Analyzing the meaning of on-chain transfers: An article in-depth reveals the definition of on-chain transfers

When it comes to transfers, we are all familiar with it. In daily life, transfers occur every day. In the blockchain world, there are also ways to transfer money on the chain. However, on-chain transfers are different from our usual transfer methods, and many investors will encounter some problems when conducting on-chain transfers. As we all know, blockchain is a database maintained in a decentralized manner. It can be simply understood as a ledger that records all transactions. In the blockchain network, thousands of transfer transactions occur every moment.

What does on-chain transfer mean?

When a user withdraws coins from the exchange, the exchange will prompt the user to select a chain. Generally speaking, there are three different chains to choose from, including Omni, ERC20, and TRC20. These three chains represent different network protocols. Omni is based on the Bitcoin network protocol, ERC20 is based on the Ethereum network protocol, and TRC20 is based on the TRON network protocol. Additionally, there is a chain called USDT-EOS, which is based on the EOS network protocol. Users can choose the appropriate chain to withdraw coins according to their needs.

Please note that selecting different chains will generate different addresses, and each address is unique. Different chains are independent, so USDT on Omni cannot be transferred to ERC20, TRC20 or USDT-EOS. When withdrawing coins, different platforms are not affected by the platform, but the withdrawal channels need to be consistent.

The meaning of internal transfer is relatively easy to understand. Taking Eureka Exchange as an example, when users need to withdraw coins, they can choose whether to perform internal transfers. Internal transfers refer to transfers within Ethereum or with other partner exchanges. There will be no handling fee for this transfer method.

What should I do if the on-chain transfer fails?

Many people have experienced transfer failures on the Ethereum blockchain. This is because on-chain transfers cannot be reversed, resulting in repeated transfers and losses.

When you see a transfer transaction and the transfer fails on the block browser, it is usually caused by the following three reasons:

1. Out of gas (Gas Insufficient)

Gas is the unit of account in the Ethereum network, used to measure the amount of calculation and resource consumption required to execute smart contracts or transactions. In Ethereum, each operation consumes a certain amount of Gas, and the miner fee is determined based on the amount of Gas consumed. Analogous to the gasoline burned when driving on the road, Gas is equivalent to the fuel in the Ethereum network. It can ensure the security and reliability of the network while also preventing abuse and attacks. Therefore, when making a transfer or executing a smart contract, a certain Gas fee needs to be paid to ensure that the transaction is processed smoothly and confirmed by the miner.

If you want to make a transfer, you must set a Gas for the transfer. If you set it too low, the transaction will fail. The reason for failure is out of gas (insufficient gasoline).

2. Bad instruction (Instruction error)

The English translation of Bad instruction is instruction error. It can be said that there is a problem with the logic of the smart contract code itself. As a result, an instruction error occurs during the execution of the transfer contract.

The Ethereum blockchain is also a computer program mechanism. It is like a broken machine. If you input an instruction, the machine cannot operate normally. At this time, the transfer will also fail.

3. Reverted(Return)

Reverted rollback is also another reason why transfers on the Ethereum chain fail. So what is the situation of reverted rollback? reverted is actually a function that is used to immediately terminate the execution of the contract and return the state. Although it is a smart contract, which is smarter than ordinary contracts, some contracts still make mistakes during execution.

For example, if you go to a beverage vending machine to buy a bottle of Coke, if the contract is executed and you enter the amount, you can get a bottle of Coke. But this contract does not check whether there is enough Coke in the vending machine. When there is no Coke in the vending machine, people coming from behind cannot get Coke even if they enter the amount. At this time, your original contract, that is, the contract that inputs the amount and gets a cup of Coke will fail. It will send an error message and roll back to the current transaction state.

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