Homework on Finality - Questions

Blockchain and Bitcoin 101
#3195
  1. It can not be changed, it is irreversible
  2. Instead of trusting companies and other people, we all trust the network, the math and the algorithms. Therefore, once a transaction is verified, a block is added to the chain and it is there FOREVER! Immutable and final.
1 Like
#3196

What do we mean when we say that blockchain has transaction finality/immutability?
It means that nothing can be reverted or undone once it is written to the blockchain.

How does this lead to the trustless environment that blockchain creates?
It is physically impossible to change anything once written to the blockchain, by design. This means trust is no longer a factor.

1 Like
#3197

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality or immutability on the blockchain means that new transactions can be written to the network, but not taken away.

2. How does this lead to the trustless environment that blockchain creates?
This leads to a trustless environment because p2p transactions on the network cannot be changed or tampered with. once they are completed they will be written in the network forever. The validity of transactions can be proven by math. The only way anyone could ever change this is by conducting a 51% attack. This is unlikely for a network such as BTC or ETH because there are so many nodes now that it is unlikely that anyone or few organizations could scale enough compute power to do so.

1 Like
#3198
  1. Blockchain has transaction finality because once the transaction has happened, it cannot be reversed. It’s done.
  2. It leads to a trustless environment because there can be no scams i.e. chargebacks in the current retail sector. Now we can trust complete strangers.
1 Like
#3199

Immutability and finality mean that once a transaction is done, it’s done and cannot be reversed. It’s in the blockchain forever.

As a result, trust is not required. Once the item changes hands, it’s final.

1 Like
#3200
  1. A payment cannot ever be un-done it is in the blockchain forever. In additon to being unremovable, its public and uneditable.
  2. Since no change can be made, verification is possible within the blockchain itself.
1 Like
#3201

  1. Once the miners confirm a transaction, it cannot be changed. This is the feature of finality and immutable.

  2. THe finality and immutable feature creates a trust to transat even amongst strangers. We trust the maths and protocols, not people!

1 Like
#3202

Q1. Once a Transactions has happen their no way of getting it back.

Q.2 You dont need to have trust, to do business with strangers, Plus there no charge back.

1 Like
#3203
  1. Once the transaction made no body can make a change to remove or duplicate.
  2. Since there is central distribution through distribution consensus.
1 Like
#3204

[quote=“ivan, post:1, topic:8424”]

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

Once you have sent Bitcoin you cannot get it back.

  • How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers because you can verify transactions mathematically and that’s the protocol (the math) that you use.
1 Like
#3205
  1. once a transaction is made, once an action has been confirmed on a blockchain, it is “written in stone” and cannot be reversed or manipulated.
  2. as there is no way to reverse that transaction, I don’t have to trust that someone is trying to make it undone as it is physically not possible
2 Likes
#3206
  1. Once a transactions is done and confirmed you can not cancel it or change it.
  2. That makes many thinks possible, like making business with people you dont know because is a trustless way to transact based on mining and proof of work
1 Like
#3207
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that it can’t be changed or cancelled. It takes the trust out of the transaction and verifies it mathematically instead.
  2. How does this lead to the trustless environment that blockchain creates?
    When everything is verified mathematically it enables you to do business with strangers where once before you would have to establish trust.
2 Likes
#3208

  1. As long as the blockchain is live there is no way to reverse an entry onto the blockchain. In this sense this entry is final (i.e. in the sense that it is then immutable assuming a live blockchain).

  2. Everyone using the blockchain knows that once a transaction is complete it is complete. There is no need to trust that a third or second party will not reverse that transaction. This is a layer of trust present in today’s traditional transactional space and blockchain, by being final and immutable, removes this.

1 Like
#3209

[quote=“ivan, post:1, topic:8424”]

  • What do we mean when we say that blockchain has transaction finality/immutability?
    That there is no chargebacks available.
  • How does this lead to the trustless environment that blockchain creates?
    [/quote] Otherwise the chain would be broken.
1 Like
#3210

  1. Transaction finality means once a transaction is confirmed, it can never be undone. It will stay on the blockchain forever.

  2. Finality leads to a trustless environment because it allows strangers to do business and put the trust in the math/protocol of the blockchain instead of trusting each other.

1 Like
#3211

  1. Transactions can not be reversed once confirmed and added to the blockchain ledger.

  2. Users are able to rest assured that each transaction is final and impervious to fraud.

1 Like
#3212

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
A transaction cannot be altered or reversed.

2. How does this lead to the trustless environment that blockchain creates?
Trust among strangers is not necessary because the public ledger on the blockchain verifies.

1 Like
#3213

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    a. ) Once a transaction has been verified and posted to the ledger, a duplicate transaction will not be accepted, thus the transaction is permanent and unchangeable

  2. How does this lead to the trustless environment that blockchain creates?
    a. ) This enables trust in the blockchain due to protecting the network from duplicate transactions and eliminates any chance of fraudulent behavior

1 Like
#3214

  1. Transactions are written unto the Blocks. The miners verify this transaction. Once verified the transaction cannot be changed in any way.

  2. This leads to a trustless environment where strangers can conduct business.

1 Like