Block Confirmation
Quick Answer
A block confirmation occurs when a transaction is included in a block added to the blockchain. More confirmations mean greater finality and lower risk of reversal.
Full Definition
A block confirmation occurs when a transaction is included in a block and that block is added to the blockchain. Each subsequent block mined on top of it adds another confirmation. More confirmations mean greater finality and lower risk of reversal. For payment processing, one confirmation is typically sufficient on proof-of-stake chains like Ethereum, while Bitcoin transactions usually require three to six confirmations for high-value payments.
Related Terms
BEP-20
BEP-20 is the token standard for creating fungible tokens on BNB Chain, similar to ERC-20 on Ethereum, commonly used for stablecoins in payment settlement due to low fees.
Block
A block is a data structure containing a batch of validated transactions permanently recorded on a blockchain, with each block cryptographically linked to the previous one.
Block Explorer
A block explorer is a web tool for searching and verifying blockchain transactions, addresses, and smart contracts. Examples include Etherscan and Solscan.
Blockchain
A blockchain is a distributed, immutable digital ledger that records transactions across a network of computers, eliminating intermediaries and reducing settlement times from days to seconds.
Bridge
A blockchain bridge enables the transfer of tokens between separate blockchain networks by locking tokens on the source chain and minting equivalents on the destination chain.