Timeline for The relation between GAS price & Confirmation number
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jul 30, 2017 at 15:30 | comment | added | Richard Horrocks | Hi @lungj - apologies for the late response on this. Okay, I understand what you're saying now. I don't know the answer (I'm trying to wrap my brain around it... ) - I think it would make a good question :-) | |
| Jul 22, 2017 at 15:20 | comment | added | lungj | Hi @RichardHorrocks, I know there's a gas limit; is there also a gas price limit? (Or maybe I should post this as another question). I couldn't find anything definitive and a quick scan of the Geth source didn't reveal anything. I'm thinking one specific transaction could be valuable in terms of the tx fee, not the aggregate value of transactions in a block. Something like what happened with some high gas prices during some ICOs. | |
| Jul 22, 2017 at 11:01 | comment | added | Richard Horrocks | Hi @lungj. I have to admit I was struggling to fit what I was thinking about in my brain :-) I think in the case you're outlining, things would be limited by the gas block limit. As long as blocks are relatively full, then there'd be less incentive to roll things back to "steal" expensive transactions. Perhaps in times when blocks aren't as full there might be more incentive to do what you're suggesting. | |
| Jul 22, 2017 at 10:55 | comment | added | Richard Horrocks | Hi @JamalD. The number of confirmations is the number of subsequent blocks that have been added after the block with your transaction. Your block gets added to the chain (i.e. mined), then another, then another, and so on. With each additional block it becomes harder to remove your block, so it becomes more secure. | |
| Jul 20, 2017 at 21:35 | comment | added | Jamal N | Thanks for the answer Richard, so, "securing the transaction" or the number of confirmations means how many times it has been mined ?? or what ?? if not than What is the difference between mining(validating) a transaction & securing it ?? | |
| Jul 20, 2017 at 21:30 | vote | accept | Jamal N | ||
| Jul 20, 2017 at 20:04 | comment | added | lungj | Your footnote intrigued me: the gas price for a transaction might influence the security of other blocks in the same block and subsequent blocks. Imagine if a block on the main chain included a transaction whose fee totalled 5000000 ether (one million times the current mining reward). If the price of ETH were high enough, this would create substantial incentive to attempt a 51% attack to roll back the blockchain and mine a block that includes this transaction. Any transactions included with or after this block are in jeopardy. In theory, an attacker could go back further, but less incentive. | |
| Jul 20, 2017 at 19:53 | history | answered | Richard Horrocks | CC BY-SA 3.0 |