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
Hot Wallet
It is a tool that store your cryptocurrencies and always connected to internet
Pump and Dump Scheme
A market manipulation method to drive up the price of an asset before profiting by driving it back down.
Decentralized
A system where there are no centralized points of failure or organization with no central authority figure.
zkOracle
A zkOracle is an advanced concept in blockchain technology that combines the properties of oracles with the principles of zero-knowledge proofs.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.