Homework on Finality - Questions

Blockchain and Bitcoin 101
#3095
  1. Finality on any transaction keeps the ledger irreversible
  2. In a trustless system none of the parties can reverse a transaction unilaterally, leaving only the verified transaction on the ledger
1 Like
#3096
  1. It means that once a transaction has been completed there is no way to reverse it.
  2. Transactions can be verified without having the need to trust anyone.
1 Like
#3097

Looks fine to me :slight_smile:

1 Like
#3098
  1. Transactions on the blockchain have finality or immutability because once they are recorded on the blockchain they cannot be reversed.
  2. Finality leads to a trustless environment because parties transacting on the blockchain both understand that once the transaction is recorded on the blockchain there is no ability to reverse the transaction.
1 Like
#3099

What do we mean when we say that blockchain has transaction finality/immutability?
Database entries on the Blockchain cannot be modified ā€“ they are immutable and cannot be changed. Transactions once confirmed on the blockchain network - are final and cannot be reversed.

How does this lead to the trustless environment that blockchain creates?
A trustless environment is created because blockchain eliminates the need to trust an individual or company. Computers in the blockchain network confirm the transaction ā€“ consensus is confirmed by the network of computers, based on a mathematical protocol. Once the transaction is confirmed by the network ā€“ it is final.

2 Likes
#3100

  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?

  3. It means once a transaction has been made theres no going back. it cannot be recalled, edited, and its stored pretty much for as long as a node is running the protocol.

  4. Using blockchain there no current ways to cheat, it either is or isnt, its verified, totally transparent.

1 Like
#3101

  1. It means once a transaction entered into the blockchain thereā€™s no way to reverse it. It will be forever on the blockchain. It cannot be modified or changed.

  2. Since we can trust the network we will be able to do business with strangers without worries.

2 Likes
#3102

1. What do we mean when we say that blockchain has transaction finality/immutability?
A: Once it is validated it is FINAL and cannot be changed.
2. How does this lead to the trustless environment that blockchain creates?
A: We do not need to rely on 3rd parties to validate the data. It is verified through math and physically resides in the blockchain. The data cannot be changed in that transaction which prevents the use of chargebacks.

1 Like
#3103
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A block/transaction canā€™t be changed, deleted, etc. Once the decentralized network has allowed the block onto the chain it is there until the last node dies.
  2. How does this lead to the trustless environment that blockchain creates?
    A final transaction means noone can revert it like a bank can do and have done. In a bank we give them 100% because the alternative until blockchain was cash under the madress or similar. In the world of blockchain we only need to trust the protocol!
1 Like
#3104

Homework on Finality - Questions
1. What do we mean when we say that blockchain has transaction finality/immutability?
It means that when a transaction is confirmed it can not be changed or reversed anymore.

2. How does this lead to the trustless environment that blockchain creates?
This leads to a trustless environment because all transactions in the blockchain can be checked mathematically by calculations.

2 Likes
#3105

1. What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality/immutability in blockchain means that the transaction that has been made is not possible to change or reverse. Once it is on the blockchain it is final.

2. How does this lead to the trustless environment that blockchain creates?
[/quote]
This leads to a trustless environment because all parties involved know the transaction is irreversibel once itā€™s on the blockchain. So they need to be absolutely certain that they are in consensus with the transaction.

2 Likes
#3106
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is done, it is done. It cannot be reversed and it cannot be changed.

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

Finality/immutability together with other features like provenence, concensus and security will always result in transactions being definitive, honest and correct. These features are there because of the mathematics behind it. Therefore trust is no longer needed!

1 Like
#3107 
1. What do we mean when we say that blockchain has transaction finality/immutability?
	Once the transaction in the blockchain it cannot be reversed  it is final and

we donā€™t need to trust that it is so, it is built into the system by mathematics.
2. How does this lead to the trustless environment that blockchain creates?
As all is final, and no trust required, the possibilities to deal with those we donā€™t know or even like is now possible. Fundamental shift in the way we deal, do business and communicate with the world.

1 Like
#3108
  1. Once a transaction has happened, itā€™s happened and thereā€™s no way of getting it back.this removes a lot of trust. We all trust the system, the network, and trust the protocol. The reason we trust is because we can verify it mathematically. Itā€™s physically not possible to change because of mining and proff of work.
    2.When miners mine they use electricity in order to produce these blocks and transactions and their there forever. Finality is important when we want to remove the trust and have a system where strangers do business with each other
1 Like
#3109
  • What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final and irreversible. A transaction that is done is final and there is no way of going back.
  • How does this lead to the trustless environment that blockchain creates?
    There is no need to trust a individual or third party. Trust the blockchain.
1 Like
#3110
  1. It means we canā€™t reverse transactions. All transactions preserved forever.
  2. It means you can be sure no one will be able to scam and get their money back after recieving the goods. One can do the business without worries about canceled transactions.
1 Like
#3111

  1. Finality and Immutability means that once the transaction goes through it cannot be changed or edited. This can be very advantageous for specific use cases.

  2. This leads to a trustless environment because it prevents manipulation or changing of data.

1 Like
#3112

  1. Once a transaction has been confirmed there is no way of the sender to reverse the transaction and get his/her funds back

  2. Both the sender and receiver have hard proof that the transaction has occurred as it is printed in the blockchain and this can not be denied or reversed respectively by either party involved

1 Like
#3113
  1. Once the transaction has been sent it can not be reversed back or cancel once confirmed
  2. It leads to a trustless environment because it allows strangers to transact with each other without worrying about a charge back transaction.
1 Like
#3114

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed. They are final.

  2. How does this lead to the trustless environment that blockchain creates?
    Because you donā€™t have to worry about the other party reversing a transaction once done.

1 Like