Ethereum: How many confirmations take place before a transaction is successful
Ethereum: A Closer Look at Confirmation Levels
As a cryptocurrency enthusiast, you’re probably familiar with the concept of confirmation levels on blockchain networks like Ethereum. In this article, we’ll take a look at how these levels work and what they mean for your trading.
What is confirmation?
On a blockchain network, each transaction is verified through a process called “consensus.” This verification ensures that all nodes on the network agree on the validity of the transaction and its contents. The confirmation level indicates how many times a transaction must be transmitted to the network before it is considered “confirmed.”
What does confirmation level mean?
A higher confirmation level means that more confirmation is required to add the transaction to the blockchain. On Ethereum, transactions typically start with a single confirmation level (SFL), which can range from 1 to 10. The levels below indicate additional confirmations.
- 0 SFL
: New Block: This is the simplest level of confirmation. A new block must contain at least one unconfirmed transaction to be considered part of the blockchain.
- 1 SFL: First Block Confirmation: A new block in Ethereum typically requires two confirmations to be considered valid. This means that both nodes in the network agree on the validity of the first block before it is added to the chain.
- 2 SFL: Second Block Confirmation: Once a second block has been added to the network (six blocks in total), each subsequent block must have at least three confirmations to be considered part of the blockchain.
- 3-5 SFL: Additional Block Confirmations: With five or more blocks, each additional block requires at least one more level of confirmation. This means that a single transaction can require up to 10 confirmations before it is added to the blockchain.
What does it mean when transactions have few confirmations?
If you see a transaction with only two confirmations (99 and 95), it is possible that:
- The sender or recipient is still verifying their identity, which takes time.
- There may be issues with network connectivity or block splitting (the process of removing older blocks to speed up the chain).
- The transaction has not yet reached the second level of block confirmation.
When will the transaction be successful?
To successfully submit a transaction, you will need to make sure that it meets all of the following requirements:
- SFL: Confirm at least one pending transaction.
- First Block Confirmation (2 SFL): Make sure that both network nodes agree on the validity of the first block.
- Second Block Confirmation (5-10 SFL)
: At this point, each subsequent block must have three or more confirmations.
If you are experiencing low confirmations and are still waiting for your transaction to be successful, it is important to:
- Verify your identity and verify that the network is working properly.
- Make sure that all parties involved are using the correct wallet address or private key.
- Be patient and give the network time to process the transaction.
Keep in mind that confirmation levels do not guarantee success. In Ethereum, there can be a variety of reasons why transactions may take longer than expected to propagate through the network. However, by understanding how confirmation levels work, you will be better prepared to resolve any issues that arise during your transactions.