Homework on Finality - Questions

Blockchain and Bitcoin 101
#3315

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is confirmed it cannot be undone and cannot be altered due to the way blockchain operates.

How does this lead to the trustless environment that blockchain creates?
Transactions cannot be recalled, reversed or modified and there are no third parties involved who could be tricked into undoing a transaction.

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#3316
  1. Once the transaction is confirmed, then it can not be reversed, changed, or cancelled.

2)Strangers are able to trust each other regarding transactions. This is due to transactions being irreversible resulting in less fraud.

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#3317

Once a transaction has been verified and written to the blockchain there is no way to undo it. It is permanent.
This trustless environment gives users the security of knowing that any action can not be taken back after the fact. You donā€™t have trust thUsinge other party not to steal from you or scam you because the transaction is transparent and open for all to see. Also no one can alter or reverse a transaction after it is confirmed to the blockchain.

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#3318

  • What do we mean when we say that blockchain has transaction finality/immutability?
    When transactions have taken place cannot be reversed. It will stay in the block forever

  • How does this lead to the trustless environment that blockchain creates?
    We donā€™t trust the parties but the network, the protocol, we canā€™t physically revert transactions because of mining and POW. Therefore, finality removes trust.

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#3319

1: Finality and immutability means not changeable once done is done.

2:It makes a ledger record of what is done is done hence trustless/irrefutable.

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#3320
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction cannot be reverted.
  2. How does this lead to the trustless environment that blockchain creates?
    Understanding that the transaction is final, the user relies on the blockchain that a transaction has been executed, and it is verifiable.
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#3321
  1. a transaction is immutable because we cannot alter transaction Id, every transaction is unique and it is included in a block that includes other transactions, previous block hash, and the nonce that is a guessed number that is under the target value, and by changing anything in the transaction it will have a different hash and can be clearly seen that it is not the original transaction because have a different ID
  2. in the blockchain you do not need to trust you verify publicly the transactions state and acceptance in the blockchain, the mathematical hashing function creates every time a unique hash from the given information and by changing anything in the transaction you will have a different hash. The blochain immutability saves you time to do due diligence.
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#3322

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

Once a transaction has been carried out, it can no longer be cancelled or reversed.

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

I donā€™t have to trust any person, institution or third party, etc. Trust is established all by the blockchain protocol and the math behind alone

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#3323

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed there is no way to get it back. There is no way to reverse it. Immutability means that it cannot be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust is eliminated and business can be done with strangers because once an item ot service is supplied, the receiver cannot reverse the transaction. Verification is done by maths - eliminating trust.

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#3324

  1. What do we mean when we say that blockchain has transaction finality/immutability? It means once itā€™s done it canā€™t physically be reversed because electricity was used by miners to create transaction block.

  2. How does this lead to the trustless environment that blockchain creates? You can do business without having to worry about scams like such as getting a product and then telling your banking institutions you never did the transaction or get your product or services

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#3325

All transactions are final and can nit be reversed or bribed.
We do not need to trust anyone. Can do transactions with strangers.

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#3326
  1. Blockchain transactions have finality in that once complete, they cannot be reversed or changed in any way.
  2. This prevents scams and chargebacks.
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#3327
  1. Once a transaction happens, it cannot be thwarted by either party (unless reversed by agreement).
  2. I guess that is a double edge sword. You donā€™t have to trust that the transaction happens, but you have to trust the other party if something needs to be completed outside of the transfer of funds. I am suspecting in a marketplace, this is achieved like the paypal ranking system?
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#3328

once the transaction is done, it is final. complete.
you verify by math. and incentives

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#3329

1- it is impossible to manipulate a transaction that has already occurred
2 - the rule of the game is dicted by all participants and its impossible break him. We dont need thust anyone

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#3330

1)The transaction is irreversible once confirmed.
2)The transactions can be verified and cannot be altered. Ultimately, itā€™s up to the parties to take responsibility for the terms. Therefore, individual can trust a stranger with transactions.

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#3331

1 What do we mean when we say that blockchain has transaction finality/immutability?
It means once transaction is made it can not be reversed or cancelled

2 How does this lead to the trustless environment that blockchain creates?
You know that your transaction once made is final, and can not be undone.

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#3332

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

Transactions are final and cannot be reversed.

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

Trust isnā€™t created with the person but instead we trust the protocol because it can be verified mathematically

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#3333

Iā€™m not familiar with that. Some marketplaces provide features like escrow where the funds are locked until the buyer receives their items. :slight_smile:

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#3334

  1. Having finality means that once a trxn goes through the blockchain or a ledger, thereā€™s no going back. You canā€™t withdraw, appeal or change anything that has been sent through the blockchain or to a certain address, because it involves miners that are using electricity to solve these transactions.

  2. This whole finality concept of not being able to undo a trxn or call a central authority to block or stop a trxn BOOSTS the trust in the system 100% since now you can conduct business with a stranger and trust the math and verification conducted by miners & blocks (Energy expended by miners cant be reversed)

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