Homework on Finality - Questions

Blockchain and Bitcoin 101
#3215
  1. Transaction is final can’t be refunded.
  2. Allows for trusting business transactions with strangers, trust is restored due to the common underlying blockchain protocols
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#3216

What do we mean when we say that blockchain has transaction finality/immutability?
No transaction/data entry can be altered after confirmation.

How does this lead to the trustless environment that blockchain creates?
For each transaction you don’t have to trust 3rd party, everything is on the blockchain.
All transactions are transparent and visible to everyone.

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#3217

  1. It means that when we write something on a block of the BC, it cannot be erased or reversed. BC is like a write only database.

  2. Being immutable, anything written on the BC is there to stay. And that immutability is verifiable by any participant. That way, no trust is needed.

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#3218

  1. Once a transaction is sent, there is no recuperation available. Unlike banks todays where transactions can be disputed, the blockchain allows only for verification.

  2. This creates an environment where only the data, mathematics, and global protocol will create an environment of trust.

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#3219
  1. Once a transaction is made it cannot be reversed which creates finality.
  2. It is trustless thereafter because the blockchain verifies using protocol and consensus that the transaction has taken place, this protocol cannot be reversed or altered.
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#3220

  1. We mean it is final can’t be changed or reversed.

  2. It leads to it by the fact you know you will receive any transaction sent to you from anyone with no trust involved.

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#3221

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability? Once confirmations on the transactions have been made it cannot be undone.

  2. How does this lead to the trustless environment that blockchain creates? Anybody can verify any transaction without having any trust.

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#3222

Homework on Finality – Answers

  1. We mean that blockchain transactions cannot be manipulated, altered or influenced in and way.
  2. Other then the initiation process, we eliminate the “human factor” completely from the transaction thus eliminating the requirement for trust.
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#3223

  1. If a transaction has been verified and added to the blockchain, it cannot be reversed and will forever be a part of the state changes of the ledger. There is physically no way to reverse transactions.

  2. If transactions cannot be altered, a person who receives money on the blockchain can be sure that he is the owner of the money from the moment the transaction has been verified by the network. It is trustless because people cannot change their mind about a transaction that has already been verified.

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#3224

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

  • Once the transaction appears in the blockchain (is validated and confirmed by the whole network), it becomes a piece of history forever, and nobody will be able to revert or anyhow change that transaction.

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

  • Anybody can trust anybody else on the network, as long as they can see and verify the transactions coming from that unknown party. Once they can verify the transaction is on the blockchain, they do not need to trust the other party, as it cannot cheat (revert the transaction anymore).
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#3225

1.A. Once a transaction has been confirmed and transmitted around the network it cannot be reversed. If a refund is required then a new transaction needs to be completed. The mathematically code of the protocol makes the transaction immutable.

2.A. The transaction is final without trusting a third party who can escrow/hold or reverse the transaction. Removing that third party removes most of the trust in the transaction or the other peer.

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#3226

  1. It means that once a transaction is executed, it cannot be edited or reversed. Blockchain is immutable because you cannot edit or remove transactions, you can only add.

  2. Because entities can transact without any fear of “rug pulling” or scamming. Once a transaction is completed, it is undoable.

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#3227

1 - it can only be written once, thus can’t be changed
2 - once a transaction is validated it can’t be change by a subsequent transaction.

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#3228

Once something gets registered in the blockchain, is set in stone forever. Hence transactions are irreversible.

Means that the networks guarantees that the value you transact will be delivered and nothing can revert the operation.

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#3229

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once something is written on the blockchain, it is on the block chain forever. Data can only be added to the block chain, data can never be removed.

  2. How does this lead to the trustless environment that blockchain creates?
    This immutability of the blockchain thusly does not rely on trust, as any transaction can be verified through forensic analysis of the blockchain which is open sourced and available to anyone.

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#3230

  1. What do we mean when we say that blockchain has transaction finality/immutability? This means that the transactions cannot be changed or recalled, they are finished and unchangeable.

  2. How does this lead to the trustless environment that blockchain creates? Parties to a transaction do not depend on the trustworthiness of each other, they can deal with confidence because their dependance is on math/physics not the integrity of others

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#3231
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once it is done is done! No way back, just asume the action.
  2. How does this lead to the trustless environment that blockchain creates?
    We dont have to trust the other, we all trust in the Blockchain.
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#3232

Immutability means that once a transaction has been made on the block chain that it cannot be changed.

This leads to trust us environment in that the system is set up so there’s no way that transactions can be reversed so this makes it impossible to commit fraud so this is not dependent on trusting anybody.

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#3233

  1. Once a transaction has taken place, it can’t be undone. The transaction can be verified and will remain in the blockchain forever

  2. You don’t have to worry about someone sending you money and then reversing the transaction because it can never be reversed. You don’t need to trust the other person, you just need to trust the blockchain protocol

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#3234
  1. What do we mean when we say that blockchain has transaction finality/immutability? it means that once you a transaction is confirmed, it cannot be removed
  2. How does this lead to the trustless environment that blockchain creates? with finality, the buyer can’t go back and say hey i didn’t receive this, give me my money back. the funds are simply transferred. the transaction is not contingent on anything but whether there are adequate funds from the buyer.
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