Homework on Finality - Questions

Blockchain and Bitcoin 101
#3115

1)What do we mean when we say that blockchain has transaction finality/immutability?
Once transaction occurs it can not physically be reverted (mining,POW) and is forever transcribed in the databased.

2)How does this lead to the trustless environment that blockchain creates?
Removes the need to trust unknown party/individual/business. Because of math/protocol of Blockchain system. immutability, Provanance, Consensus,Security Immutability and Finality provides the trust in the network itself

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#3116

  1. It means no transactions are reversible.

  2. Busines can be done safely with strangers at any time

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#3117

Once a transaction is confirmed (also if it was send accidentally) there is now way to cancel it or undo it.
2.
Transactions can’t be duplicated. Ones they are confirmed by the network it’s on the public ledger en will never go away or can be erased. All strangers therefor can do reliable business.

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#3118

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

By protocol, there is no way to reverse a transaction entry in the blockchain, an entry is therefore final and can be tracked and verified in the public ledger.

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

Trusting a verifiable mathematic protocol instead a person or an institution can make business to an unknown entity more secure.

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#3119

  1. Transaction finality means it is permanent and there is no reversing that transaction. Once the network has verify the transaction, it is recorded into the blockchain and can no longer be reverse.

  2. Transaction can’t be change once it has been verify by the network and recorded on the blockchain. So you’re trusting the network instead of needing a third party to be involved.

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#3120

  1. What do we mean when we say that blockchain has transaction finality/immutability? All the transactions made on the blockchain are irreversible and cannot be undone.

  2. How does this lead to the trustless environment that blockchain creates? Strangers are able to do business with one another without trust because all transactions made are final and verifiable.

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#3121

1. What do we mean when we say that blockchain has transaction finality/immutability?
Every transaction is stored on the blockchain, it’s final and cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
You don’t need to trust your counterpart, everything can be verified. You only trust in physics :slight_smile:

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#3122

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The information published to the blockchain is permanent and public. Transactions can not be reversed once they are on the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    The trust is not in the participants but is in the network. There is no potential for chargebacks.

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#3123

Homework on Finality

  • What do we mean when we say that blockchain has transaction finality/immutability?
    • When a transaction has occurred on the blockchain it is impossible to reverse or alter that transaction in the future, for instance someone cannot make a payment and then change their mind and try and reverse a payment.
    • It is immutable – meaning it is fixed and can not be changed under any circumstances.
  • How does this lead to the trustless environment that blockchain creates?
    • Because each transaction is immutable and verified using math, we do not have to trust people on the reliability of a transaction as we trust in the math that verified and confirmed the transaction.
    • Also proof of work helps with removing trust.
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#3124
  1. We mean that the data in a block can’t be changed or a transaction reversed.
  2. Confirms nothing can be manipulated
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#3125

there is no charge back feature once a transaction has been made

you cannot be scammed

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#3126
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions on the blockchain are final and cannot be deleted. Charge backs are not possible.
  2. How does this lead to the trustless environment that blockchain creates?
    The “trustless environment” that blockchain creates can be verified.
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#3127

What do we mean when we say that blockchain has transaction finality/immutability?
ther is no way to reverse a transaction
How does this finality/immutability lead to the trustless environment that blockchain creates?
finality/immutability removes the need for trust bnecause it cvan be verified matehmativally

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#3128

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that you can’t get it back and it’s final. Once it gets confirmed its on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    It creates an environment that allows everyone to do business with strangers that’s essentially trustless
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#3129
  1. Irreversability of transactions. Once sent cannot be taken back
  2. All transactions can be seen and verified
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#3130
  1. BC has finality because once you do the transactions it is there forever as it cannot be changed. it is final and immutable and recorded forever.
  2. BC is trustless because you don’t need to trust that the transactions happened because they can be verified mathematically.
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#3131

  1. when a transaction has been sent or a block is created it cannot be changed.

  2. you can do business with people you dont have to trust. once the transaction has been made they cannot take the money back.

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#3132
  1. What do we mean when we say that blockchain has transaction finality/immutability?

  • Every transaction executed on the blockchain, and accepted is permanently recorded in the ledger, and cannot be removed - immutable.

  • Every transaction on the blockchain cannot be reversed - once it’s executed, and accepted, it is final.

  1. How does this lead to the trustless environment that blockchain creates?
  • You don’t necessarily need to trust the person on the other side of the transaction, you just need to trust the network; because you can verify the transaction mathematically.
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#3133

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Blockchain transactions become permanent records that cannot be reversed or removed once confirmed. Transactions cannot be tempered with on the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    The trust is placed on the system because transactions permanently remain as received/entered. Blockchain users don’t have to know who they are transacting with. They just want to complete their transactions and they trust the system to capture and enter their transactions without bias.

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#3134
  1. We mean that the transaction is irreversible. It is not possible to cancel or get back the money that was sent. The transaction is logged in the blockchain forever.
  2. It leads to a trustless environment because each one can prove mathematically that the transaction was made. There is no place for disagreement or fraud.
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