Confirmation Score refers to the level of certainty or confidence that a transaction on a blockchain network has been successfully validated. It is a measure of how many blocks have been added to the blockchain since the transaction was included in a block. The higher the Confirmation Score, the more secure and irreversible the transaction becomes.
When a transaction is first initiated, it is included in a block by miners who validate the transaction. As more blocks are added on top of the block containing the transaction, the Confirmation Score increases. This process of adding blocks to the blockchain helps to confirm the validity of the transaction and ensures that it cannot be easily altered or manipulated.
Confirmation Score is especially important in mitigating the risk of double-spending and fraud in blockchain transactions. It provides users with assurance that their transactions have been successfully processed and added to the blockchain in a secure and verifiable manner. A high Confirmation Score is generally considered a sign of a reliable and trustworthy transaction.
