On chain vs off chain transactions on blockchain

As we all know blockchain technology is the time-stamped series of record data that is managed by computers. each of these block data are secured and save and linked with cryptographic principle. blockchain technology is the heart of Bitcoin and other virtual currencies.

there are two types of transactions in the blockchain.

1) on-chain transactions in the blockchain

2) off-chain transactions in the blockchain

ON-CHAIN TRANSACTIONS IN BLOCKCHAIN

On-chain transactions in blockchain are valid when transacted on the public ledger. On-chain transactions that only occur in the blockchain that is, on the records of the blockchain - and always remain dependent on the state of the blockchain for their validity. on-chain transactions take more time because of the different steps that have to do before a transaction to be successful.  

OFF-CHAIN TRANSACTIONS IN BLOCKCHAIN

off-chain simply means anything that's not occurring in a blockchain. Off-chain transaction is like agreements which have done outside the blockchain.  The parties are involved in the transaction can choose to have an agreement outside of the blockchain. in the next step, they have to involve a third party, whose role is to confirm the completion of the transaction. This makes the third party a kind of guarantor in the transaction. for example when we trade in the TTR group admins become third parties.