Homework on Finality - Questions

Blockchain and Bitcoin 101
#3175

1 if something is in the chain it can not be reversed
2 everybody is able to check the chain without knowing each other

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#3176
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Means once the transaction is done than it can not be changed or reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Because you know for 100% it is trustworthy. Because once the transcation is made it can’t be changed.
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#3177

1.when you send an transaction its final, there is no chargeback or reverse the payment option.

  1. cause people cant call their bank and chargeback the money they paid or lie and say i didnt recive my product to get their money charged back, some scenarios like these are common in different ways like the most classic Uber eats scams for free food , but on the blockchain the payment is final, nobody can reverse it.
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#3178

  1. What does it mean when we say that blockchain has transaction finality? Finality means the transaction is completed and confirmed on the blockchain and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates? You don’t have to trust that the transaction was completed, the network would have verified and recorded the completion of the transaction on the blockchain.

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#3179

  1. finality means that once the transaction is completed it cannot be reversed or changed it is permanent

  2. it leads to a trustless environment because it enables you to do business with strangers without the transaction being able to be reversed

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#3180

1 - The transaction can’t be reverse and doesn’t disappears.
2- Transactions can’t be duplicated or cancel, there is no possibility of scam and all transaction can be verify and consequently trust the blockchain.

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#3181
  1. Transactions when confirmed cannot be reversed, ever.
  2. Since transactions cannot be reversed cash-backs are not possible and therefore scams related to cash-backs cannot be done.
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#3182

  1. Once a transaction is made its final and basically cant be undone.

  2. After a transaction is made its public, no third party can interfere.

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#3183
  • What do we mean when we say that blockchain has transaction finality/immutability?

Once transactions are created it is finial upon confirmation and summation, alterations / cancels are not possible it’s Immutable. Blockchain transactions are permanently recorded to the chain.

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

The blockchain will never need to worry about any revisions to the transaction once its been accepted, there are no third parties involved, the blockchain is trustless solely on the mechanics of how it is transacted validated and recorded.

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#3184
  1. transactions are not reversible. all transactions are FINAL.
  2. no opportunity for chargeback scams
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#3185
  1. It means that transactions cannot be reversed or charged back. And each block is made permanently.
  2. This allows strangers to do business with complete strangers
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#3186
  1. Once you send the transaction (bitcoins ) you can reverse the transactions.
    There is no chargeback .

2 . There is no need of middle man . Everything is based on math and protocol and all the transactions are stored once they are confirmed .

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#3187
  1. What do we mean when we say that blockchain has transaction finality/immutability?

All transactions are public and irreversible.

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

There is no trust needed for doing business with each other because every transactions is verified and their is no option for an charge back.

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#3188

  1. through mining and proof of work, the transactions are permanent and unalterable, recorded on digital stone

  2. no need to trust a central authority

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#3189
  1. All transactions are final and non reversible when approved by the ledger.
  2. There can not be any changes or funds withdrawn/taken back, once the ledger is approved
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#3190

(1) Once the transaction is verified it is impossible to reverse it. This is why education is so important when it comes to blockchain. The advantages far outweigh the disadvantages.

(2) Because all data is verified and then becomes final. It cannot be changed. This creates a trustless environment where anyone can participate.

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#3191

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction is done , it is final. it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    you can do business with strangers without fearing that they can reverse their payment. it takes away the ability to scam.

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#3192

1 once its done its done no reversing it.
2 once you get the payment you cant be scammed

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#3193
  1. Once a transaction is confirmed, it is final (can’t be deleted or altered)
  2. We are essentially eliminating the trust element which is required from 3rd parties in traditional transactions. For example the bank cannot come in and reverse transactions. This allows for transactions between 2 strangers to occur as they are verified mathematically.
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#3194

Once a transaction it’s done, threre’s no way to get it back.

Because we make transactions with strangers. Transactions can’t be refunded or cancelled. We trust in protocols, in Network.

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