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A blockchain system is basically a network that has a distributed ledger and can be considered a shared database. All transactions are stored on the blockchain and shared with everyone.

To make a transaction valid, it must be added to the Blockchain.

Transactions that take place on a blockchain are called on-chain transactions. They are both reflected in the public and distribution ledgers. On-chain transactions are transactions that have been verified and authenticated by miners or authenticators. These transactions can lead to an overall upgrade of the blockchain network.

A miner must confirm that an on-chain transaction is complete. The network congestion also affects the time it takes to complete an on-chain transaction. Transactions can sometimes be delayed when there are a lot of transactions to confirm.

This is the second variation in transaction variation, compared to off-chain transactions. There are many ways they differ. Off-chain transaction agreements occur outside of the blockchain. The protocol used with off-chain transactions is very similar to the one used on popular payment platforms like PayPal.

This allows the parties to the transaction to choose an agreement outside the blockchain. The next step could involve a third party, whose job it is to confirm and certify that both the agreement and transaction were completed.

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