Homework on Finality - Questions

[Dragutin]

Finality/Immutability: By consensus, the transactions included in the blockchain become a permanent record, cryprographically locked.

Trustless environment: By using a consensus mechanism where each party has the incentive to play fair, and heavy cost for cheating, a blockchain creates the environment where the users do not need to trust each other, but the blockchain can be trusted.

[WingSeam]

1. it means that when you move value it’s final, and cannot be reversed.
2. because the people or business involved with the transaction don’t need to know anything about one another and neither can scam the other concerning the transaction.

[CryptoDev]

1. Once a transaction gets confirmed on the blockchain it is considered irreversible and only becomes more secure in the chain over time.

2. Users are held to their transactions in a trust-less way once you commit a transaction to the blockchain there is no going back.

[johal]

1. Finality/Immutability means that transactions cannot be reversed. Customers cannot scam retailers for example by doing a charge back on their credit card after delivery of the product.
2. This means that you can do business with strangers and there is no need to trust them because the transaction can be mathematically verified.

[foleyfr20]

1. Once a transaction has been confirmed and put on the blockchain, it is final, it cannot be removed.
2. Strangers can do business with each other, relying upon the blockchain, not each other.

[Divine_Justice]

1. When we say that blockchain has transaction finality/immutability it means once a transaction has been added to the block chain it cannot be reversed it is permanently added to the public record.
   2.This leads to a trustless environment created by blockchain so that when strangers do business they do not have to trust each other instead the can rely on the math and the protocol.

[eve]

1. What do we mean when we say that blockchain has transaction finality/immutability?
2. How does this lead to the trustless environment that blockchain creates?

1. once a transaction is done, it can not be undone.
2. People can’t take their money back after they pay you.

[cfraser]

• What do we mean when we say that blockchain has transaction finality/immutability?
  Because once a transaction has been executed on the network it can not be reversed or deleted.

• How does this lead to the trustless environment that blockchain creates?
  Because you do not need to put any trust in strangers as its take place on the network and no one person is able to change the transactions. It is public.

[dawnymacs]

This means that the transaction cannot be reversed. Once it’s mined into a block it’s there forever

You can trust strangers because you trust the math behind blockchain. It won’t be reversed.

[Rahmanunjan]

1. Transactions can’ be removed, recalled or changed once appended to the blockchain.
2. Individuals can trust the network to display a high level of consistency.

[C_P]

• What do we mean when we say that blockchain has transaction finality/immutability?
  Transaction finality or immutability means that once a transaction is confirmed on the blockchain it is not changeable or reversible in any way or for any reason.

• How does this lead to the trustless environment that blockchain creates?
  It removes the concept of having to trust a person to complete a payment or to not interfere with a payment once it has begun, such as filing a chargeback as a customer. The transaction on the blockchain removes blind trust in a stranger due to the mathematical impossibility of interfering with a confirmed transaction.

[AlexinCrypto]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once transition made, it can not be canceled or altered
2. How does this lead to the trustless environment that blockchain creates?
   All parties included in transition are sured that transition will be completed, no one can cheat here

[Xtrom]

1. When confirmed, the transaction can not be reversed, deleted, or changed in any way.
2. Then blockchain itself makes it possible to interact with strangers.

[MoDr]

1 - Once the block have confirmed the transaction, this is final

2 - Transactions can not be reversed hence you don’t have to worry for charges-backs etc

[Vimar]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once a transaction is confirmed, money is sent and cannot be reversed, cancelled or charged back. All sales final. No returns. No exchanges. All blockchain transactions are permanent and cannot be changed or deleted even if it was a mistake.

2. How does this lead to the trustless environment that blockchain creates?
   The blockchain record is permanent, traceable and trackable. Network consensus verifies and establishes concrete security of the trustless environment.

[Alek1]

1. When a transaction is confirmed in the blockchain, the transaction can not be changed or reversed.

2. we don’t have to trust a third party to not perform chargebacks or alter the transaction. anyone can verify that the transaction has gone though to the recipient.

[KU1018]

1. Transactions cannot be reversed or edited, it is physically impossible.
2. Removes the uncertainty of things like chargebacks and fraud. Transactions are final. Don’t trust, verify.

[nada723]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Transactions are final - cannot be reversed or claimed to be fraudlent
2. How does this lead to the trustless environment that blockchain creates?
   No one has to trust another person. Everyone trusts the network and the math. Allows strangers to do business without trust for each other.

[KamilK]

1. The meaning of blockchain having transaction finality/immutability means that the transactions can`t be reversed once confirmed by a network.

2. Users participate in a network because they have trust in it, which is scientifically verified. Transactions can be safely sent to strangers what creates a trustless environment.

[cecilia]

Homework on Finality - Answer

1. Meaning once a transaction that has been made it cant not be reversed.

2. You can do business with strangers and always trust the network because it is verified mathematically.