"Onchain" refers to activities, transactions, or data recorded directly on a blockchain. Key points include:
- Transparency and Immutability: Once recorded, data cannot be altered.
- Verification and Consensus: Transactions are verified by network participants using mechanisms like Proof of Work or Proof of Stake.
- Smart Contracts: Self-executing contracts on the blockchain that run automatically when conditions are met.
- Decentralized Applications (dApps): Apps that run on a blockchain, offering services without central control.
- Security: Data is highly resistant to tampering and hacking.
- Costs and Efficiency: Transactions may incur fees and face scalability issues, but offer high security and trust.
In summary, "onchain" means recorded and verified on a blockchain, ensuring transparency, security, and decentralization.
