Block Confirmation
By CoinGecko | Updated on Mar 03, 2020
When a new block of information has been verified for addition onto the blockchain, it has one confirmation. Each additional blocks added onto the blockchain gives the referenced block another additional confirmation.
The further back a block is on the blockchain, the more costly it becomes to reverse it (through malicious means). Block confirmation is typically used by crypto exchanges to consider a cryptocurrency transaction final to protect themselves against bad actors who aim to reverse transactions after depositing (known as double spending).
Related Terms
IYKYK
Abbreviation for: if you know you know. The phrase implies that the user has dropped some sort of insider knowledge about a specific experience. Often, the post will have some callback to a particular experience that will instantly stand out to those who are “in the know,” or ironically sharing commonly known information.
Microtransaction
Microtransaction is a system that made very small payments possible in buying the common digital goods and services, such as purchasing items in a game.
Solidity
Object oriented programming languaged used in various smart contract blockchains.
Soft Fork
A backward-compatible update to a decentralized blockchain protocol.
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