What Are Off-Chain Transactions
Off-chain transactions refer to those transactions occurring on a cryptocurrency network that move the value outside of the blockchain. Due to their zero/low cost, off-chain transactions are gaining popularity.
In blockchain-based cryptocurrencies, off-chain transactions refer to those which occur outside of the blockchain itself.
Off-chain transactions can entail lower fees, immediate settlement, and greater anonymity than on-chain transactions.
Depending on the method used, off-chain transactions may eventually have to be recorded on-chain.
Off-Chain Transactions Advantages
They can be executed instantly. On-chain transactions, on the other hand, can have a long lag time, depending upon the network load and number of transactions waiting in the queue to be confirmed.
Off-chain transactions usually don’t have a transaction fee, as nothing occurs on the blockchain. Since no miner or participant is required to validate the transaction, there is no fee, making it an attractive option, especially if large amounts are involved.
On-chain transactions, meanwhile, may at times come at a high cost, which leads to problems of Bitcoin Dust, a situation where small amounts of bitcoins cannot be transacted due to high transaction fees.
Off-chain transactions offer more security and anonymity to the participants because details are not publicly broadcast. In the case of on-chain transactions, it is possible to partially determine a participant’s identity by studying transaction patterns.
When the user receives $Hegem, there will be a gas fee for executing the command on the on-chain platform. On the off-chain platform, transactions that need to use or pay $Hegem will save gas fees:
- Buy and receive items in the shop faster.
- Get $Hegem immediately after farming.
- Limit errors when using $Hegem in the game.
About Hero Arena
Embracing the hottest trends to develop from the cryptocurrency industry, Hero Arena is a multiplayer NFT RPG game built on blockchain technology inspired by DOTA architecture with advanced blockchain technology and decentralized finance features to create an unprecedented experience.
Besides, Token Burn campaign, we also bring the best Play-to-Earn features to players. This January, there are many features released in the 2.0 version of Hero Arena such as Arena, Boss Battle, GACHA, Shop and Upgrade the rarity of Hero features.
Telegram Community: https://t.me/heroarenagame
Partnership Announcement: Hero Arena x iRocket AR