Decryptopedia Terms Beginning With 'O'

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Custodial Wallets

Personal or business wallets controlled by a company or cryptocurrency exchange (like Coinbase or Binance), which stores your private keys for you. Custodial wallets are considered less safe than noncustodial wallets because if hackers were able to access an exchange’s network, they could potentially access your private keys and ultimately have complete control of your account balance, allowing them to steal your digital assets.

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Crypto Industry

The cryptocurrency industry is made up of 15,000+ different cryptocurrencies, dozens of blockchain companies and platforms, startups, investors, foundations, regulators, influencers, and more, all...

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Terms that start with “O”

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.
On-Chain
Refers to blockchain transactions that exist on and have been verified to the blockchain by miners or validators.
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.
OpenSea
OpenSea is the world’s first and largest decentralized peer-to-peer (P2P) marketplace for buying and selling Non-Fungible Tokens (NFTs).

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Terms that start with “O”