Confirmation

When a blockchain network completes the verification of a specific transaction, this is referred to as a confirmation. For blockchains such as bitcoin, which are based on the Proof of Work(PoW)consensus mechanism, this computation task is completed by miners. For Proof of Stake (PoS) based blockchains, the consensus is determined by validator nodes. It becomes nearly impossible to reverse the transaction or conduct a double-spend attack upon successful transaction confirmation. Over time, as more blocks are created and more network confirmations are completed, it becomes progressively more difficult and computationally more expensive to mount a double-spend attack. Every cryptocurrency blockchain is built and designed with different parameters related to confirmation time. It’s important to note that when conducting business using crypto coins, many trading exchanges and private parties don’t consider the transaction 100% complete until a minimum amount of network confirmations are complete.