who and how they decide a specific token\coin needs a certain amount of confirmation number in transaction for it to be considered complete?
how is that one coin needs 3 confirmations and another 25?
I believe it is up to whoever is receiving your payment to determine how many confirmations they will accept as proof of payment. Your wallet may be preset to determine a certain amount but that is determined by what wallet you are using. Some wallets allow to submit transactions before the inputs you are sending out are verified according to the wallets definition of verified.
The number of confirmations is arbitrary to some extent. Nakamoto consensus is probabilistic in nature, aiming for a good-enough (99.99%) reliability rather than a 100% reliability. However, because energy (measured in joules) must be spent in order to generate the proof-of-work, you can use that to estimate how much energy it would take for a malicious adversary to mount a successful double-spend attack and other disruptions to the network.
Because there are so many Litecoin miners out there, and there are specialized expensive hardware to make as much hashes as possible while spending as little energy as possible, there is little economic incentive for spending energy in the disruption of the network. There is a disinflationary bribe that is paid to the miners, called block reward, that is only paid in the block chain that has the strongest proof-of-work. Only a group with a strong incentive to harm the network would attack it, since the block reward of a broken network is likely worthless.
Ignoring the energy issue, the probability of a fork decreases with more confirmations. You can pick the degree of probability that is good enough for you. For Litecoin, it has been established that 6 (some exchanges expect 10) confirmations is good enough. If you are unreasonably paranoid, you could even wait for 60 confirmations (two hours).
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thank you for your contribute, can you send me the resource of your response?
thank you for your response it was a huge help, can you send me the resource of your response?
