Deposit Integrity

Learn about how the Cybrid Platform implements block confirmations

Block confirmations basics

Blockchain block confirmations are a critical concept in understanding the security and reliability of transactions on a blockchain network. When you make a transaction on a blockchain, it is initially added to a pool of unconfirmed transactions. Miners or validators on the network then select transactions from this pool to include in a new block, which is added to the blockchain. However, this newly added block is not considered final or fully secure until it has received a certain number of confirmations.

Here's how block confirmations work:

1. Unconfirmed Transactions: When you initiate a transaction (e.g., sending cryptocurrency), it is broadcast to the network and enters the pool of unconfirmed transactions.
2. Inclusion in a Block: Miners or validators select transactions from the pool to include in a new block. The block is then mined or validated, and when it's added to the blockchain, your transaction is included in that block.
3. First Confirmation: Once your transaction is included in a block, it receives its first confirmation. This means that it is part of the blockchain and is considered valid. However, it is still not completely secure at this point because the blockchain can be "reorganized" if a longer chain with more proof of work is mined.
4. Additional Confirmations: To increase the level of security and reduce the risk of a transaction being reversed (e.g., due to a 51% attack or chain reorganization), more confirmations are required. Each new block added to the blockchain represents an additional confirmation for your transaction. As time passes, the likelihood of a transaction being reversed decreases exponentially.

Block confirmations provide a way to mitigate the risk of double-spending and ensure the integrity of the blockchain. They give participants confidence that a transaction is irreversible and has been accepted by the network. As more confirmations accumulate, it becomes increasingly improbable that a malicious party could alter the transaction history, making it a fundamental security feature of blockchain technology.

Cybrid Platform block confirmation configurations

The Cybrid Platform leverages blockchain confirmations to ensure the integrity of deposits to the platform. The number of confirmations required varies depending on the asset and network.

The following table describes the Cybrid Platform's block confirmation configuration for each of the networks support by the platform.

Once, the "# of Confirmations" value has been reached the platform_available is updated on the corresponding account. To see the platform_available, use the GET /api/accounts/{account GUID} endpoint.