Ever arrived somewhere, only to find there’s a huge queue? Long wait times are frustrating and even blockchains can face the same issue when processing large amounts of transactions. Get the details on how this happens 👇
, each storing a copy of the blockchain. Secured by cryptography and game theory, blockchain forms the backbone of cryptocurrencies like Bitcoin and Ethereum.
For a candidate block to become a confirmed block, it must be mined or validated according to the blockchain's consensus mechanism. For instance, Bitcoin’s The finality of transactions increases with the number of confirmed blocks. Bitcoin transactions are typically regarded as “final'' once an additional six blocks have been appended to the block that contains these transactions. Due to Ethereum’s shorter block time, a larger number of confirmations are recommended to achieve a similar level of confidence in “finality.”As illustrated above, multiple miners can produce new valid blocks at similar times.
Increased transactions can be driven by sudden price volatilities leading to a surge in transaction activities or waves of mass adoption cycles.Each blockchain has a block size that defines the maximum size a block can be. This block size limits how many transactions a block can include. Block time refers to how often a new block is added to the blockchain. Bitcoin adds a new block about every 10 minutes. If transactions are being created at a much faster rate and volume, there will be a backlog of transactions.Blockchain network congestion can result in several negative consequences that hinder a network’s ability to function smoothly.Miners are incentivized to prioritize transactions paying higher fees.
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