…and it looks like the amount arrived at the destination address (at least according to the explorer). However, on the deposit screen of Binance the coins did not arrive yet, and there is a remark of:
Average arrive time: 300 minutes
…which is crazy! I thought the state channels of aeternity were superfast, and fail to understand why the exchange needs to wait so long to allow me trading.
Context: I’m one of the initial backers of the project; after the ICO I pretty much “forgot” about aeternity (because it took so long to get mainnet out). Hence, I’m not familiar with the “usual” transactions times of this blockchain. I very much would appreciate it, if somebody could enlighten me here. Thank you very much.
It’s up to the exchange to decide for how many confirmations to wait before accepting a deposit. Your coins got transferred to the specified address almost immediately but binance waits for ~100 confirmations of your transaction before considering it final. If you think that the amount of confirmations is too big then please contact support at Binance.
Binance doesn’t use state channels with instant finality for accepting deposits - they are using normal transactions. POW blockchains are susceptible to 51% attacks - the risk of a chain reorg or a double spend attack decreases with the amount of confirmations, binance calculated that in order to be secure and minimize the risk of a double spend attack they should wait for 100 confirmations - IMHO this is an overkill.
Binance don’t trust an immediate finality on Bitcoin nor for Ethereum. That’s the point - there is a tradeoff between speed and risk of forks.
Regarding speeds - you can expect a transaction to be accepted in a second or so. This is really fast but as @gorbak25 noted - could be a subject to reogarnization.
State Channels are indeed lightning fast and provide you with an instant finality. If you were using them, though, you wouldn’t see a transaction in the explorer State Channels are off-chain entity, so the bare minimum lands on-chain.
State Channels are off-chain entity, so the bare minimum lands on-chain.