On-chain transactions</strong></a> are the ones that are represented on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">distributed ledger</strong></a> and can be seen by all network users. On the opposite side, off-chain transactions take place outside of the blockchain network. Because no ledger verification is performed, such a transaction does not necessitate the usage of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miners.

/n

Different from on-chain transactions, off-chain ones are able to be performed in an instant. This process involves <strong>lower fees</strong>, speed, and increased privacy.</p>\n<h3>How Do Off-Chain Transactions Happen?</h3>\n<p>Off-chain transactions that take place outside a blockchain network can be carried out in several ways. One of which is utilizing payment chains like Bitcoin&rsquo;s <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-lightning-network/">Lightning Network</strong></a> that manage <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer transactions.</p>\n<p>Another common procedure of off-chain transactions is to exchange <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></strong></a> with a current wallet. A new owner is allocated to a specific wallet using this procedure. This has no effect on the blockchain network and is a quick way to complete the transaction.</p>\n<p>A few <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized exchanges (DEX)</strong></a> have implemented the concept of trust to act as a guarantee among two people ready to conduct an off-chain transaction. P2P trading on Binance is a famous illustration of a platform that allows users to swap a variety of crypto tokens and pay using a variety of off-chain payment methods like bank transfers, Payoneer, and PayPal.</p>\n<p>Usually, off-chain transactions happen through trusted individuals or parties. Since there are cost, time, and anonymity benefits, off-chain transactions are increasing in popularity.</p>\n<p>Nonetheless, Solana and many other comparable crypto projects are aiming for reduced costs on-chain transactions with high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transactions-per-second-tps/">TPS.

/n

The Difference Between Off-Chain and On-Chain Transactions</h3>\n<p>The blockchain network represents on-chain transactions on the distributed ledger. It entails miners validating the transaction by verifying the ledger by miners. Transaction information is captured including everything that is happening on-chain.</p>\n<p>The transaction is uploaded to the distributed ledger and made public on the blockchain as a whole. As a result, it is irrevocable.</p>\n<p>With numerous other transactions in the line awaiting validation and a lot of stages to be completed, it is simple to see the reason why on-chain transactions take longer to complete efficiently. Furthermore, there may be <strong>substantial costs</strong> connected with on-chain transactions.</p>\n<p>These are a few of the explanations for why many users choose off-chain transactions. Several initiatives, though, are attempting to improve the performance and reduce network costs in blockchain transactions in order to make them more effective.</p>\n<p>Rather than being obligated to wait for validations from the blockchain network, off-chain transactions happen in an instant by using a few different techniques.&nbsp;</p>\n<p>On-chain transactions, on the other hand, need <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators to authenticate the transactions and this has high costs. As opposed to off-chain transactions that are typically free or very low cost.&nbsp;</p>\n<p>Off-chain transactions, unlike on-chain transactions, can&rsquo;t be seen on the blockchain, thus providing more privacy.</p>","level":"medium","meta_title":"What is Off-Chain? Definition & Meaning | Crypto Wiki","meta_description":"Off-Chain meaning: Off-Chain - transactions are processed outside of the blockchain network. 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":1008,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Open-Source Software (OSS)?","slug":"what-is-open-source-software-oss","section":"O","keyword":"Open-Source Software (OSS)","status":"published","definition":"a software that allows anyone to see, alter or distribute its source code.","content":"<p>Usually, open-source software (OSS) is produced in an <strong>open and collaborative manner</strong> by a large number of people. Such projects are driven by the following principles:</p>\n<ul>\n<li>Transparency</li>\n<li>Free participation</li>\n<li>Open exchange</li>\n<li>Community-oriented development</li>\n<li>Rapid prototyping</li>\n</ul>\n<p>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-source-code/">source code</strong></a> in OOS is accessible to be analyzed, edited, and redistributed by anyone. However, some OOS licenses require the original source code to be displayed next to the modified source code.</p>\n<p><strong>Closed-source software</strong> is the opposite of OOS. It doesn&rsquo;t make its source code available to anyone. Therefore, only a specific person, team, or organization that produced it has the authority to alter and allocate it.</p>\n<p>Open-source software has a number of benefits compared to proprietary software. Some of the benefits include:</p>\n<ul>\n<li>OOS principle of open collaboration that leads to<strong> a</strong> <strong>higher-quality product</strong> as a result of the open call for participation. This brings in a diverse group of specialists from many sectors.</li>\n<li><strong>Fixing faults can be faster and cheaper</strong> with OOS than with closed-source software. This is the case because a large number of people can address them and have the skill to resolve them.</li>\n</ul>\n<p>However, it can take a long time for various participants to agree on strategic decisions. This is because open-source software is produced in a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized way, without a single organization guiding the process. Though to deal with this problem, open-source projects use <strong>unique <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance/">governance methods.</strong></p>\n<p>Besides, there&rsquo;s even a movement aimed at making the majority of software available under an open-source license. The movement is called <strong>the open-source software movement.</strong></p>\n<p>It also aims to <strong>advance open-source technology</strong> through the collaborative creation of high-quality code. Supporters of the open-source software movement produce and share code voluntarily. They do that because voluntary work is as part of the ideology of open cooperation.</p>","level":"easy","meta_title":"What is Open-Source Software (OSS)? Definition & Meaning | Crypto Wiki","meta_description":"Open-Source Software (OSS) meaning: Open-Source Software (OSS) - a software that allows anyone to see, alter or distribute its source code.","meta_keywords":null,"language":"en","created_at":"2022-05-20T05:44:48.000000Z","updated_at":"2022-06-07T11:49:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-open-source-software-oss"},"prevSection":{"id":905,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Opera Mainnet (Fantom)?","slug":"what-is-opera-mainnet-fantom","section":"O","keyword":"Opera Mainnet (Fantom)","status":"published","definition":"An open-source framework that allows anyone to engage in the network through governance and staking refers to Opera Mainnet (Fantom).","content":"<p>Opera Mainnet (Fantom) is an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-open-source/">open-source framework that enables the possibility for anyone to partake in the network through governance and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-staking/">staking. It was launched in December of 2019, therefore, it was the most recent operating <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain.

