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On-chain and off-chain: The new trend of integrating encryption assets into TradFi.
"On-chain" vs. "In-chain": The Integration of Encryption Assets and TradFi
On October 31, at SmartCon 2024, a blockchain industry expert delivered a speech on the topic of "on-chain" and "in-chain." Here is a summary of the main content of the speech:
Over the past decade, blockchain technology has driven the development of the encryption financial market, and this emerging market is gradually achieving interconnection with the TradFi system. The integration of the two markets mainly occurs through the following ways:
Assets in the blockchain world exist in two states: "on-chain" and "in-chain". "On-chain" refers to registering real-world asset data on a distributed ledger to gain global liquidity; "in-chain" refers to digital native assets, such as Bitcoin, that inherently exist on the blockchain.
The three main ways to "go on-chain" include:
Distributed Ledger Technology (DLT) creates value on two levels:
In the world of DLT, tokens are not only units of permission or data but also a new type of financial asset—encryption assets. These assets are based on cryptography, blockchain, and self-managed digital wallets.
With the integration of TradFi and encryption finance, the demand for compliance is also increasing. Future blockchain solutions need to meet regulatory requirements such as KYC (Know Your Customer), AML (Anti-Money Laundering), and CFT (Counter Financing of Terrorism).
Finally, the speaker emphasized that what users really need are the applications and new types of assets brought by blockchain technology, not the technology itself. Blockchain and distributed ledger technology are merely tools; the real value lies in the new types of assets and applications they create, which will become an indispensable part of users' asset allocation.