Homework on Finality - Questions

Blockchain and Bitcoin 101
#242
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    when a transaction is done its done. no turning back no scams
  2. How does this lead to the trustless environment that blockchain creates?
    trust to the system
1 Like
#243

  1. Transaction finality/immutability happens in the blockchain because when miners mine, They use physical electricity along with the Proof of Work algorithm to create the blocks that contain transactions. This process cannot be reversed or edited, thus making it final and immutable.

  2. Finality and Immutability leads to a more trust-less environment on blockchain because Miners have a financial incentive at the cost of electricty to tell the truth. Block rewards are granted every time a new block is mined. Once blocks are mined, they cannot be reversed or changed.

1 Like
#244

What do we mean when we say that blockchain has transaction finality/immutability?
It means that a transaction is finished and there remains a permanent marker of that transaction. You have just used ink in your checkbook register. And your math in that register is perfect.

How does this lead to the trustless environment that blockchain creates?
Blockchain leads to to a trustless enviroment because there is no guesswork in an event or transaction. It has been verified by many witnesses to that event.

1 Like
#245

Homework on Finality - Questions
Homework on Finality - Questions.
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?
Answers:

  1. It means the transaction is irreversable once sent.
  2. Because of of trust and reliabilty in blockchain physics and mathematics, we can do business with strangers with confidence.
1 Like
#246
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once transactions are included in a block, they cannot be changed or removed anymore. It’s physically impossible.

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

Don’t trust, verify: blockchain blocks can be mathematically verified. So when a transaction is included in a block, the block can be verified and the transaction can be trusted.

1 Like
#247

1. What do we mean when we say that blockchain has transaction finality/immutability?
That the transaction cannot be reversed or altered once completed.

2. How does this lead to the trustless environment that blockchain creates?
There is no need to trust the other party, since no changes can be made on the transactions. We trust the mathematical system to determine the completion/verification of a transaction.

1 Like
#248
  1. Once a transaction has been confirmed it can not be changed or reversed. It is final.
    There could be some layer 2 solutions for common problems to resolve this later, but as it stands this is what it is.
  2. I can trust that no one has the power to over-ride what has been confirmed. No weasels doing chargebacks when I sell them a quality eBay or Amazon product. A confirmed transaction is the final say, I can trust that.
1 Like
#249
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction is final once completed, it can not be reversed or cancelled.
  2. How does this lead to the trustless environment that blockchain creates?
    We don’t have to trust in strangers that they will come through on their end of the deal, the blockchain will verify and complete.
1 Like
#250
  1. Finality means that any transaction sent and confirmed through the blockchain is irreversible regardless of an error of judgement or mistake. Not changeable.
  2. Users of the blockchain can do a transactions with confidence in dealing with a stranger believing that the transactions is final and immutable due to the trust in the validity of the mathematics behind blockchain. Supply is based on mining and Consensus algorithm.
1 Like
#251
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened, it has happened. Committed to the blockchain forever via the protocol. No way to reverse it.

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

The Blockchain protocol removes the need for trust. Makes chargeback scams impossible.

Blockchain enables us to safely transact with strangers, because we trust the protocol and nothing else.

1 Like
#252

1- it means that when a transactions has been sent it is final and you can’t get it back or cancel it if it has been confirmed.

2- By making it irreversible in which strangers can trust each other because when a block has been made it can’t be removed. Bitcoin for example, if a transaction had been made and confirmed it can’t bee cancelled or refunded.

1 Like
#253

[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?]

Once transaction is recorded on the blockchain it can not be reversed and is recorded forever.

It leads to a trustess environment because transaction is mathematically verified.

#254
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • All transactions are final and cannot be reversed, there is no way to get it back. This remains on the blockchain forever.
  1. How does this lead to the trustless environment that blockchain creates?
  • The blockchain network allows you to share and trade with strangers and you do not have to trust them. You’re trusting in the system and the network that verifies everything.
#255

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed it can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    By mining and prove of work

#256

1 all confirmed transaction (in a block) are final and can’t be removed, changed, recalled, sent back or anything like that.
2 because you trust in the system or protocol you can transact with everyone (even strangers) without expecting problems of reliability and trust

1 Like
#257

Question 1

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

What we mean when we say a blockchain has transaction finality and immutability are the following

  • Finality : once a transaction has been made that transaction is final and cant be reversed like with the charge back feature which exists in modern banking. This results in the removal of trust from the interaction because we trust the network that there is finality in the transaction.
  • Immutability : With a transaction recorded on the blockchain it is impossible to reverse that transaction because data can only be added to the blockchain and this is a desired feature for retailers because we dont have to trust any party we only have to trust the network but this may not always be a desired outcome in every situation.

Question 2

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

This leads to a trustless environment because we no longer have to trust the counter party or the third party in the overall transaction. The retailer sells the product; the customer pays for the product; the network is the third party and with a transaction successfully recorded on the blockchain the transaction is final; there is consensus on the network and the transaction cant be reversed leading to the Valhalla of trustlessness.

1 Like
#258

  1. Block chain contains immutable information which serves as proof of work that can not be reversed/changed. Thus allowing for a transaction finality and trust. Once a transaction has been made, the data of the transaction has been stored in blocks and serves as proof of work.

  2. By storing immutable proof of work information on every transaction , there is no longer need for “trust” in the process but instead publicly available proof that is immutable.

1 Like
#259

  1. Transactions can’t be changed/removed after they being added to the blockchain.

  2. Transparency is key here. There transactions only can be added to the blockchain (not changed or removed) the totalview, by all the copies available, will always cause consensus. Consensus replaces the need of trust in other parties.

1 Like
#260

Answer to homework

  1. Once the transaction is done then it’s done, no reverse = finality.
  2. Since transaction is finality and can be tracked on public ledger and it’s stored on blockchain then you don’t have to trust other half of the transaction, you simply relay on math and can verify it on ledger. This remover trust from equation and this equals trustlessness.
#261
  1. There is no way to reverse it. Once a transaction has happened it’s finalized.
  2. One can trace the transaction, it’s verified and its irreversible. The blockchain ensures there is no manipulation without a third party.