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
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Composability refers to the ability to combine different components of a software stack.
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Token Generation Event (TGE)
An event in which new tokens (ussually on a smart contract platform) are created and distributed to the public.
Mining Pool
Combination of resources of several miners to obtain a higher mining power and thus achieve greater rewards for the opening of blocks.
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