/n

The native token of Fantom (FTM) is used in the network for staking, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain-governance/">on-chain governance</strong></a>, and platform fees.</p>\n<p>Lachesis consensus mixes <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">proof-of-stake (PoS)</strong></a> and<strong> Asynchronous Byzantine Fault Tolerance (aBFT)&nbsp;consensus mechanisms</strong> as a way to achieve cheaper and speedier transactions as opposed to other blockchains. It is used by Fantom and also offers a very safe environment.</p>\n<p>The Fantom Opera Mainnet is compatible with the<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ethereum-virtual-machine-evm/"> Ethereum Virtual Machine (EVM)</strong></a> and offers <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> support using <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-solidity/">Solidity.

/n

What is Lachesis?</h2>\n<p>Instead of copying the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">proof-of-work (PoW)</strong></a> operations that are utilized in <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum, Fantom uses its personal consensus strategy named Lachesis. The strategy allows Fantom to operate in a way <strong>faster</strong> manner and be more high-performance than previous versions.</p>\n<p>The enthusiasts of the network indicate that Lachesis is perfect for applications that, because of its speed, need a big amount of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-throughput/">throughput.

/n

Furthermore, the issue that made it possible that only two or three requirements might be included in consensus algorithms at the same time, has been solved.</p>\n<p>Lachesis was famous for having an Asynchronous Byzantine Fault Tolerance consensus process. Fantom's creators claim to have identified a solution to the scaling issue with blockchains. It is critical that this can be accomplished without jeopardizing other essential network features such as security and decentralization.</p>\n<p>The key advantage of Lachesis over Practical Byzantine Fault Tolerant (pBFT) consensus systems is its resilience to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-denial-of-service-dos-attack/">distributed denial of service attacks (DDoS)</strong></a>. Furthermore, aBTF systems are intended to be quicker than pBFT-based consensus approaches.</p>\n<h2>Fantom&rsquo;s Architecture</h2>\n<p>The Opera Core, Opera Ware, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-application-layer/">Application Layer</strong></a> are the three layers that make up the Fantom architecture running on top of each other. Fantom is unique in that it needs a second type of node known as an observer node to validate transactions and uses the dPOS approach to choose validating nodes. In addition, users must have at least 1,000,000 FTM in order to employ a validator.</p>\n<p>The Lachesis Protocol's bottom is Opera Core, which is in charge of keeping node consensus. Each transaction is stored on each node.</p>\n<p>In the middle, is<strong> Opera Ware</strong>&nbsp;and it enabled the protocol to run tasks such as providing incentives and developing Story Data.</p>\n<p>On top is the Opera Application which contains <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-api/">APIs that are accessible to the public and enable developers to connect with the Opera Ware layer using their <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">dApps.

