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I'm using a niche language that doesn't have an existing solana library, thus needing to write my own transaction confirmation logic.

This github issue documents what the new approach for both the ts/rust libraries.

I'm now using signatureSubscribe, with getSignatureStatuses as a backup, but how do I know when a transaction is valid from getSignatureStatuses?
I'm currently retrying getSignatureStatuses until either a timeout occurs (when the blockheight is no longer valid), or the confirmationStatus is "finalized".

Is it incorrect to always wait for the transaction to be "finalized"? Can I wait until it's "confirmed" instead, since a confirmed transaction cannot be rolled-back?

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You can wait until the transaction 'confirmed'. The situation that confirmed transaction could be rolled back is if the network operator agree to restart the network.

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