Homework on Finality - Questions

Blockchain and Bitcoin 101
#3275
  1. Transaction finality means that all the transactions that happen on the blockchain are irreversible, once the transaction occurs, the sender has no means to reverse it unless the receiver sends back the item.
  2. Transaction finality provides a trustless environment because it is mathematically impossible to reverse the money, therefore you are 100% sure that one party cannot reverse a transaction after the exchange of value has occurred.
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#3276
  1. Transaction finality means that all the transactions that happen on the blockchain are irreversible, once the transaction occurs, the sender has no means to reverse it unless the receiver sends back the item.
  2. Transaction finality provides a trustless environment because it is mathematically impossible to reverse the money, therefore you are 100% sure that one party cannot reverse a transaction after the exchange of value has occurred.
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#3277

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction can not be reversed, changed, omitted, destroyed. Itā€™s forever

  2. How does this lead to the trustless environment that blockchain creates?
    The network trustworthiness is based on physics and math. A product of miners and proof of work.

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#3278

  1. once we make a transaction there isnt a way to modify or cancel. They remains in the blockchain permanently.

  2. Everyone can verify each transaction in the blockchain. It does not require trust beaucase the transaction is public and everyone can check and verify but not modify or cancel.

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#3279
  1. Finality relates to the fact that once a transaction is verified and entered onto the blockchain it is final and can never be undone. The blockchain works like a one-way street, it is impossible to reverse backwards.
    2.Finality supports a trust-less environment because it is the foundation for provenance. Transactions can never be altered by anyone and will always remain on the blockchain.
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#3280

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction occurs, it cannot be reversed, changed or deleted. It will be recorded permanently on the blockchain.

2. How does this lead to the trustless environment that blockchain creates?
When participants understand than any deal or transaction is final and cannot be undone by either party, it allows strangers to transact without needing to trust them based on their reputation of previous dealings with other people as with eBay and Amazon.

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#3281
  1. It means that once transaction settled, you cannot reverse it due to the mining and proof-of-stake concept.
  2. There is no need to be afraid that the client/customer will call bank/blockchain to reverse a transaction.
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#3282

What do we mean when we say that blockchain has transaction finality/immutability?
The transaction is final and canā€™t be taken back or reversed.

  • How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers and know if they sent the money, then the money is sent and can be verified.
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#3283

  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction goes through and has been entered onto the blockchain it cannot be undone or reversed.

  • How does this lead to the trustless environment that blockchain creates?
    Chargebacks cannot be made after the fact, unlike credit card purchases. Strangers who donā€™t know/trust each other can exchange a secure payment transaction with a publicly available ledger that no one can change.

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#3284

Homework on Finality

  1. Finality/immutability means a transaction in a blockchain is final and canā€™t be reversed once confirmed by the network;
  2. This leads to a trustless environment as participants do not have to rely on anything other than the mathematics and the physical manifestation of the properties of the protocol when interacting with the blockchain.
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#3285
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened itā€™s final, itā€™s forever on the blockchain and canā€™t be changed.
  2. How does this lead to the trustless environment that blockchain creates?
    It removes trust, because you can trust the network that the transaction has happened. The transaction canā€™t be changed or reversed.
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#3286
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are on the blockchain forever and cannot be changed.
  2. How does this lead to the trustless environment that blockchain creates?
    Finality replaces trust with verification on the network using math.
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#3287
  1. We mean blockchain has finality or immuttability because we cant re back the money weā€™ve send, so that we had a trust on blockchain
    2 mining
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#3288

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

1- once the transaction happens it is FINAL there are no refunds or takebacks.
2- there can only be one FINAL transaction result based on consensus that is created through mining and proof of work.

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#3289

1.Transaction can not be reversed .
2.meaning more trust.

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#3290

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It cannot be reversed or undone or deleted so once a transaction goes through it will be that way forever.

  2. How does this lead to the trustless environment that blockchain creates?
    The transactions are immutable so you cannot be scammed which makes the system trustless since you do not have to rely on the other party not to rip you off

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#3291
  1. All transactions are final and written in stone.
  2. Transactions are transparent and can be verified publicly.
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#3292

  1. Once a block is added to the cain, it cannot be altered or removed. I becomes a permanent part of a global ledger.

  2. Since all transactions are public and verifiable, there is no need for a third part intermediary to facilitate transactions, therefore making the entire system based on verification, not trust.

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#3293
  1. Transactions can not be undone, the process is irreversible.
  2. Math is to be trusted, instead of strangers.
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#3294
  • What do we mean when we say that blockchain has transaction finality/immutability?

Once the information is shared, it can not be modified. It is permanent.

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

Its level of veracity is high for verification.

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