Off-chain transactions - Sky Wallet Skip to content

Off-chain transactions

Fees applied to a transaction are sent to support the networks that run the coin/token. This fee doesn’t go to us, it goes to reward the miners (to ensure that the transaction is logged into the blockchain in a timely fashion) and to support the Ethereum network itself.
When transferring from a Skywallet account to another Skywallet account (within one chain), the transactions occur off the blockchain.
What are the advantages of these transactions?

Speed

Off-chain transactions are completed instantly, no need to wait for confirmations.

Costs

Transactions off the blockchain are not the subject to the fees paid to the miners for their services – verifying the ledger. With off-chain transactions, you can make lots of small transfers.

No more nonsense addresses

With off-chain transactions, you can send coins to other Skywallet users by referencing their user ID or email instead of typing their blockchain address. Less complicated mean less misstake to be made.

 

Skywallet off-chain transactions are available for all Skywallet currencies.