Why do people often say “wait for 6 confirmations” for Bitcoin, but “finality” for Ethereum?
This is how I understand it: 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 it considers safe.
Ethereum’s proof-of-stake system uses the Casper FFG mechanism. Each epoch contains 32 slots and lasts about 6.4 minutes.
My current rule of thumb: when depositing to or withdrawing from different chains, finality speeds vary from chain to chain, so a slow arrival doesn’t necessarily mean something has gone wrong.
On Ethereum, the $ETH staked ETH acts as a guarantee of finality: rewriting a finalized block would result in the loss of a huge amount of staked ETH. Currently, 2412.69.
This is how I understand it: 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 it considers safe.
Ethereum’s proof-of-stake system uses the Casper FFG mechanism. Each epoch contains 32 slots and lasts about 6.4 minutes.
My current rule of thumb: when depositing to or withdrawing from different chains, finality speeds vary from chain to chain, so a slow arrival doesn’t necessarily mean something has gone wrong.
On Ethereum, the $ETH staked ETH acts as a guarantee of finality: rewriting a finalized block would result in the loss of a huge amount of staked ETH. Currently, 2412.69.