Extreme price charging/withdrawal too slow, are cryptocurrency trading platform "pot"?

Part of The content is from The Block

Original article by Steven Zheng

Original title: "An analysis of confirmation times across 46 cryptocurrency exchanges"

BlockBeats news, recently, about some trading platforms in the extreme situation of the trading platform "khaton", resulting in user losses, some investors to the platform office rights event has caused concern. Under extreme market conditions, the speed of the trading platform charging and withdrawing currency will directly affect the investors' decisions and whether the assets will shrink or not.

On March 23, after the rights protection incident, one of the trading platforms offered a solution: "if the platform cannot trade due to its own reasons, the platform will give appropriate compensation". If technical reasons are not taken into account, do you know which of the many platforms on the market have the shortest confirmation time for charging COINS?

Encryption monetary institutions overseas, The Block of 39 platform statistics, from Block confirmation quantity, time and cost in three aspects, The mainstream of 9 kinds of encryption assets (BTC, ETH, BCH, BSV, LTC, XMR, DASH, ETC and ZEC) of prepaid phone related indexes tracking, finally some interesting conclusions are drawn.

Before giving the analysis results, let's confirm some concepts. Firstly, the number of blocks is confirmed. For security reasons such as 51% attack, different platforms will have different regulations on how to balance the relationship between user convenience and security in the process of coin charging confirmation. The second is the time (in minutes) required for asset confirmation, which is mainly calculated by the time required for a block to be generated, multiplied by the number of blocks to be verified. Finally, there is the attack or tampering cost. In order to simplify the calculation process, this paper only considers the block reward, not the transaction cost, and USES the dollar price.

In extreme markets, time is money, and for crypto investors, it's more about confirmation time. Of the nine encrypted assets, which trading platforms have the fastest confirmation times? This abstract takes Bitcoin, ethereum, BCH, Bitcoin SV as examples to illustrate.

1. Bitcoin

All the trading platforms in the sample supported bitcoin. Among these platforms, the average number of confirmed bitcoin blocks was 2.4 (20.4 minutes) and the median was 2 (20 minutes). Four of the platforms (itBit, Kraken, Liquid, Zaif) take a conservative approach to topping up encrypted assets, requiring six blocks (60 minutes) of confirmation. In other words, users would have to wait an hour for their savings to be confirmed on these platforms, and potential attackers would have to spend about $374,000 to attack 51% of this.

In addition, nearly one-third of the platforms in the sample only need one block to be confirmed, such as the familiar ones such as coinan, BitMEX, Huobi Global and OKCoin.

ethereum

In the sample, 93% of trading platforms supported ethereum; The average number of ethereum block confirmations in these platforms was 18 (3.9 minutes) with a median of 12 (3 minutes). Two of the platforms have taken the most conservative approach in accepting COINS, requiring up to 50 block confirmations. In other words, users must wait about 11 minutes for their top-up assets to be confirmed, while potential attackers spend about $11,000 to withdraw them. In addition, the trading platform with the shortest top-up confirmation time is Bitfinex, which requires only 5 blocks (1 minute) to confirm.

3, BCH

In the sample, 91% of the trading platforms supported BCH. Among these platforms, the average number of bitcoin cash confirmed blocks was 7.2(72 minutes) and the median number of confirmed blocks was 4.5(45 minutes). Coincheck takes the most conservative approach, requiring 30 block confirmations. In other words, users must wait about 300 minutes to confirm their deposits, while potential attackers will spend about $63,000 to withdraw their deposits. In addition, the four trading platforms (Bitfinex, Bitforex, CoinEx, CoinFLEX) have the lowest requirement on the confirmation time of top-up, which is 1 block (10 minutes).

4, bitcoins SV

In the sample, 41% of trading platforms accept Bitcoin SV. Among these platforms, the average number of Bitcoin SV block confirmations is 18.5 (185 minutes) and the median number of confirmations is 10(100 minutes). Bibox takes the most conservative approach, requiring 80 confirmations. In other words, users must wait about 800 minutes to confirm their deposits on the exchange, and potential attackers will spend about $110,000 to withdraw their deposits. The platform with the shortest recharge confirmation time is Bitforex, which requires only 1 block confirmation (10 minutes).

The following is a statistical chart of the time taken by the trading platform in the sample to confirm these 9 assets. It can be found that basically, the confirmation time of top up of bitcoin, ethereum and litecoin is relatively balanced. The confirmation time of top-up of BCH, Bitcoin SV and ZEC varies greatly among different platforms.

However, the above is only the statistical data out of the information released by each trading platform, if it is not the reason why the platform technology does not pass, in the extreme change of the market, in a short period of time to charge money users rapidly increase, there may be a slow, blocked network. Therefore, if conditions permit, users can speed up the confirmation time by increasing miners' fees. On the other hand, the trading platform may issue corresponding rules to improve efficiency. For example, & have spent On March 14, Coinbase started batching bitcoin transactions on its platform, which allows multiple transactions to be processed in batches into one, thus helping to reduce the load on the bitcoin network while also reducing transaction processing fees.

Full text links: https://www.theblockcrypto.com/genesis/59045/an-analysis-of-confirmation-times-across-46-cryptocurrency-exchanges

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