Homework on Finality - Questions

Blockchain and Bitcoin 101
#262

  1. Finality is such that whenever a transaction is made, it is like it is put into a stone ledger, it cannot be changed or removed from the ledger and all previous transactions are in similar final blocks.

  2. There is no need for trust in the system as it is public and can be seen and is immutable and cannot be changed.

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#263

What do we mean when we say that blockchain has transaction finality/immutability?
Blockchain transaction finality/immutability means that records are committed to the database permanently. No subsequent options exist to edit, remove or hide committed records.

How does this lead to the trustless environment that blockchain creates?
Finality leads to a trustless environment by maintaining full transparency.

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#264

We mean that it is impossible to change a transacttion after it was done and registered on the blockchain.

This leads to a trustless environment as it is not possible to change anything once it has been done, there is only a blockchain that works on math en no one that can rearange.

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#265

  1. When the transaction got confirmation, thereā€™s no way of reversing it.

  2. You can do business with strangers without really having to trust them, the system makes sure you donā€™t have to.

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#266

Once confirmed canā€™t be reversed

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#267

[quote=ā€œivan, post:1, topic:8424ā€]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ones a TRX is on the blockchain you canā€™t remove it or change it.
  2. How does this lead to the trustless environment that blockchain creates?
    You donā€™t need to trust because a TRX will only be stored on the ledger after the nodes reached consensus.
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#268
  1. The transactions on the network are final, non reversible
  2. We donā€™t trust, we verify
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#269
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Means that once a trx has been done it cannot be reversed. It is on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates? Bc of its mathematical verification of the system it can be trusted.
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#270

  1. It means that we can trust in the system to provide a transaction to someone which cannot be reversed.

  2. We donā€™t need to rely on a third party or person, we trust in the nodes by consensus.

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#271

  1. blockchain that has transaction finality/immutability means once you make a transaction it finalized theres no going back or cancelling it.

  2. This will lead the trustless environment that blockchain created by verifying every transaction the not having that trust anymore.

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#272

1&2. Blockchain transactions cannot be altered (immutable) or reversed (finality). We do not have to worry about someone changing information.

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#273

1. What do we mean when we say that blockchain has transaction finality/immutability?
When we say that blockchain has transaction finality/immutability, we are talking about the permanent locking of data that has be transacted and validated in the network.

2. How does this lead to the trustless environment that blockchain creates?
If the blockchain has the ability to achieve finality, it is securing the authenticity of the transaction. By authenticity i mean that the sender of f.eks bitcoin, cannot recall the bitcoin after the transaction is sent, therefore once the transaction is validated by both partners, the receiver can trust through the inherent properties of the bitcoin network, that they will receive the bitcoin that has been sent.

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#274

  1. Finality means that once you send a transaction, it is final and can not be taken back.

  2. This leads to a trust less environment because there are no ā€œcharge backsā€ or fraudulent activity allowed to take place.

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#275

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

Once a transaction has been sent, it cannot be reversed. Once the verification is done and it has entered the block it is immutable. Nothing can be changed only new information can be added to the next block.

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

The trust is created because of the trust in the trustless math and protocol. Finality is important if we want to remove trust and the ability for strangers to conduct business with confidence.

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#276
  • What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction is confirmed it is not possible to change or remove it. The transaction becomes part of the public ledger on every connected node.
  • How does this lead to the trustless environment that blockchain creates?
  • The transactions are processed per the protocol and once confirmations returned become a part of the public ledger on all nodes. This removes the need for oversight or a ā€œTrustedā€ party to oversee or officiate the process hence the term trust-less.
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#277
  1. Transaction finality/immutability is this idea that once a transaction is sent to the network (and verified) it is set in stone and cannot be revered. In this way a the transfer of trust is on network operation/validation, rather than any individual agent.
  2. By transferring trust to the network rather than any one individual/organisation, a trustless transactional environment is produced. This means that we can interact with strangers, and not have to worry about malicious practice (at least at the level of informational/transactional transfer), without having to pay for security or insurance by operating through some other centralised 3rd party.
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#278
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • That once you make a transaction it canā€™t be cancelled
  1. How does this lead to the trustless environment that blockchain creates?
  • If you know that a deal is final you donā€™t need to wonder whether the other person will give honor to the deal.
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#279

What do we mean when we say that blockchain has transaction finality/immutability?
It means that once the the transaction has been picked up by a block and confirmed,
it cant be stopped or reversed

How does this lead to the trustless environment that blockchain creates?
You dont have to trust the sender/receiver of the transaction, instead you can verify
the transaction on the network.

#280
  1. It means that once a transaction has happened there is no way to reverse it, transactions are final.
  2. This leads to the trustless environment because strangers can do business to each other knowing that each transaction can be verified mathematically.
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#281
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that when a transaction is confirmed and has past through the system it canā€™t be reversed nor can it be canceled by the sender.

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

The blockchain creates a system of trust to the reciever that once the transaction has past over to him the sender canā€™t call a midle man and cancel the transaction with the cause of fraud or los. And the sender knows that he send the money when he wants and doesnā€™t wait the intermidietary to ā€œunlockā€ and send the money to the reciever. Through the system we build trust of sending money and not lift money up from somebodys account.

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