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
Scrypt
one of the hashing algoritm used in proof-of-work protocol, scrypt requires more memory in order to performing mining functions
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.
Salt (cryptography)
In cryptography, a salt is the additional random input that is added to password or passphrase to make the password hash unique. It prevents from the hashed output password to be cracked so easily by the hacker.
Emission
The speed/rate at which new coins are minted and released as dictated by the protocols written.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.