On my chains I use a gun-specific lubricant. I like this because it lubricates well, prevents corrosion, and is easily cleaned up. Some chain lubes are very thick, and though they are water resistant, they also attract dirt, and are extremely difficult to remove with water-based cleaners. I don't like using mineral spirits or petroleum solvents to clean my chains, as the fumes are terrible, and disposal is difficult.

Wiping a chain will get rid of a little of the dust and dirt accumulated during a ride, but rags don't reach in the places where dirt does the most harm. A proper device for cleaning chains get them properly clean.

Personally, I don't like replacing chains or other driveline parts, and keeping them clean greatly extends their life.