How does Binance confirm 1/2 transactions?

3 answers

• Dec 26, 2021 · 3 years ago
  Sure! When a transaction is initiated on Binance, it goes through a series of steps to ensure its confirmation. First, the transaction is broadcasted to the network, where it is picked up by miners. These miners then validate the transaction by solving complex mathematical problems, a process known as mining. Once the transaction is validated, it is added to a block and added to the blockchain. This block is then propagated to the entire network, ensuring that all nodes have a copy of the transaction. Finally, the transaction is considered confirmed when it has been included in a certain number of blocks, which varies depending on the cryptocurrency. This confirmation process ensures the security and integrity of transactions on Binance.
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• Dec 26, 2021 · 3 years ago
  Binance confirms 1/2 transactions by relying on the consensus mechanism of the underlying blockchain network. When a transaction is initiated, it is broadcasted to the network and included in a pool of unconfirmed transactions. Miners then compete to solve a mathematical puzzle, with the winner being able to add a new block to the blockchain. This block contains the confirmed transaction, along with other transactions. Once the block is added to the blockchain, the transaction is considered confirmed. The number of confirmations required for a transaction to be considered fully confirmed varies depending on the cryptocurrency and the network's security requirements. Binance typically waits for a certain number of confirmations before considering a transaction as fully confirmed.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we follow a similar process to confirm 1/2 transactions. When a transaction is initiated, it is broadcasted to the network and included in a pool of unconfirmed transactions. Miners then compete to validate the transaction by solving complex mathematical problems. Once the transaction is validated, it is added to a block and added to the blockchain. This block is then propagated to the entire network, ensuring that all nodes have a copy of the transaction. Finally, the transaction is considered confirmed when it has been included in a certain number of blocks. This confirmation process ensures the security and integrity of transactions on BYDFi.
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