The EOS update, codenamed Spring 1.0, implemented a transition to the Savanna consensus and introduced Instant Finality. EOS was initially designed as a next-generation Layer 1 blockchain, offering advanced speed and transaction reliability from day one. With block times reduced to 0.5 seconds and block finalization in 1 second, EOS continues to uphold its foundational philosophy.
Block Finalization or Block Finality
Blockchain internals can be complex, especially when it comes to terminology like finality, which often appears in news articles, blogs, or technical documentation. But what exactly is finality?
Let’s clarify right away: finality is used in relation to two related, but distinct stages in blockchain operation:
- The moment a user-generated transaction is placed in a "mined" block by a miner or block producer. From a user’s perspective, successfully sent transactions are final. However, this isn't always the case.
- In its original meaning, finality refers to an entire package of transactions—a block. Block finality indicates the irreversible confirmation of transactions in the blockchain, ensuring security and preventing double-spending. This confirmation shows that a transaction is completed and added to the permanent ledger.
There are several types of finality, each relying on different consensus mechanisms:
- Probabilistic Finality: Every new block added to the chain strengthens the security of all preceding blocks. The more confirmations a transaction has, the harder it is for attackers to reverse or alter it. The computational resources required to alter a highly confirmed transaction are enormous, making attacks practically impossible.
- Instant Finality: A highly trusted group of validators can quickly confirm and verify transactions, ensuring that blocks cannot be undone once added. This is used in applications requiring fast calculations and high security.
- Economic Finality: A transaction reaches economic finality when its reversal becomes economically disadvantageous.
What Affects Transaction Confirmation Speed and How EOS Handles It
Several factors can impact transaction confirmation speed:
- Network Congestion: This is not an issue for EOS, which can handle up to 10,000 transactions per second. Additionally, EOS can be easily scaled through its built-in interoperability mechanism.
- Block Size and Block Time: These parameters are not bottlenecks for EOS. With a block size of 1 MB and block time of 0.5 seconds, EOS is highly efficient.
- Consensus Mechanism: The EOS DPoS consensus, with the latest Savanna update and transition to Instant Finality, has reduced the time required for finality to 2 blocks or 1 second, making EOS the fastest blockchain to date.
- Transaction Fees: The high throughput of EOS mitigates the impact of fees on block finalization. Moreover, EOS allows users to send transactions free of charge, subject to a daily limit.
Block Finality Times in Selected Layer 1 Blockchains (from Fastest to Slowest)
Blockchain
Confirmations
Average Transaction Time
EOS
2
1 second
TON
1,2
6 seconds
Solana
8
6,4 seconds
BSC
2,5
7,5 seconds
Monero
10
2 minutes
Litecoin
6
2,5 minutes
Polygon
127
4 minutes
Ethereum
30
5 minutes
Dogecoin (DOGE)
60
6 minutes
Bitcoin
6
10 minutes
Bitcoin Cash
15
1 hour
Conclusion
Finality is crucial for dApps as it ensures reliability by guaranteeing the irreversibility of transactions. With high throughput, EOS offers instant block finalization, delivering not only an excellent user experience but also a high degree of network security for assets within it. The Savanna update also allows for the future implementation of ZK technology and confidential transactions, enhancing EOS's security and appeal to users.