Homework on Finality - Questions

Blockchain and Bitcoin 101
#1990

Homework on Finality - Questions

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

transactions can not be changed or reversed onces its on chain its a permanent record.

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

you don’t need to know the party on the other end to believe you will get paid. its all done on chain through math.

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#1991

  1. Blockchain has transaction finality in that nothing added to the blockchain can be changed, it is final.

  2. This means you can not reverse transactions and creates a trustless environment because everyone can be sure once it’s in the blockchain, it’s 100% done. If someone pays you, and it’s confirmed, it’s all yours! I don’t need to trust that a check won’t will be bounced, or a credit card company reverse a transaction.

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#1992

  1. Transaction finality/immutability means that once the transaction is recorded and added to the blockchain, there is no way for it to be changed.

  2. This lead to a trustless environment because users no longer have to worry that someone else is going to take away the value they’ve earned or been given. To duplication of value, or reversal of value.

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#1993

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has taken place and recorded on the blockchain ledger, it can not be edited or retracted. It is final

How does this lead to the trustless environment that blockchain creates?
It ensures greater user responsibility for their transactions, reduces fraudulent behavior, and ensures a guarantee that transactions have been/will be/ or will not be confirmed.

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#1994
  1. Transactions cannot be modified or deleted.
  2. Transactions are irreversible and public.
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#1995

1:once a transaction is made it cannot be undone

2:you don’t have to trust tat your customer wont go to his bank and get his money back since as soon as they buy the product there is no way to undo the transaction

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#1996
  1. It means that a transaction happened (signed by the sending party), then it happened. It is not reversible. Your transaction is final and immutable (of course it is also true when you receive a transaction). There is no way for the sender to reclaim the sent amount of cryptocurrency, only the beneficiary can send it back with another transaction.

2.It removes the third party (e.g. a banking institution), which had the power and right to reverse a transaction. In blockchain there is no third party, thus there is no way to scam the beneficiary. The system is trustless (everybody is “playing” with the same rules).

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#1997

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

  1. It means that once a transaction happen that is no way to reverse the process.

2.How does this lead to the trustless environment that blockchain creates?
2. Because the system it is public, every transaction can be verify, and because you can establish a business relation based on protocol not on trust.

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#1998
  1. That all sales/transactions are final. There are no reversals or chargebacks.
  2. Well, you don’t have to know the person you are doing business with or conducting transactions with/for on the blockchain.
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#1999
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has been confirmed it can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    No need for the third party to adjust the changes after initial agreement.
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#2000

It’s engraved into digital stone. There is no undo.

When a tx occurs, it happened for all to see

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#2001
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that it is impossible to be reversed. Once it is done, it is done.
  2. How does this lead to the trustless environment that blockchain creates?
    It prevents chargebacks and customer fraud, yet i dont see what stops the seller from scamming people without a third party as middleman here.
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#2002

1.) Due to the fact that all transactions are final and can not be reverted due to the fact that no one can change any transaction on the blockchain.

2.) This system is trustless because it makes you able to conduct business and transactions without having to worry about either side trying to revert the transaction for any reason. The deal is final.

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#2003
  1. all transactions are final
  2. information cannot be tampered with
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#2004

1.) Finality means that whenever you make a transaction, meaning wire money or send bitcoin to someone, it is final and cannot be changed.

2.) This creates a trustless environment because now nobody can cheat you out of money or bitcoin, and on top of that, you can do business with absolute strangers, and zero fear that something will go wrong.

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#2005
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • After a few block’s it becomes almost physically impossible to reverse transactions recorded in the ledger. This due to the enormous amount of mining / hash power that went in to creating those said block’s.
  1. How does this lead to the trustless environment that blockchain creates?
  • We can be sure that transactions will not be reversed.
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#2006

What do we mean when we say that blockchain has transaction finality/immutability?

We mean that transaction can not be undone. Once transaction verified that it, its final.

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

We protect ourselves from people trying to mislead others on what has occurred, in particular scammers.

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#2007

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction goes through, it cannot be undone or reversed. Its there forever
  1. How does this lead to the trustless environment that blockchain creates?
  • Every transcation is verified/confirmed by network consensus and is final.
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#2008

  1. Transactions can’t be reversed.

  2. Once the transaction is made the parts have the certainty that it will be completed.

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#2009

1.When a transaction is confirmed there is no way to reverse it
2.build trust in the system as you can work with strangers and trust in the system not them

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