Decryptopedia™

Terms that start with “O”

1. Off-Chain

   Refers to blockchain transactions that are processed outside the blockchain. Due to the limitations of on-chain transactions, including a blockchain’s scalability, speed, and cost, off-chain transactions and Layer 2 protocols were introduced to help Layer 1 blockchains deal with congested networks and slow processing speeds.

2. On-Chain

   Refers to blockchain transactions that exist on and have been verified to the blockchain by miners or validators.

3. Open-source

   Software code that is publicly accessible, meaning that anyone can view, modify and redistribute the code. The mission of open-source software is to promote openness, transparency, collaboration and participation by anyone in the development of the software. In relation to blockchains, many of the top blockchains are developed using open source software, with no central bank, government, or institution controlling the software.

4. OpenSea

   OpenSea is the world’s first and largest decentralized peer-to-peer (P2P) marketplace for buying and selling Non-Fungible Tokens (NFTs).