How Many Block Confirmations Does Ethereum Need?

How Many Block Confirmations Does Ethereum Need?

Ethereum is the second most popular cryptocurrency in the world, created by the Russian programmer Vitalik Buterin. Here, transaction execution has a number of unique features that distinguish the network from its analogues. How many block confirmations Ethereum are required? Well, this problem raises many questions.

Cryptocurrencies were invented as an alternative to traditional banking systems. Conceptually, everyone has the opportunity to transfer coins to anyone from anywhere in the world literally in a matter of seconds.

In practice, a recipient can only use the cryptocurrency after confirming the transaction. Let's find out how many block commits to Ethereum are needed.

How many Block Confirmations for Ethereum are Required?

How many block confirmations does Ethereum need? Well, let's start at the beginning for a better understanding.

Bank transfers take a long time because the chain can consist of several banks. Thus, the identity of a sender, as well as an amount of money, is verified at each step. An Ethereum platform has a similar system in this regard.

All information about transfers from criptomoedas in the network they are stored in blocks, whose chain is called a blockchain. Transactions are collected in blocks thanks to the miners. Miners do not include all block payments.

So, if you sent coins, what guarantee do you have that you are not sending them a third time? Well, a transaction confirmation mechanism has been invented in the Ethereum network to avoid double spend. So how many block commits needed for Ethereum? ETH transactions must be verified in 20 blocks to prove authentication.

How many Ethereum Coinbase Block Confirmations?

How many block confirmations does Ethereum have Coinbase need? Now it's time to find out! First, it should be noted that Coinbase does not disclose public information regarding the number of confirmations required to determine a valid deposit. However, this shouldn't take too long. Most deposits are processed within a minute or two.

It should be noted that the GDAX platform requires 50 confirmations. While it is impossible to give a clear answer to the question 'How many Ethereum Coinbase block commits are outstanding?', we can assume that Coinbase requires the same amount of commits.

How Many Block Confirmations Does Ethereum Need?

In closing, it's important to mention that Vitalik Buterin dedicated a separate blog post related to block generation vs finishing times. This post contains graphs illustrating the number of confirmations (total time as well) required for a transaction be safe depending on average block times.

Vitalik Buterin says: “…the 17-second blockchain will likely require ten commits (~three minutes) to achieve a [99,99% probability] of security.”

In view of the fact that Ethereum is in the 15-second average block generation time range, the rule shows that about 12 commits are needed for completion.

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