What is onchain and how does it relate to digital currencies?

3 answers

• Balamurali MDec 21, 2023 · 2 years ago
  Onchain refers to the process of recording and storing digital currency transactions on a blockchain. It is a decentralized and transparent method of keeping track of transactions. When a transaction occurs, it is added to a block, which is then added to the chain of previous blocks. This ensures that every transaction is securely recorded and cannot be altered or tampered with. Onchain technology is the backbone of digital currencies like Bitcoin and Ethereum, as it provides a secure and immutable ledger of all transactions.
  531

  266
• Moreno GlerupOct 30, 2024 · a year ago
  Onchain is like the digital version of a traditional ledger. It keeps track of all the transactions that happen with digital currencies. Think of it as a public record book that everyone can see and verify. It ensures transparency and trust in the digital currency ecosystem. Onchain technology is essential for the functioning of digital currencies, as it prevents double-spending and ensures the integrity of the transactions.
  428

  143
• Sai balajiJun 22, 2024 · a year ago
  Onchain, also known as blockchain, is a decentralized ledger that records all the transactions made with digital currencies. It is the technology behind digital currencies like Bitcoin and Ethereum. Onchain ensures the security and transparency of transactions by using cryptographic algorithms to validate and verify each transaction. It eliminates the need for intermediaries like banks and allows for peer-to-peer transactions. BYDFi, a leading digital currency exchange, utilizes onchain technology to provide a secure and efficient trading platform for users.
  564

  141