[spinny]

> "everything will be on-chain"

This can be either true or false depending on what is your understanding of how blockchains work and what benefits it brings.

Some people will understand it as "some data will be on-chain and all or most businesses will do it", other might understand it as "every bit of info will be on a public blockchain"

Blockchains are very inefficient "databases" in the general sense of a database (and also expensive). They are only used because of the security characteristics. Only data that needs to benefit from those characteristics should go there.