Homework on Finality - Questions

Blockchain and Bitcoin 101
#3435
  1. it means that transaction has been verified but the network of computer and cannot be reversed.
  2. it will allow strangers to work together while trusting the protocols of the block chain and allowing transparency.
2 Likes
#3436

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When the transaction is made it is verified by the network and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Instead of trusting third parties, the users are trusting the network (math and protocol). It gives the possibility for strangers to make transactions with each other, relying on the network.

3 Likes
#3437

  1. Once a transaction has occurred there is no way to reverse or tamper with it.

  2. Users do not need to rely on the word or promise of the other party. To check whether a transaction has been completed they consult the blockchain which contains the answer.

3 Likes
#3438
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality/immutability within blockchain means once the transaction has been confirmed there is no way to reverse it. A new transaction is added to the ledger that can’t be modified or deleted.

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

This leads to a trustless environment within blockchain as the ledger within the network itself determines whether a transaction is true, hence eliminating the need for trust. It does this via a ledger, as each confirmed transaction before it has become verifiable, final and immutable.

3 Likes
#3439
  • What do we mean when we say that blockchain has transaction finality/immutability?

It means that once a transaction is done/complete it cannot be reversed, done is done. No way to reverse the transaction.

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

When one receives a transaction they can be sure that the transaction is done, complete, received and there is no way that the sender can can reverse the transaction

3 Likes
#3440

  1. It means once a transaction is complete it can never be changed.

  2. You don’t have to trust a person or company to record correctly and never edit a transaction, you only have the code and protocols.

2 Likes
#3441
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction is approved, it will not be changed. No chargebacks.

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

Anyone can send on the blockchain and trust in the network and its protocols, not a third party.

3 Likes
#3442
  1. Once you made a transaction it is not possible to reverse it.
  2. You don’t have to trust a stranger because the system won’t let them reverse the transaction.
2 Likes
#3443

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

Once a transaction happened, it is locked in the blockchain forever - there is no way to revert it.
e.g. if you send bitcoin to a wrong adress, it’s lost.

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

There is no argument about fraud - each transaction can be mathematically verified.

3 Likes
#3444

Answers Finality

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

When a transaction is written to the blockchain (through mining), there is no way of reversing that transaction.

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

As sender or receiver of a transaction I can be sure and verify that the transaction happend as agreed. No one is able to cheat. Example: As a seller I can be sure that the buyer is not able to rollback the payment once he has paid. The other way, as a buyer I can prove that I made the payment.

2 Likes
#3445

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

The transactions are final and cannot be reversed .

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

You can take action with people you don’t Know or trust since you trust the blockchain environment to take action according to the agreement for each side

2 Likes
#3446

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

Blockchain has transaction finality mean once the transaction has been made it can’t be reverted amended or cancelled.

How does this lead to the trust less environment that blockchain creates?

Once a transaction is verified on the blockchain it is final and there is no need to trust on the other party to commit to it as the system will enforce it.

2 Likes
#3447

1.Finality means that once a transaction is made - it’s final, it cannot be reversed.
2. There is trust in the system so there is no need to trust the person you are dealing with, therefore allowing doing business with strangrs.

2 Likes
#3448
  1. What do we mean when we say that blockchain has transaction finality/immutability? Cannot go back and turn back time.
  2. How does this lead to the trustless environment that blockchain creates? People make an agreement and they are held to it. I know its older course, but Trustswap has a great solution for trustless transactions through their application.
2 Likes
#3449

The transactions can’t be changed once they’ve been confirmed on the blockchain. They are final.

We trust the protocol and the math.

2 Likes
#3450
  1. Once transactions are approved and written to a block, virtually impossible to have that record changed.
  2. Knowing that it is “final”, means no one can be cheated in the typical transaction fraud.
2 Likes
#3451
  1. What’s done is done. No return restart next go.
  2. No more stranger danger!! :green_circle::fast_forward:
2 Likes
#3452

  1. Once there is consensus, after a transaction. It is final. You can not reverse or cancel the transaction anymore.

  2. Because you can not be scammed, or cheated. Even when doing a transaction with a stranger.

2 Likes
#3453
  1. people are not able to revert a transaction later on. once its entered its final.
  2. you are not able to scam by chargeback, defraud or delete data
3 Likes
#3454
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction has been send/completed there is no way to reverse the transactions, the transaction is added as a block on the blockchain and will stay there forever
  2. How does this lead to the trustless environment that blockchain creates? As a customer there is no way to reverse the transaction, so you don’t have to trust or know the receiver/sender. the network is to be trusted.
2 Likes