Homework on Finality - Questions

Blockchain and Bitcoin 101
#302

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means when the transaction is done, it cannot be reversed or modified anymore. As the transaction gets verified it is FINAL as soon as it is included
  2. How does this lead to the trustless environment that blockchain creates?
    There is no worrying about reversing transactions or getting scammed if you see the transaction in the blockchain. When you can verify the transaction, you know it happened.
#303
  1. It means once the transaction is made you cant reverse it. Its final
  2. A person wont be scammed by the other party going to a bank and claiming the transaction was false and get it reversed.
#304

  1. It is a one way road. Transactions are made with no reversal.

  2. By every transaction to be guaranteed by the miners who creates the block ( Proof of work ) ! So neither party of the transaction needed to trust one another.

#305
  1. The finality of blockchain is a process where once a transaction has taken place there is no turning back because that transaction is agreed upon and copied to all ledgers in the consensus network. And the immutable portion of the process is that all the network nodes now have copies and traceability of aforementioned ledger process.
  2. This process is trustless because of our faith in the mathematical protocols used in creating the blockchain, unaffected by any one or group of mal intended individuals.
#306

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it means that once a transaction is mined it cannot be changed

  2. How does this lead to the trustless environment that blockchain creates?
    it solves the double spending problem and allows users of the network to verify for themselves if a certain transaction is valid

#307
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When we say that blockchain has transaction finality means that it is only going forward once it is sent, never reversed. Once the transaction is complete it will never be removed from the blockchain. No double spending, no cancelation once sent.

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

This leads to the trustless environment that blockchain creates by letting everyone verify every transaction and everything that is on the network.

#308

  1. Once a transaction has been completed, it cannot be reversed.

  2. You can do business with total strangers, and you don’t have to trust them.

#309
  1. Once the tx is confirmed with a few blocks the data becomes impossible to change
  2. You can verify instead of trusting someone
#310

Any transaction that is verified become immutable - cannot be changed. This means nce you receive say money you know this cannot be reversed. Trust in this system is based on the maths.

#311

It is not necessary to know or build trust with whom we carry out transactions, thanks to immutability. Scams with fake refunds are also avoided.

#312

You can not be scammed by some1 using a trick of cancelling the transaction. When You receive the money or coin it is there and nothing can take it away from You by any means

#313
  1. Once its on the blockchain its final you can trust it.
  2. You do not have to trust anyone ,you dont need too, you can do buisiness with total strangers the other side of the planet.
#314
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • when a transaction is completed, it is final and cannot be reversed
  1. How does this lead to the trustless environment that blockchain creates?
  • when transacting with a stranger, no trust is needed that the transaction will be reversed by the stranger.
#315

  1. Transanctions can’t be reversed or manipulated

  2. Can transact or do business with strangers

#316
  1. blockchain transactions can not be removed or reversed.
  2. A committed transaction on the blockchain can be trusted.
#317
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This refers to the irreversible nature of data when it is processed/confirmed on a blockchain protocol.

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

As there is no capacity to reverse/call back a transaction, an immutable trust in the validation of that transaction is inherent.

:slight_smile:

#318

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

Once a transaction is in the chain it will be permanent and cannot be changed.

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

By trusting the network you can do Buissness with strangers without a 3rd party (that can be manipulated)

#319

  • Finality comes from the un-alterable or immutable nature of the recorded transactions on the blockchain - once they have been accepted using the consensus mechanisms.

  • This leads to the trustless environment because a transaction, once made, is recorded in perpetuity. It is only accepted into the public record of the blockchain if it has been accepted and effectively ‘notarised’ or witnessed in the mathematical, fixed and reliable consensus process of mining, so can be known to be the correct record of events.

#320

What do we mean when we say that blockchain has transaction finality/immutability?
When you do a transaction and it is confirmed it is confirmed and can’t be taken back. You can’t do a chargeback

How does this lead to the trustless environment that blockchain creates?
You can’t do chargebacks. This makes it easier to do business with strangers without being scammed.

#321

1Once a transaction or information been uploaded and confirmed on the blockchain it is there forever and can’t be changes.
2 This means that strangers can do business without trusting a third part. It is not possible to reverse or delete a transaction that have been verified.