How long does a NEE coin transaction take

How long does a NEE coin transaction take

What’s NEE?

NEE is one of cryptocurrencies used in OMANEE ecosystem. NEE is also traded, exchanged on NEEX platform and applied in the financial ecosystem NEEBank – digital bank. Besides, NEE is platform for the issuing of new tokens on NEEChain – an ecosystem of blockchain.

How long does a NEE transaction take?

If several hours have passed without your NEE transaction being confirmed, just wait. If more than 72 hours have gone by without confirmation, resend your transaction.

In general, NEE transaction will be confirmed between 10 minutes and over a day later. The two biggest influences on the confirmation time are the amount of transaction fees and the activity on the network.

On average, a confirmation will take about an 10 minutes, however some merchants require many confirmations before they consider the money sent.

Transaction take place in three-part messages. They are composed of input, amount, and output. The input is the code that explains how the NEEs entered your public key. The amount is the number of NEEs being transferred, and the output is the address or public key to where they are being sent.

This message is sent to the blockchain. Once received, miners or data-crunchers will start to verify the transaction. The background on miners and the work they do is very complicated, but in short, they solve very difficult math problems and create transaction histories through signatures for the NEEs being transferred.

How Long Does It Take to Transfer NEE in Between Wallets?

The amount of time it takes to transfer between wallets will vary with each transaction. Each NEE transaction needs to be network-approved before completion.

The standard set by the NEE community is six transfer confirmations before it is complete. Each confirmation can be expected to take about 10 minutes, thus getting an average of one transaction per hour.

The more transactions a network does, the longer each will take. There are a limited number of miners processing the blocks and a limited number of transactions per block.

Transactions are prioritized by miners according to the fee they receive when confirming them. If you pay a higher fee, you are more likely to secure a miner to process it, therefore decreasing the processing time.