Homework on Finality - Questions

Blockchain and Bitcoin 101
#322

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All confirmed transactions are irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    Because everyone trusts the protocol and can verify the transactions. Everyone can do business with everyone without knowing eachother because there is consensus in the network.

#323

  1. The transaction cannot be removed, cancelled or reversed - once complete it is on the blockchain forever.

  2. Strangers can interact with each other confident that the other party cannot default.

#324

  1. When a stranger makes a transaction for example, their is no charge backs or payment cancellations. Trust has been removed.

  2. It leads to the faith in transactions and data transfers being completed. It builds on the solid, one-way, and dependable network structure that miners and end users come to rely on.

#325
  1. You canā€™t reverse a transaction once its confirmed on blockchain.
  2. It becomes trustless because there is a verifiable record of transactions on blockchain and unlike in the traditional financial system it removes the risk of charge backs.
#326

  1. When we say blockchain transaction has finality/immutability, we mean once a transaction happens, it just happens. There is no way to reverse the transaction.

  2. With the immutability feature, people donā€™t have to trust each other in order to do business, but verify through mathematics.

#327

  1. Once a transaction is confirmed, it can never be reversed or changed.

  2. When a merchant receives a blockchain payment, they can have absolute certainty that the transaction will not be reversed.

#328

1.that the transaction is finaland it cant be change or reverst noor hackt
2.you can do peer to peer transactions whit strangers whom you never meet before whitout risking anything do the blockchain tec as a hole du to the many invidually aspect working togherter whit in each and every block

#329

Homework on Finality - Questions

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

When a transaction has been approved by the network and added to the blockchain there is no way to do a chargeback.

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

You can trust on the fact that the counterparty cannot reverse the transactions.

#330

1- Transaction immutability means that the transaction can not be undone or reversed. Once itā€™s done it is there forever. Immutability means that you can not change or modify the actual content of a transaction.

2- The trustlessness derives from the fact that you remove the need for third parties to process transactions. You only need to trust maths and the protocol.

#331

Once a transaction has been sent, it can not be reversed. And once the transaction is on the blockchain, itā€™s made clear(transparent) that it took place.

Because the transaction can not be reversed, it means that the person who sent the transaction can not ask for their transaction back, and the person receiving the funds can not ā€˜double chargeā€™ where the funds came from.

#332

What do we mean when we say that blockchain has transaction finality/immutability?
1.) Once a transaction occurs it cannot be reversed. No Chargebacks. It is permanent.

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

Trustless meaning that the person who sends BTC or makes a transaction on the blockchain does not need to trust a stranger. They can transact with them knowing that the transaction cannot be cancelled or reversed

#333

  1. Blockchain has finality/immutability, because once a transaction has happened it can not be reversed or changed.

  2. You do not have to know a person to make a transaction with them so strangers can do business together.

#334

1.Transaction finality means that transactions cannot be reversed, no charge back function. Immutability in a blockchain means that transaction data is permanent and can not be changed its permanent.

  1. Finality/Immutability means no one single individual or group can change the data in the chain allowing anyone to validate the data that chain represents.
#335
  1. When its done, itĀ“s done. Irreversible.
  2. When itĀ“s verified itĀ“s permanent
#336

  1. Once a transaction has been added to the blockchain and confirmed it can never be removed.

  2. It allows mathematical verification that a transaction has occurred and that transaction can not be reversed.

#337

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

Answer: Once transactions are entered into the blockchain, it is not possible to erase or edit it.

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

Answer: Because you can be sure that transactions in the blockchain are permanent and you donā€™t need to check if it was manipulated or compromised.

#338

  1. When we say the blockchain has transaction finality/immutability, this means that once a transaction has been confirmed, there is no going back. It is on the ledger for eternity, regardless of whether it was hack or whether it was legitamate.

  2. This leads to a trustless environment because no one can dispute the transaction. Or rather they can try, but if consesus is against them, then nothing can be changed.

#339
  1. We mean that it can not be reversed like in banking system.
  2. This lead to the trustless environment by not involving any centralized thirdparties that has to approve the transaction. Approving is done by mathematics that miners do using the electricity and hardware.
#340
  1. Once a transaction is in the blockchain it can never removed or reversed, therefore it is final and forever.
  2. It removes trust as everyone knows that any transaction cannot be reversed or removed and allows for the safe transaction between complete strangers. The trust is in the protocol.
#341

  1. Once the transaction is sent it wonā€™t be able to be reversed. It is final.

  2. It means we can transact with strangers because we can both trust in the protocol and math behind it.