GLOSSARYConfirmation Time

Confirmation Time

Confirmation time refers to the amount of time it takes for a transaction to be verified and added to the blockchain. Confirmation time in blockchain is measured as the duration between the submission/initiation of a transaction to the network and its final inclusion in a confirmed block. It is essential for ensuring the integrity and security of transactions in cryptocurrency. Confirmation time is not to be confused with block time, which is the time it takes to process a block in a cryptocurrency blockchain.

A crucial concept in decentralised systems like blockchain, which rely on a network of nodes to validate and record transactions, confirmation time helps to provide confidence that users’ transactions are irreversible and resistant to tampering. Each block added to the chain increases the level of security and trust in the transaction, as the probability of a transaction being reversed or altered decreases with each additional block.

Key Takeaway

Confirmation time refers to the amount of time it takes for a transaction to be verified and added to the blockchain.

Related Words

Market Cap

Market cap refers to the total dollar value of a cryptocurrency in circulation. It is calculated by multiplying the token price by the total number of tokens.

Full definition

Circulating Supply

Circulating supply is the amount of a cryptocurrency currently on the market. The number can grow or shrink for various reasons.

Full definition

TradFi

Traditional finance, or TradFi, is a conventional approach to financial activities that relies on established institutions, such as banks, insurance companies, investment companies, and stock exchanges.

Full definition

Collection Value

Collection Value is the aggregated monetary value of all the NFTs in a collection.

Full definition

NFT Sales Volume Index (7D)

The NFT Sales Volume Index (7D) shows the price and number of editions of a non-fungible token (NFT) collection sold over a 7-day (7D) period.

Full definition

Crypto Asset

Crypto assets are transferable digital representations of value made possible by cryptography and blockchain technology.

Full definition

24H Volume

24H Volume shows the number of a cryptocurrency’s tokens traded over a 24-hour time frame.

Full definition

7D

7D, short for seven days, refers to price data that has been collected for a cryptocurrency over a 7-day period.

Full definition

Floor Price

Floor Price is equal to the lowest-priced NFT in a collection.

Full definition

Gas (ETH)

Gas is the cost of a transaction on the Ethereum network.

Full definition