Ethereum: Understanding the closing time and confirmation

As a dealer, it is of essential importance for customer satisfaction and business success of timely products. However, the implementation of an effective delivery process requires understanding the underlying technology, which it allows - Ethereum, the world's largest decentralized platform.

In this article we will examine how you can calculate the time you need to receive payments with 99% credibility through locking time and confirmations to Ethereum.

What is the barrier time?

The locking time refers to the average time that the miners used to process transactions and to create a new block in the Ethereum network. This interval determines the speed at which the blockchain is added to new blocks that can be measured in seconds, minutes or hours.

How long does it take to confirm the block?

For most Ethereum-Minnet networks, including Ethereum Classic (etc), Ethereum Enterprise Network (s) and polygon, the average locking time is about 12 to 20 minutes. However, some test networks may have a longer block time.

In order to calculate how long it takes to obtain payments with a credibility of 99% through locking time and confirmations, we must take two factors into account:

• Number of confirmations required (6)

• Block time

6 Calculation of the confirmation blocking time

Suppose a scenario in which the payment is processed within 12 minutes, which leads an average of 4 approvals per block.

For 6 confirmations we can evaluate the block time as follows:

Locking time ≈ Number of confirmations / average number of confirmations per block

= 6/4

≈ 1.5 blocks

Now we calculate the total duration of the transaction (time transfer):

Transaction length = block time + time for payment processing

≈ 1.5 blocks * 12 minutes/block ≈ 18 minutes

Calculation of the closing time with high trust

In order to achieve a level of trust of 99%, we have to consider more approval in one block.

For example, let us have an average of 8 confirmations per block:

Locking time ≈ Number of confirmations / average number of confirmations per block

= 6/8

≈ 0.75 blocks

Transaction length = block time + time for payment processing

≈ 0.75 blocks * 12 minutes/block ≈ 9 minutes

Diploma

In this article we examined how you can calculate the time you need to receive payments to Ethereum with 99% credibility through locking time and confirmations. By understanding the underlying technology, we can determine the number of permits required in a block and evaluate the total duration of the transaction.

In order to achieve high reliability results, you should introduce strategies as follows:

• Increase the average number of approval in one block

• Reduction of the payment processing time to reduce the total duration of the transaction

Note that these calculations are approximate and depending on a variety of factors, including network jams, transaction complexity and market conditions. As a trader, it is important to keep the variable ecosystem of Ethereum carefully and to adapt your strategies accordingly.

References:

• Ethereum WhitePaper (2014)

• Ethereum Foundation Site

• Ethercan.io (blocking time calculator)

I hope this article will help you understand the block time and confirmation of the concept of Ethereum. If you have any further questions or concerns, make sure you definitely ask!