Number of network confirmations
As is known, blockchain is a special type of database that stores information in the form of blocks and constantly grows, as each subsequent block is connected to the previous ones, forming a kind of "chain." This resembles a traditional ledger where all transactions are recorded, but instead of a paper notebook, it is digital. Each block in the blockchain contains a series of transactions. When a new block is filled with information — that is, transactions — it is added to the overall chain. However, each such transaction, such as sending or receiving cryptocurrency, must be verified before it can take its place in the blockchain. This verification is called network confirmation. Below, we will try to explain this in more detail: • Basics: Imagine you’re playing a game where one person tells a story over the phone to the next, and so on — with the original version needing to remain unchanged, no matter how many people pass it along. If even one person misses a tiny detail, the story changes, and that becomes a problem. In the blockchain world, each such "story" is a transaction — for example, Zhenya sends 5 bitcoins to Sasha. • Network: All participants in this game are so-called nodes (computers) in the blockchain network and must agree with the transaction — that is, the transfer of bitcoins to Sasha. • Confirmation: When Zhenya sends the bitcoins, it's as if he’s announcing to the network: “Hey, I want to give 5 bitcoins to Sasha.” This information travels through the network, and each node must verify it — checking that Zhenya indeed has those 5 bitcoins and can send them. If everything checks out, the participants confirm the transfer. This process is what’s called “network confirmation.” • Multiple confirmations: Obviously, for our “story” to be considered true, it must be confirmed by several people. The more participants there are in the game, the higher the chance that some part of the information may be lost or altered. In blockchain, a transaction typically also requires multiple confirmations. The more confirmations it receives, the more secure it is considered — meaning the transaction has been verified and agreed upon by many nodes. • Adding to the chain: When a transaction receives enough confirmations, it is considered verified. It is then added to a block containing other verified transactions. That block, in turn, is added to the previous ones. Once it becomes part of the chain, it cannot be changed or deleted — it is permanent. We hope this information is useful to you!