I only knew the name at first, too. It wasn’t until I looked into it more carefully later that I really understood.
Bitcoin has probabilistic finality: the more blocks are added after a transaction, the less likely it is to be reversed, although in theory that probability never drops to zero.
The number of confirmations an exchange requires for a deposit is essentially how long it waits for the transaction to reach a level of finality the platform considers safe.
On Ethereum, the $ETH staked is what guarantees finality: reversing a finalized block would mean losing a huge amount of stake. Current price: 2506.77.
Did you know this before?
#ETH
Bitcoin has probabilistic finality: the more blocks are added after a transaction, the less likely it is to be reversed, although in theory that probability never drops to zero.
The number of confirmations an exchange requires for a deposit is essentially how long it waits for the transaction to reach a level of finality the platform considers safe.
On Ethereum, the $ETH staked is what guarantees finality: reversing a finalized block would mean losing a huge amount of stake. Current price: 2506.77.
Did you know this before?
#ETH