On-Chain
| On-Chain refers to cryptocurrency transactions done on the main blockchain. The main blockchain is a digital ledger that records all cryptocurrency transactions. When a transaction is made, it is recorded on the main blockchain. This record is permanent and cannot be changed. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges. A decentralized exchange is a platform that allows users to trade cryptocurrencies without the need for a third party. Decentralized exchanges are often built on blockchain technology. On-chain transactions are secure and transparent. When a transaction is made, it is recorded on the blockchain. This record cannot be changed or deleted. This makes it easy to track and verify transactions. On-chain transactions are also fast and cheap. Cryptocurrencies have many benefits. They are secure, transparent, and fast. They can also be traded on decentralized exchanges. However, cryptocurrencies also have some risks. They are volatile and can be subject to fraud and theft. |
Share this glosssary
