Homework on Finality - Questions

Blockchain and Bitcoin 101
#222
  1. strong text Because of the blocks and transactions are there 4-ever. No charge-backs from central authority (banks).
  2. We trust the network, because it can be verified. Strangers can do business with each other, because of mathematics. Transactions can’t be reversed.
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#223
  1. a transaction made is a transaction forever. No chargebacks.
    2)because you don’t have to trust the business or person on the other end.
    Miners keep it secure and trust less.
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#224
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made, it can not be reverted
  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with people you do not know, you just need to trust the network
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#225
  1. Transaction finality in terms of blockchain means that the transaction can not be reversed once it has been accepted.
  2. This leads to the trustless environment that blockchain creates because now scammers are not allowed to alter their payments after they have been made. Scams such as charge-back scams will now be a thing of the past.
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#226

  1. This means that if you make a transaction you can not take it back.

  2. Because if you buy something you cannot cheet and not pay.

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#227

Finality/immutability=transactions that can’t be reversed or changed.
Trustless environment=means you are trusting a system and not a person.

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#228

1. What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction is complete and accepted into a block, it can’t be undone.

2. How does this lead to the trustless environment that blockchain creates?
Because a payer can’t undo a payment after a complete transaction, there is no need for trust, as there is with a bank payment system, like a check or credit card, where there are intermediaries with the ability to interfere with or override the transaction.

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#229
  1. There are no charge backs, no refunds! You cannot erase the transaction. It is final, written in stone.
  2. We can do business with complete strangers without worrying about trusting them in the transaction. The network provides a consensus making it a trustless environment.
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#230
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been executed there is no possibility to reverse such a transaction.

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

There is no way to tamper with a transaction afterwards, so all transactions are based on consensus between two parties, and a transaction is final.

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#231
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the bitcoin was sent and approved there is no way to cancel it.

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

If I know it can’t be undone, then when someone sends me bitcoin I can give him the product\service without me needing to trust him not to cancel the payment. Because he just can’t.

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#232

All transactions are final and cannot be reversed or changed.

All transactions do not go through a third party as all transactions are verified by the network and noone can change that.

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#233
  1. no one can reserve the transaction or record back or changed.
  2. by incentivid mining for prove of work
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#234

  1. When we say that blockchain has transaction finality, we mean that the transaction cannot be undone once it has been confirmed or added to the public ledger. It is physically impossible.

  2. This aspect of the blockchain leads to a trustless environment because individuals are unable to scam or be dishonest in hopes that they will receive their money back or call a third party institution to get their money back. Additionally, transactions amongst strangers also become trustless because of this.

#235
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • When transactions are made, they are FINAL, we can not go back.
  1. How does this lead to the trustless environment that blockchain creates?
  • Thanks to finality strangers can do business with each other without the need to trust a third party, we can verify any transaction on the network.
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#236

  1. That a transaction can never be reversed.

  2. That you are 100% sure that if a payment is confirmed the money will never be taken away from you.

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#237

  1. The blockchain has transaction finality in the way that transactions cannot be retrieved or cancelled once they have been sent to the blcckchain. That makes the transaction final.

  2. A trustless environment is created by the finality of the transaction. If a transaction cannot be reversed, then all of he parties involved cannot change their minds or alter the transaction in any way. The trust is only in the network and not the parties involved.

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#238

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been verified it cannot be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    One can do business with a stranger and no trust is required. The blockchain verifies each transaction.

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#239
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality or immutability means that once the transaction is in the blockchain it cannot be altered (removed/tampered etc.).

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

There is no need to worry whether a transaction will be honored by another party, once the transaction is accepted through the blockchain it is finalized. This makes it safe to transact with strangers since you do not need to trust them.

#240

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

  • Once a transaction has happened it can’t be reversed.

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

  • By removing the possibility of reversing transactions trust between parties involved is unnecessary. There is no risk of a charge back or intervention from a central authority.
#241

Once the transaction has been confirmed it can’t be reversed for ever. Double spend problem has been solved.

Because the transaction is irreversible everyone can be trusted to transact on the network.

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