Ethereum is the second most popular cryptocurrency in the world, created by Russian programmer Vitalik Buterin. Here, the execution of transactions has a number of unique features that distinguish the network from its analogs. How many block confirmations Ethereum are necessary? Well, this issue raises many questions.
Cryptocurrencies were invented as an alternative to traditional banking systems. Conceptually, everyone has an opportunity to transfer coins to anyone from anywhere in the world literally in a matter of seconds. In practice, a recipient will only be able to use the cryptocurrency after the transaction has been confirmed. Let’s find out how many block confirmations for Ethereum are necessary.
How Many Block Confirmations for Ethereum Are Necessary?
How many block confirmations does Ethereum need? Well, let’s start from the very beginning for a better understanding.
Bank transfers take such a long time because the chain can consist of several banks. Thus, an identity of a sender, as well as a sum of money, are verified at each stage. An Ethereum platform has a similar system in this regard.
All information about cryptocurrency transfers within the network is stored in blocks, the chain of which is called a blockchain. Transactions are collected in blocks thanks to miners. Miners don’t include every single payment in the block.
Thus, if you have sent coins, what guarantee do you have that you are not sending them for the third time? Well, a transaction confirmation mechanism was invented on the Ethereum network to prevent double-spending. So, how many block confirmations needed for Ethereum? ETH transactions must be verified in 20 blocks to prove the authentication.
How Many Block Confirmations Ethereum Coinbase Pending?
How many block confirmations Ethereum Coinbase needs? Now it’s time to find out! First of all, it’s necessary to note that Coinbase doesn’t make public information relating to the number of confirmations required to determine a valid deposit. However, this shouldn’t take a lot of time. Most deposits go through in a minute or two.
It’s necessary to note that the GDAX platform requires 50 confirmations. While it’s impossible to give a clear answer to the question ‘How many block confirmations Ethereum Coinbase pending?’, we can assume that Coinbase requires the same amount of confirmations.
How Many Block Confirmations Does Ethereum Need?
In closing, it’s important to mention that Vitalik Buterin devoted a separate blog post relating to block generation times vs finality. This post contains graphs illustrating the number of confirmations (total time as well) necessary for a transaction to be secure depending on the average block times.
Vitalik Buterin says: “…the 17-second blockchain will likely require ten confirmations (~three minutes) to achieve a [99.99% probability] of security.”
In view of the fact that Ethereum is in the range of 15-second average block generation times, the rule of thumb shows that it takes about 12 confirmations for finality.
What do you guys know about Ethereum how many block confirmations before your transaction goes through? Feel free to share your knowledge in the comments!