On-chain

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The term on-chain refers to transactions taking place directly on a blockchain, not through an intermediary such as a CEX. On-chain transactions are immutable and will be visible on the blockchain's public ledger. Transacting on-chain usually requires the user to have the blockchain's native gas currency. Typically, transactions on-chain can only be reversed if the majority of network participates agree to reverse or roll-back the transaction; this is referred to as a hard fork and it happened with Ether after the DAO hack.[1]

References

  1. ↑ https://www.gemini.com/cryptopedia/the-dao-hack-makerdao#section-the-dao-hack-remedy-forks-ethereum
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