Essence of Chain Reorg and Number of Transactions ConfirmationsIs very important that some of us are getting more informed about the Bitcoin network everyday and it is not only about having interest to investing alone, but we can also develop more abilities to know about the architectural aspect that constitute the technical insights of the Bitcoin network and the blockchain technology, this is why am considering the specified aspect today and pass some useful information to us, you can as well add or suggest further into the discussion.
Before we go further let's try to check in the meaning of the terms we are using and try to understand them better before further discussions it's been taken place.
What is Chain Reorg? This is when a blochain divides or split into two, then later form/join a more longer chain that has enough proof of work.
Why do Chain Reorganization Occurs? - To settle conflict between two validators that might have mined a block at almost the same time.
- To achieve Network Consensus, do as to avoid the network building upon splitted blocks.
- Orphan Block (shorter blocks) are sent back to the mempool to form a longer chain.
- Reorg shows the ability not to finalize all blochain transactions until there's more than 1 confirmation.
- The higher the number of confirmation the better and secured it shows to be permanently irreversible.
Why Number of Transactions Confirmations is Important.
When you perform a transaction and it was been added to a block with the longest chain and it got confirmed, the number of confirmation make it more difficult to avoid rejection of that same confirmed block back into the mempool, this is why 1 confirmation is not secured, while 3 confirmation is still better, but 6 confirmation or more is the best, this is why in some wallet you will see that your transaction is still reflecting but not yet confirmed, until a number of confirmations attest to this in such a way that it cannot be reversed before you go to transaction confirmed.
