0

I have a contract that needs multiple approvals for a transaction to go through.

  • a user requests a withdraw
  • the site approves the withdraw
  • an escrow also approves

So there needs to be 3 interactions with the blockchain before a withdraw request goes through. I read somewhere that Coinbase needs 60 confirmations before finalising a transaction. I feel like it's too slow to wait 60 confirmations for every action.

Is there a table of likelihoods that shows how likely a block is to be reversed after N confirmations? That way, I can better estimate when the approvals should be applied.

also, how would Pos affect confirmation times?

zcaudate
  • 105
  • 7
  • There's supposed to a "finalized" and "safe" tag in the JSON-RPC now. Until an answer is written about the JSON-RPC, this has been the customary answer: https://ethereum.stackexchange.com/questions/319/what-number-of-confirmations-is-considered-secure-in-ethereum – eth Oct 05 '22 at 07:24

1 Answers1

1

This is the best table I have found so far:

enter image description here

See: https://blog.ethereum.org/2021/11/29/how-the-merge-impacts-app-layer

A finalized block is a block that has been accepted as canonical by >2/3 of validators and is the most recent crypto-economically secured block, which cannot be reorganized outside by manual intervention driven by community coordination.

You can learn more about how the finalized tag work here:

https://cryptooshala.com/how-the-merge-impacts-ethereums-application-layer-ethereum-foundation-blog/

https://web3js.readthedocs.io/en/v1.8.0/web3-eth-contract.html

Also, PoS affect confirmation times as the Beacon Chain blocks take 64-95 slots (~15 minutes) to finalize.

See: https://notes.ethereum.org/@vbuterin/single_slot_finality

Yongjian P.
  • 4,170
  • 1
  • 3
  • 10