TripleA’s instant confirmation feature allows merchants to receive crypto payments instantly.
Crypto transactions generally take anywhere from 10 minutes to 1 hour to be confirmed. The reason for the time span is due to the fact that different situations require different amounts of confirmations (1 confirmation takes approximately 10 minutes). In the cryptocurrency space, businesses usually require 6 confirmations.
With its cutting edge technology, TripleA completely removes this waiting period, which usually negatively impacts the overall shopping experience, while keeping the full confirmation process.
How does confirmation work in the blockchain?
Once a transaction is made, it is added to the “mempool”, which is a sort of queue while pending the creation of a new and empty block. In order to be confirmed, the transaction needs to be added to a block of the blockchain through a process called “mining”. “Bitcoin miners” choose which transactions from the “mempool” to include in the next block, based on several factors including notably the transaction fees paid. As a new block takes approximately 10 minutes to be created.
Each block can contain hundreds of transactions and takes approximately 10 minutes to be created. If a transaction did not get selected for inclusion in the next upcoming block, it remains in the mempool and will get a chance to be included in the following block.
Once a transaction is included in a block, that block is now part of the blockchain. Blocks depend on those before them, in such a way that if any previous block is modified the following blocks no longer appear as valid. For this reason, with each block that gets added, the immutability of the data in previous blocks becomes guaranteed. Commonly 6 validations (6 new blocks and thus 1 hour) are required, especially for transactions, for a transaction to be considered safe from any changes.
How does the Instant Confirmation feature work?
In order to guarantee an instant transaction to its merchants, TripleA preemptively confirms the transaction while pending full confirmation on the blockchain. This allows TripleA to authorize most transactions almost instantly and guarantee the funds to the merchant. On the customer and merchant sides, this allows a completely seamless experience comparable to any other instant payment method.
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