Homework on Finality - Questions

[bulletfingers]

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

Once a transaction happens, it is permanent. It can not be taken back like a chargeback on a credit card.

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

This adds to trustlessness because you know that once a transaction occurs on the blockchain there is no way for it to be reversed. Or in other words you don’t have to ‘trust’ that it won’t be reversed.

[claudianohelis]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   This means that any transaction made on the blockchain network is going to be registered forever without any possibility to take it away.

2. How does this lead to the trustless environment that blockchain creates?
   It leads to a trustless environment because we can verify any transaction ever made knowing it hasn’t been modified, lost or changed from a third party.

[Austin_Burns]

1. When the blockchain receives a transaction it writes it into the “digital stone” and stores the information that cannot be removed or undone.

2. when a transaction cannot be undone or disputed this leads to the lack of ability for fraud to ensue. This makes the platform more secure as a whole.

[Randallcrum]

1. Once a transaction is accepted into the blockchain, it becomes an immutable part of the blockchain and cannot be undone because of the massively distributed nature of the protocol. The transaction is set and cannot be undone or walked back. If both parties agree, a new transaction could be done to return value to the first holder, but this is a new and separate transaction, requiring participation of all involved parties.

2. This leads to a trustless environment because trust is removed as a factor. The possibility of charge-backs is eliminated because they are network-impossible to perform.

[yaisah]

1. What do we mean when we say that blockchain has transaction finality/immutability?
It can’t be reversed, the transaction is final once it happens.

2. How does this lead to the trustless environment that blockchain creates?
Trustless because you verify a transaction mathematically. Through proof of work and mining you are able to remove trust and safely do business with anyone.

[ranieldolendo]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once a transaction has been put through there is no way of undoing that transaction.
2. How does this lead to the trustless environment that blockchain creates?
   With finality blockchain allows us to do business with strangers.

[philipmarino]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   That means once a transaction has completed it cannot be rolled back

2. How does this lead to the trustless environment that blockchain creates?
   Because transactions cannot be reversed after confirmation are no need of trust just verify.

[mruth98]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   This means that once a transaction has been performed, it cannot be reversed or revoked. It is final, no if’s, and’s, or but’s.

2. How does this lead to the trustless environment that blockchain creates?
   It is an even playing field for transacting. If you want to do business on the blockchain, all parties know the finality so therefore it is in the best interest of each party to make sure the business they are transacting is optimal. This rule helps to eliminate trust.

[Patrick_Pippen]

1: transactions are final once confirmed they can’t be cancelled or refunded.
2: no transaction can be reversed and there is no party to coherence into undoing the transaction.

[ITakeTheRedPill]

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?

Answers:

1. It means that once a transaction is settled it cannot be reverted in any way whatsoever.
2. It means that buyers and merchants can trust each other that a transaction has been finalized. This reduces potential fraud from buyers.

[kimberleyk]

@ivan

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

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Bitcoin transactions cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
   People can trust the network as it is mathematically correct, public & verified by multiple parties. We no longer need to trust, because transaction history is transparent & accessible.

[cge5009]

1. Once a transaction is confirmed then it is final and cannot be undone.
2. In a transaction if you are the recipient then you don’t have to worry about the sender being able to undue the transaction and you losing your money/token.

[stuart1066]

1.it means once you have made a transaction the deal is done , the sender cant get a refund
2.there is no ned for trust when a mathematical verification project is in place

[Steve_Studies_Crypto]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means once a transaction has been made, there is no way to reverse it or alter it.
2. How does this lead to the trustless environment that blockchain creates?
   The nature of how miners create the blocks leads to trust in the network. Instead of individuals needing to trust each other, they trust the network they are both using to transact.

[RGehl]

What do we mean when we say that blockchain has transaction finality/immutability?
It means that the transactions are permanent and cannot not be altered.

How does this lead to the trustless environment that blockchain creates?
It allows people who don’t know each other to have trust in the accuracy of the information.

[PamelaD]

The blockchain has transaction finality/imutability because when I transaction is made, you cannot go back and change it. It is final.

A trustless environment that blockchain creates is alll centered around mining.

[jacobo]

1. That the transaction is not able to be modified or changed in any way, even if there was a user error from the sender themselves. It’s like a “No questions asked” policy with absolute transparency beforehand with no forgiveness during.
2. This leads to it by having a very cut and dry protocol that everyone is complying with and using properly. With having the security it offers, making transactions impossible to modify and other capabilities, it makes any fraud or technological manipulation for self gain impossible.

[ChrisFREAM]

Homework Finality 1/14/21

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means that once a transaction is recorded and verified on the chain, it cannot be removed or tampered with. The transaction is “final”, cannot be returned or altered due to buyers remorse.

2. How does this lead to the trustless environment that blockchain creates?
   We trust in the system, in the decentralized technology, not in a person or organization.

[Emilio]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   final transactions with no reverse. Transparent to all with no question of fraud
2. How does this lead to the trustless environment that blockchain creates?

eliminates the word of trust and makes it a fact. when you do 1 you will receive 1 according to agreement

[Albay]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Whenever transection happens it is happened.
2. How does this lead to the trustless environment that blockchain creates?
   Because there is no reverse of transection.