Fast finality is an important concept in the world of decentralized finance, and it is especially relevant when it comes to rollups. But what exactly is fast finality, and why is it important for rollups? In this article, we will explore these questions in greater detail.
Fast finality refers to the speed at which the finality of a transaction can be determined. In the context of a blockchain, finality refers to the point at which a transaction is considered irrevocable. Once a transaction has achieved finality, it cannot be reversed or altered.
When a transaction is processed on a blockchain, it must be validated by the network and included in a block. When a block of transactions is mined, it is added to the blockchain and becomes a permanent part of the record. This process, known as block confirmation, can take some time, as it requires the block to be mined and added to the chain.
In the case of a centralized blockchain, such as those used by Visa or Mastercard, block confirmation can take place within seconds. However, on a decentralised blockchain like Ethereum,…
