Homework on Finality - Questions

Blockchain and Bitcoin 101
#5796

  1. When we say that blockchain has transaction finality/immutability, we mean that once a transaction is added to the blockchain, it cannot be altered, deleted or reversed. In other words, the transaction is permanently recorded on the blockchain and cannot be changed. This is achieved through the use of cryptographic hashing and a consensus mechanism that ensures that all nodes in the network agree on the validity of the transaction before it is added to the blockchain.

  2. The immutability and transaction finality of blockchain creates a trustless environment because it removes the need for a trusted third party to verify and validate transactions. In traditional financial systems, transactions are verified and processed by intermediaries such as banks or payment processors, who act as trusted third parties. With blockchain, the immutability of transactions and the consensus mechanism ensure that no single party can manipulate or alter transactions. This means that participants in the blockchain network can transact with each other directly, without the need for intermediaries or trusted third parties. This leads to a trustless environment, where transactions can be securely and transparently processed without the need for a centralized authority. Additionally, because the ledger is immutable, any participant can audit and verify the entire history of the blockchain, further increasing transparency and trust.

#5797
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    when the translaction is done that cant be undone or retaken
  2. How does this lead to the trustless environment that blockchain creates?
    things cant be duplicated and miners secure it
#5798

Transactions on the blockchain are final which means that a transaction cannot be changed once implemented.

Blockchain is solely based on math and protocols which means it is quite easy to do business with strangers due to the fact that trust is no longer an inherent barrier.

#5799
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once a transaction is made it is final. It cannot be reversed. Immutability means the same - the blockchain ledger remains unchanged, unaltered and indelible.

  1. How does this lead to the trustless environment that blockchain creates?
    Participants can trust that once they received the money, the money is theirs. Same for trust less contracts. Once they are initiated, they cannot be altered.
#5800

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality means that once a transaction clears, it cannot be changed or reversed; because there is no way to alter a transaction once it is complete, the blockchain creates an immutable ledger of transactions.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality/immutability lead to a trustless environment by allowing anyone with access to the blockchain to transact with one another and be sure that their transaction will clear and never be reversed, cancelled, or otherwise altered.

#5802

When we say that blockchain has transaction finality and immutability, we mean that once a transaction is recorded on the blockchain, it cannot be altered or deleted. This is because the blockchain is a decentralized and distributed ledger, meaning that multiple copies of the ledger are maintained across a network of nodes, and all nodes must agree on the validity of transactions before they are added to the ledger.

The immutability of the blockchain creates a trustless environment because it eliminates the need for intermediaries such as banks or other financial institutions to verify and settle transactions. With blockchain, every participant in the network has access to the same ledger, and every transaction is verified and validated by the network.

the use of cryptographic algorithms ensures that the data on the blockchain is tamper-proof, providing further assurance of the security and immutability of the transactions recorded on the blockchain.

#5803
  1. There is no way to duplicate, replicate, or reverse any transaction on the blockchain. It is final.
  2. It eliminates the ability to manipulate or alter transactions in any way.
#5804
  1. Because it is only possible to add to the blockchain, never take away, it means that every transaction is totally final.
  2. This means there is no possibility to tamper or somehow interfere with a transaction, creating far less of a need for trust between parties.
#5805

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It´t not possible to revert the process , every miner use electricity in order to produce blocks

  2. How does this lead to the trustless environment that blockchain creates?
    We trsit in the network and the protocol because it is feasible to verify mathematically

#5806

  1. Once a transaction is done it can not be reversed and it stays in the network permanently.

  2. Transactions between parties can’t be modify, they are recoded on the blockchain permanently and available to the public, removing the need for trust in transactions.

#5807
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transaction finality means that no transaction can be simply undone. This is essential to the trustless blockchain system.

  1. How does this lead to the trustless environment that blockchain creates?
    Having transaction finality means that no one can take advantage of another. There is no central authority to undo or reverse transactions that can unfairly benefit 1 party.
#5808

Answers:

  1. Once a transaction is added, it cannot be changed making it immutable and final. For example: sending your cryptocurrency to the wrong person cannot be reversed. it’s final.

  2. The network is such that there’s no one to trust but yourself & the network (blockchain).

#5809

What do we mean when we say that blockchain has transaction finality/immutability? Blockchain transactions cannot be changed or reversed.

How does this lead to the trustless environment that blockchain creates? Blockchain does not allow for transactions to be changed so no trust is required.

#5810

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed on the blockchain it is FINAL, Irreversible in most cases.

  2. How does this lead to the trustless environment that blockchain creates?

Due to the fact it cannot be adjusted or tampered with it gives a clear record of transactions available to the public which removes the need to trust 3rd partys

1 Like
#5811
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has occurred it is unchangeable.
  2. How does this lead to the trustless environment that blockchain creates?
    No third party can make a change to the transaction.
#5812

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When transaction is done its done-you cant do anything to erase it, change it, and on it or delete.

  2. How does this lead to the trustless environment that blockchain creates?
    When you use transaction on blockchain you dont need to worry that there can be cash-back or any sort of that actions, so it means you dont need to trust someone and anyone to put thrue or do anything with that kind of transaction. When you see its done, you know it will stay that way.

1 Like
#5813

all transactions are final and there is no one to call to reverse the transaction. No trust is involved.
2. the blockchain is based on math and protocol no human interaction and rules are set. two strangers can conduct business in a trustless manner.

1 Like
#5814

1 - finality/immutability transaction in a blockchain means that it cannot be reversed.

2 - It leads to trustless environment because it is govern by physics laws and mathematics.

1 Like
#5815

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> That once transactions are made they are irreversible. They cannot be changed or altered or repeated.

  2. How does this lead to the trustless environment that blockchain creates?
    -> Trust is there because once a block is made it can’t be removed. Once it’s done it’s done.

1 Like
#5816
  1. Once a transaction is made, it can’t be undone or changed. The history of the transactions is permanent.
  2. It means we can have confidence when doing business with strangers. We don’t need to trust them.
1 Like