How does the term onchain relate to digital currencies?

3 answers

• May 01, 2022 · 3 years ago
  Onchain refers to the transactions that occur directly on the blockchain of a digital currency. It means that the transactions are recorded and verified on the blockchain, ensuring transparency and security. This term is often used to differentiate transactions that happen on the blockchain from offchain transactions that occur outside the blockchain, such as those on centralized exchanges. By conducting transactions onchain, users can have full control over their funds and eliminate the need for intermediaries.
  517

  259
• May 01, 2022 · 3 years ago
  When we talk about onchain in the context of digital currencies, it means that the transactions are happening directly on the blockchain. This is in contrast to offchain transactions, which occur outside the blockchain. Onchain transactions are recorded on the blockchain and can be publicly verified. They are an essential part of the decentralized nature of digital currencies, as they ensure trust and security without relying on intermediaries.
  448

  150
• May 01, 2022 · 3 years ago
  Onchain is a term commonly used in the world of digital currencies to describe transactions that occur directly on the blockchain. It signifies that the transactions are recorded and validated by the decentralized network of nodes that make up the blockchain. By conducting transactions onchain, digital currency users can enjoy the benefits of transparency, immutability, and security that come with blockchain technology. It is an important concept to understand for anyone interested in the world of digital currencies and blockchain technology.
  548

  137