Homework on Finality - Questions

Blockchain and Bitcoin 101
#3135
  • What do we mean when we say that blockchain has transaction finality/immutability?
    When it is said that the blockchain has transaction finality/immutability, it means that all transactions are final. Once you send something such as bitcoin, you can’t get it back.
  • How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment because it’s all done by the protocol, code that can’t be manipulated or bribed.
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#3136
  1. A record of transaction which is verified by the proof or work process cannot be delete4d from the block chain
  2. Because the blockchain is certified, audited in real time and therefore fully trustworthy this is called trustless. However, I personally do not like this term because it can easily be misunderstood. It should be meaning that trust is not necessary any more because of the verification process and full transparence but could easily be misunderstood of being not trustworthy.
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#3137
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain transactions are immutable meaning that it is impossible to reverse or modify any transaction that has been initiated and confirmed to a block by a miner.

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

Guaranteed static transactions lead to a trustless environment because each have been meticulously confirmed and documented with physics and math ensuring the validity of each block’s captured data while also guaranteeing the finality of all information/ value transferred within the chain making it impossible to require any methods of disputing anything recorded.

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#3138

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    There is no going back. Once a transaction has been completed, that’s it.

  2. How does this lead to the trustless environment that blockchain creates?
    There are no chargebacks like in normal bank transactions. Once mining has been processed that’s it. It is not necessary to trust persons in transactions. They can’t reverse it.

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#3139

  1. once a transaction is done, it could not be turned back.

  2. transactions are public, and there is no government who can take transactions back.

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#3140

  1. You can’t reverse transaction, if it’s on blockchain, it will stay forever there.

  2. A trustless system does not require trust from seller or buyer.

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#3141

1: it means once a transaction is done it cant be altered and is on the blockchain forever.

2: because things can not be altered there is no need to trust . Don’t trust, verify

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#3142

  1. In simple terms, once a transaction has been made, it becomes irrefutable. In other words, the data transcribed within the blockchain cannot be manipulated or removed.

  2. Trust is no longer shared between 2 parties attempting to do business or transactions. Trust is only given to the blockchain technology itself, which is supported through algorithms and mathematics.

Feedback is appreciated! :slight_smile:

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#3143

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final, there’s no way to take back something that has been sent or processed.

  2. How does this lead to the trustless environment that blockchain creates?
    I think it makes it a trustless environment in the sense that all transactions follow a protocol, are verified, and are open to the public.

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#3144

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction/data is added in the database, it cannot be modified or returned. Thus, a transaction is always final.

  2. How does this lead to the trustless environment that blockchain creates?
    The blockchain follows the protocol. You trust the network to do its job. You don’t need to trust a central entity to do the job you need.

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#3145

We mean that once something has been added to the blockchain and confirmed it cannot be edited or deleted. This leads to a trustless environment because it removes any attempt at scamming via cancellation or not sending the money through.

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#3146
  1. Transactions can not be overwritten, altered or deleted.
  2. All the transactions has history that can be verified hence there is no trust involved.
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#3147
  1. Once it’s done it can’t be modified or cancelled
  2. You don’t have to trust in the other person
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#3148

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer: We mean that transactions are irreversible and permanent. This is achieved through proof of work consensus mining.

  2. How does this lead to the trustless environment that blockchain creates?
    Answer: This allows two parties to transact in a trustless manner. The trust is in the math!

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#3149
  • What do we mean when we say that blockchain has transaction finality/immutability?
    It means once the transaction is processed and confirmed then it is full & final and there is no way to get it back, to reverse it, or cancel it.
  • How does this lead to the trustless environment that blockchain creates?
    Due to the nature of blockchain which is based on Math, protocol, network, and the trust worthy system. In blockchain we don’t need to trust any person or institution instead we trust Mathematics and protocol which is irreversible, immutable, and all transaction are final and remains on blockchain forever.
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#3150

  1. Finality means that once a transaction has been completed it cannot be reversed or changed in any way.

  2. This leads to the trustless environment of blockchain as there can be no disputing that a transaction was made.

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#3151
  1. It means that you can’t revere a transaction
  2. Cause you can make trades with strangers without the need to trust them
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#3152

1. What do we mean when we say that blockchain has transaction finality/immutability?
it impossible to get you money back after sending it. everything done is final (miners and proof of work)
2. How does this lead to the trustless environment that blockchain creates?
since nothing can be changed or modified and what is done is final you don’t need to trust that a person isn’t going to recall for their money back or call the bank

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#3153

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

When we say that blockchain has transaction finality/immutability, it means that every transaction is final, once it is verified by the network there is no way to reverse
this transaction, to contest it or to delete it

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

This leads to a trustless environment that blockchain creates since all transactions are available in real-time on the public ledger in an immutable manner.
It also makes the transaction irreversible. And this is all achieved by trusting the network (math/protocol).

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#3154
  1. Finality/immutability means that the transactions which have been placed on the blockchain cannot be changed.
  2. This leads to a trustless environment because it means that both parties to a transaction have no ability to reverse the transaction. There can be no “chargebacks”. Trust is replaced with verification which relies on maths and not on any 3rd party.
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