Translations: Emulating Multi Signature Accounts on the Blockchain/32/en

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Next, we must complete the Minimum and maximum phasing durations. The minimum phase duration basically means each time you submit a transaction, it will be delayed by this many blocks before it is sent to the approvers - the finance leads in our current example. The maximum phase duration means any transactions you submit will expire if they are not approved within that amount of time. Note 1 day is approximately 1440 blocks on mainnet but 8640 blocks on testnet.