updates to the blockchain. Onchain transactions are verified by the network's nodes and added to the blockchain's public ledger. This ensures the integrity and security of the transactions, making it a fundamental aspect of cryptocurrencies.
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