/n

Applications such as supply-chain management need recordings of information from an application that has this function and is developed from its Story Data.</p>\n<h2>What is the Fantom Virtual Machine?</h2>\n<p>Firstly, the Fantom Virtual Machine is utilized on the mainnet of Fantom Opera. It is essentially a Fantom&rsquo;s software development supply that offers the tools to develop and implement dApps (Decentralized Finance apps).</p>\n<p>Opera also supports the Ethereum Virtual Machine (EVM).</p>\n<p>It allows developers to move their apps that are Ethereum-based and decentralized to the Fantom network without any complexity. This also guarantees that it will be fitting with the most prominent <strong>smart contract-based platform.</strong></p>\n<h2>How is Fantom Different?</h2>\n<p>Firstly, since the blocks in the Fantom network are self-retained it is more decentralized. All of the decentralized applications that operate on their personal blockchain are connected to the Lachesis consensus.</p>\n<p>Like any other proof-of-stake blockchain, Lachesis&rsquo; PoS mechanism enables validators to issue new blocks by staking their FTM. The aBFT protocol is the major factor of the Lachesis consensus because it makes it possible for nodes to build blocks individually.</p>\n<p>In that regard, nodes are able to come to an agreement on their own by using a two-factor confirmation mechanism as long as they obtain a majority of two-thirds. This removes the requirement of a leader node to create blocks, increasing the speed of the transactions and keeping superior protection.</p>\n<p>Furthermore, Bitcoin and Ethereum are first-and second-generation blockchains, correspondingly, and were not designed to scale. Decentralization and security were the most critical considerations.</p>\n<p>As a result, network transaction rates drop down, especially if more nodes are added. A transaction on the Bitcoin blockchain network, for example, may take up to 15 minutes. Transactions on the Fantom network, on the other hand, might be executed in a couple of moments.</p>\n<p>The Byzantine Fault Tolerance approach enables consensus even when there are faulty or malicious nodes in the network. It could possibly handle up to one-third of the network's faulty or malicious nodes without producing a service disruption.</p>\n<p>Also, Fantom is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-permissionless/">permissionless. Meaning that everyone can operate a node.</p>","level":"hard","meta_title":"What is Opera Mainnet (Fantom)? Definition & Meaning | Crypto Wiki","meta_description":"Opera Mainnet (Fantom) meaning: Opera Mainnet (Fantom) - An open-source framework that allows anyone to engage in the network through governance and staking refers to Opera Mainnet (Fantom).","meta_keywords":null,"language":"en","created_at":"2022-04-11T06:11:37.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-opera-mainnet-fantom"},"currentChapter":"O","currentSection":"what-is-off-chain","chapterTitle":"O","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-off-chain","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter O

What is Off-Chain?

Off-Chain MEANING:
Off-Chain - transactions are processed outside of the blockchain network. They offer speed and low costs.
Medium
2 minutes

Let's find out Off-Chain meaning, definition in crypto, what is Off-Chain, and all other detailed facts.

Off-chain transaction is a type of transaction that is processed outside of the blockchain network at a faster speed and lower cost. Moreover, there are two types of transactions that take place on the blockchain: on-chain and off-chain.

On-chain transactions are the ones that are represented on the distributed ledger and can be seen by all network users. On the opposite side, off-chain transactions take place outside of the blockchain network. Because no ledger verification is performed, such a transaction does not necessitate the usage of miners.

Different from on-chain transactions, off-chain ones are able to be performed in an instant. This process involves lower fees, speed, and increased privacy.

How Do Off-Chain Transactions Happen?

Off-chain transactions that take place outside a blockchain network can be carried out in several ways. One of which is utilizing payment chains like Bitcoin’s Lightning Network that manage peer-to-peer transactions.

Another common procedure of off-chain transactions is to exchange private keys with a current wallet. A new owner is allocated to a specific wallet using this procedure. This has no effect on the blockchain network and is a quick way to complete the transaction.

A few decentralized exchanges (DEX) have implemented the concept of trust to act as a guarantee among two people ready to conduct an off-chain transaction. P2P trading on Binance is a famous illustration of a platform that allows users to swap a variety of crypto tokens and pay using a variety of off-chain payment methods like bank transfers, Payoneer, and PayPal.

Usually, off-chain transactions happen through trusted individuals or parties. Since there are cost, time, and anonymity benefits, off-chain transactions are increasing in popularity.

Nonetheless, Solana and many other comparable crypto projects are aiming for reduced costs on-chain transactions with high TPS.

The Difference Between Off-Chain and On-Chain Transactions

The blockchain network represents on-chain transactions on the distributed ledger. It entails miners validating the transaction by verifying the ledger by miners. Transaction information is captured including everything that is happening on-chain.

The transaction is uploaded to the distributed ledger and made public on the blockchain as a whole. As a result, it is irrevocable.

With numerous other transactions in the line awaiting validation and a lot of stages to be completed, it is simple to see the reason why on-chain transactions take longer to complete efficiently. Furthermore, there may be substantial costs connected with on-chain transactions.

These are a few of the explanations for why many users choose off-chain transactions. Several initiatives, though, are attempting to improve the performance and reduce network costs in blockchain transactions in order to make them more effective.

Rather than being obligated to wait for validations from the blockchain network, off-chain transactions happen in an instant by using a few different techniques. 

On-chain transactions, on the other hand, need validators to authenticate the transactions and this has high costs. As opposed to off-chain transactions that are typically free or very low cost. 

Off-chain transactions, unlike on-chain transactions, can’t be seen on the blockchain, thus providing more privacy.
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