Glossary-O
O
Off-Chain
- Processes or data that occur or are stored outside of a main blockchain network, done to reduce expense and improve efficiency.
- See also: #Blockchain, #On-Chain
On-Chain
- Data or transactions stored directly on a blockchain network increasing the level of trust and security for network participants.
- See also: #Blockchain, #Off-Chain
On-Ramp/Off-Ramp
- A platform or service that allows users to convert cryptocurrencies to traditional government-issued currencies and vice versa.
- See also: #Exchange
Optimism
- An Ethereum layer 2 blockchain network founded in 2019 and built as a scaling solution to alleviate congestion and reduce transaction fees.
Optimistic Rollups
- A category of Ethereum layer 2 scaling solutions that handle the computation of transactions off-chain and publish the results on-chain.
- See also: #Optimism
Oracle
- An agent or entity that connects smart contracts to external data sources or systems allowing real-world events to trigger actions on a blockchain network.
Orphan Block
- One of two or more blocks produced simultaneously by miners. The orphan block, also known as a stale block, is the block discarded by the network despite its veracity.
- See also: #Block, #Stale Block
OTC
- Acronym - #Over The Counter
- The process of trading an item outside of an official exchange. In web3, this is typically an occurrence directly between two trusted individuals in order to circumvent marketplace fees.