cryptocurrencies, confirmation is defined as the number of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks that have gone through after the transaction was uploaded to a coin's blockchain. The security is determined by the number of confirmations.</p>\n<p>An <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-zero-confirmation-unconfirmed-transaction/">unconfirmed transaction</strong></a> is the one that is <strong>waiting to be added to the blockchain</strong> by miners. Following the initial block, each subsequent block is added, leading to one confirmation. This implies that if one confirmation takes ten minutes, six confirmations might take an <strong>hour</strong>, and so forth.</p>\n<p>They are gathered in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mempool/">mempool, which is a backlog of all presently unconfirmed transactions.</p>\n<p>Speaking about smaller confirmations, these take place after the buyer and seller agree to wait for zero transactions. Larger transactions wait for more blocks.</p>\n<p>When an unconfirmed transaction makes it into a newly mined block, it obtains a confirmation. Following that, <strong>each new block uploaded to the chain serves as an extra confirmation</strong> for the transaction. Thus, if a transaction was verified in block 348202 and the current <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block-height/">block height</strong></a> is 348207, it has six confirmations.</p>\n<p>Each exchange and retailer must determine the number of confirmations required for each currency. The number of confirmations that have to be <strong>100%</strong> secure grows with time.</p>\n<p>The amount of confirmations is significant for security purposes. If a hacker wishes to target the blockchain by feeding it fake transaction information, they must breach the security of each individual block in exact sequence. <strong>Beginning with the most recent one in the chain.</strong></p>\n<p>The more blocks mined since a certain transaction occurred, the more difficult it is for a hacker to break through all of them and reverse that transaction.</p>\n<p>For example, with <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin, a new block is added every 10 minutes.</strong> Therefore, there will be one confirmation every 10 minutes. Meaning that it will begin after an unconfirmed transaction is added.</p>\n<p>Most crypto companies that handle customer transactions, such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallets and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">exchanges, need a minimum of three confirmations before acknowledging a transaction as genuinely <strong>legitimate and permanent</strong>.</p>","level":"medium","meta_title":"What is Confirmation? 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":192,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Consensus Mechanism?","slug":"what-is-consensus-mechanism","section":"C","keyword":"Consensus Mechanism","status":"published","definition":"the technology required for the main blockchain functionalities.","content":"<p><strong>The term Consensus Mechanism</strong>, also referred to as consensus algorithm, describes a computer technology used for information processing. Consensus mechanisms have been adopted for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain technology</strong></a>, becoming the most crucial tool in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency development and utilization.</p>\n<p>The consensus mechanism is the foundational technology for <strong>block verification</strong>. It created the outline for conditions that the network <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators must meet in order to create and verify new blocks on the blockchain.</p>\n<p>There are numerous consensus mechanisms that require different software and hardware. However, their key principle is to help build a <strong>decentralized public ledger</strong> that makes up the blockchain.</p>\n<p>The first consensus mechanism developed specifically for blockchain technology was <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a>. It was launched alongside the Bitcoin blockchain. Given some of its technical limitations and hardware requirements, developers started working on new concepts of consensus mechanisms.</p>\n<p>This led to the development of mechanisms that have become as popular as PoW, such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a>, which is employed by Ethereum, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-authority-poa/">Proof-of-Authority (PoA)</strong></strong></a>, used by VeChain, and Proof-of-Staked-Authority (PoSA) on the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a> Smart Chain. Each method ensures agreement between the network nodes to validate transactions and create new blocks on the chain.</p>\n<p>Blockchain protocols are unable to properly function without consensus algorithms. As the name suggests, this technology ensures consensus is maintained between all nodes working in the network and that all nodes follow the same set of rules.</p>\n<p>Furthermore, <strong>consensus algorithms provide security to blockchain users</strong>. Invalid transactions are kept out of the blocks by node validators that follow the predetermined consensus algorithm rules. Consensus mechanisms allow multiple transactions to be managed and validated in a very short time window.</p>\n<p>In order to validate a transaction and add it to the block, all nodes must reach a consensus. Blockchain networks are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized, therefore all node operators share an equal distribution of responsibility. The consensus mechanism can successfully function even if some of the nodes are malfunctioning or maliciously acting against completing the tasks.</p>\n<p>The consensus algorithm technology is a practical example of a theoretical problem known as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-byzantine-generals-problem/">Byzantine Generals' Problem</strong></a>. It poses the question of whether a computer network can achieve a consensus in a network of independent, decentralized nodes when some of the nodes are malfunctioning for one reason or another.</p>","level":"medium","meta_title":"What is Consensus Mechanism? Definition & Meaning | Crypto Wiki","meta_description":"Consensus Mechanism meaning: Consensus Mechanism - the technology required for the main blockchain functionalities.","meta_keywords":null,"language":"en","created_at":"2022-02-24T13:03:43.000000Z","updated_at":"2023-01-10T01:48:42.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-consensus-mechanism"},"prevSection":{"id":190,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Composable Token?","slug":"what-is-composable-token","section":"C","keyword":"Composable Token","status":"published","definition":"is an ERC-998 token.","content":"<p>A composable token is a basic extension to any <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible token</strong></a> that adds the ability to own other fungible (<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721) or non-fungible (<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20) tokens.</p>\n<p>The title of a composable token is the owner's name. The owner of a composable token is referred to as its root. A parent token has an address that is shared by all of the network's children.</p>\n<p>There are two ways to generate a composable token:</p>\n<ul>\n<li>Bottom-Up Composable - The bottom-up composable tokens in this case keep data about the parent tokens. Bottom-up composables can be attached to other ERC-721 tokens as child tokens.</li>\n<li>Top-Down Composable - The composable token maintains data about its child tokens in this context. Any ERC-721 token may be converted into a composable token from the top down. Consider this technique to be a wrapper for ERC-721 tokens. Tokens may be stored and transferred in and out of it.</li>\n</ul>\n<p>Because they are non-fungible, ERC-998 tokens are not so far-fetched from ERC-721 tokens. Nonetheless, ERC-998 tokens are regarded as \"composable,\" referring to the fact that they let people manage assets into complicated structures and exchange them with single ownership.</p>\n<p>Something that is composable implies that it <strong>can be combined with other items</strong>, pieces, or components. It is possible for a composable token to signify more than one digital asset.</p>\n<p>To specify, a non-fungible compostable token is a collection of digital assets. The collection can have several different tokens:</p>\n<ul>\n<li>ERC-20 tokens</li>\n<li>NFTs</li>\n<li>Crypto Derivatives</li>\n</ul>\n<p>Connecting many elements might result in the creation of a single umbrella asset. In relation to that, the ERC-998 token enables dozens of new applications. This allows users to create trees of linked ERC-721 tokens and acquire or sell bundles of ERC-721 tokens in a single transaction.</p>\n<p>A composable token is a digital asset that anybody could generate. It is a coin that is vulnerable to a third-party influence.&nbsp;</p>\n<p>In addition, a composable token is an <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum-based token's composable bearer. This is a cryptocurrency that allows people to swap it and lend it to anybody. It offers a minimal barrier to entry and endless possibilities.</p>","level":"medium","meta_title":"What is Composable Token? Definition & Meaning | Crypto Wiki","meta_description":"Composable Token meaning: Composable Token - is an ERC-998 token.","meta_keywords":null,"language":"en","created_at":"2022-02-23T15:31:59.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-composable-token"},"currentChapter":"C","currentSection":"what-is-confirmation","chapterTitle":"C","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-confirmation","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter C

