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A digital agreement that specifies where funds/tokens/assets should go, and under what conditions they will be sent, executing a deal only when all the conditions are met.
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What's the difference between "on-chain" and "off-chain" in plutus smart contracts?
I think the Plutus core specification gives pretty good explanation.
Plutus Core code (and code intended for execution on a blockchain in general) can be executed in two different environments: off-c …