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
Gas
A unit of measurement of the computational effort in conducting transactions or smart contracts on Ethereum blockchain.
Block Reward
One of the mechanisms built into a blockchain to incentivize validators
Public Blockchain
An open sourced blockchain where participation is public and permissionless
Soft Cap
Targeted fund raising limit of an ICO
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