What is Confirmation?

Confirmation MEANING:
Confirmation - When a cryptocurrency transaction is included in a block on the blockchain, it is regarded as confirmed.
Medium
2 minutes

Let's find out Confirmation meaning, definition in crypto, what is Confirmation, and all other detailed facts.

Confirmation is a feature that certifies or proves the truth of something. For example, confirming that your order has arrived. Besides, this is the last proof.

Looking from the perspective of cryptocurrencies, confirmation is defined as the number of blocks that have gone through after the transaction was uploaded to a coin's blockchain. The security is determined by the number of confirmations.

An unconfirmed transaction is the one that is waiting to be added to the blockchain by miners. Following the initial block, each subsequent block is added, leading to one confirmation. This implies that if one confirmation takes ten minutes, six confirmations might take an hour, and so forth.

They are gathered in the mempool, which is a backlog of all presently unconfirmed transactions.

Speaking about smaller confirmations, these take place after the buyer and seller agree to wait for zero transactions. Larger transactions wait for more blocks.

When an unconfirmed transaction makes it into a newly mined block, it obtains a confirmation. Following that, each new block uploaded to the chain serves as an extra confirmation for the transaction. Thus, if a transaction was verified in block 348202 and the current block height is 348207, it has six confirmations.

Each exchange and retailer must determine the number of confirmations required for each currency. The number of confirmations that have to be 100% secure grows with time.

The amount of confirmations is significant for security purposes. If a hacker wishes to target the blockchain by feeding it fake transaction information, they must breach the security of each individual block in exact sequence. Beginning with the most recent one in the chain.

The more blocks mined since a certain transaction occurred, the more difficult it is for a hacker to break through all of them and reverse that transaction.

For example, with Bitcoin, a new block is added every 10 minutes. Therefore, there will be one confirmation every 10 minutes. Meaning that it will begin after an unconfirmed transaction is added.

Most crypto companies that handle customer transactions, such as wallets and exchanges, need a minimum of three confirmations before acknowledging a transaction as genuinely legitimate and permanent.
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