Homework on Finality - Questions

Blockchain and Bitcoin 101
#3475

  1. That means we cannot modify or delete something in the blockchain. It is theoretically possible only if all the networks agree. But the networks follow the protocol rules for make the profits, and this doesnt happen.

  2. All transaction are immutable and public forever and with that we can reach a trustless enviroment. Where anyone one can have transaction with stranger and dont have to trust them but only the math. If all transaction are immutable forever there is no possibility for charhebacks.

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#3476

Once the transaction has been confirmed it cannot be reversed.

Blockchain allows individuals to trust the protocols and the network. There is no need to know the other party in order to make business with confidence.

1 Like
#3477
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is confirmed it can never be reversed or changed.
  2. How does this lead to the trustless environment that blockchain creates?
    We no longer need to hope or trust that the other party will keep their end of the transaction from being reversed or changed in any way.
2 Likes
#3478
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • It does mean that the transactions are trusted and when they are made it canā€™t be removed at all and stay there forever.
  1. How does this lead to the trust-less environment that blockchain creates?
  • It is trusted, because we no need to trust the person but otherwise trust the protocol and network, we no need to include third party or knowing the person to make business.
1 Like
#3479

  1. In Blockchain finality is definite. The equation is one that makes it mathematically verifiable indefinitely and publishes it on a public ledger for anyone to verify. The technique utilizes a program that literally harnesses the electrical nature and capacity of cpuā€™s and blends it with the code as it tries to solve it utilizing the cpu in a unique way that emphasizes the raw electrical power behind the cpu processor rather than the applications that we utilize cpus for. Because of the way processing power (heat/energy) is needed to solve the equation, rather than pure logic alone without the energy requirement, Its almost like the cpu program interacts with electricity itself, like the program is using more than just what the coder creates. He harnessed the power of sound principles and physics and made it the foundation of bitcoin. Thats why its trustless and definite, it has taken on the soundness nature of the principles from which it was derived.

  2. The trustless environment is verifiable based on physics and math not personal records

1 Like
#3480

Hello!

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, it canā€™t be removed. Itā€™s final!

  2. How does this lead to the trustless environment that blockchain creates?
    When we receive a payment, no money or chargeback is possible. Business is possible with strangers since every transaction is final and physically it canā€™t be reversed.

R

1 Like
#3481

In the blockchain network, after you review the address and the detail of the transaction and you click send. When the blockchain approves of the transaction. That is it, you can never reverse that transaction.
You can cry all you want, no one can help you reverse what you just approved.

Scammers are everywhere, they cannot take anything from you not unless you give it to them or they fished it from you.

1 Like
#3482

Homework - Finality

1. What do we mean when we say that blockchain has transaction finality/immutability?
   The transaction has been finalized and can not be modified or deleted 

2. How does this lead to the trustless environment that blockchain creates?
   We can do business with strangers we don't trust because we trust a blockchain trustless environment that makes it not possible for other parties to modified a transaction that has been confirmed
1 Like
#3483
  1. When transaction is confirmed on blockchain it can not be recalled.
  2. you only need to trust blockchain, not a seller,person,stranger , security is guaranteed.
1 Like
#3484

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction goes through, there is no ability to reverse it.

  2. How does this lead to the trustless environment that blockchain creates?
    People would not be allowed to do charge backs, once a transaction is complete it is final.

2 Likes
#3485

Once data is entered into the blockchain, it cannot be edited or removed. Once itā€™s in there, itā€™s in there.

Blockchain is an impartial third party that displays its data publicly and cannot be erased. This level of transparency and permanence eliminates the need for trust.

2 Likes
#3486

  1. What do we mean when we say that blockchain has transaction finality/immutability? Answer: It means that once a transaction has been confirmed in the blockchain network, it cannot be undone. Once the transaction has been confirmed, itā€™s final.

  2. How does this lead to the trustless environment that blockchain creates? Answer: Trust is not needed for transactions as transactions are not dependent on trust. Transactions are dependent on whether they have been confirmed in the blockchain network, or not.

1 Like
#3487

  1. Once a transaction is done, there is no way of undoing this. Unlike banks that can actually undo transactions.

  2. You donā€™t have to trust anyone by making a transaction on the blockchain network. Itā€™s irreversible and it canā€™t be removed. Your trusting the math, no person is directly involved to possibly manipulate.

1 Like
#3488

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

Every transaction which is verified by the miners is irreversable. So nobody can say I didnā€™t received the money. When its included in the blockchain nobody can change it.

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

Someone cant deny that they didnā€™t received the payment for example, since there is no chargeback. So its possible to do business with stranger.

1 Like
#3489
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain has transaction finality/immutability, means that a transaction canĀ“t be reversed or cancelled.

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

Once a transaction is done it canĀ“t be reversed as it removes trust, you can do business with strangers.

1 Like
#3490

  1. Transactions are irreversible by the person who sent the transaction. Transaction cannot be be modified or deleted.

  2. All transactions are public forever while trusting that no party can reverse transactions.

1 Like
#3491
  1. by finality we mean that once a transaction is made it is not reversible.
  2. so you dont need trust of anyone because the information is there and is irreversible. you can not take information out of the blockchain. all you need is there.
1 Like
#3492

You can not do chargebacks. All transactions are final.

You donā€™t need to trust anyone, or worry about someone doing a charge back.

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#3493

  1. Transactions are final once sent. You can go back and cancel it, it is impossible.

  2. Transactions canā€™t be reversed or duplicated.

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#3494
  1. Transactions cannot be modified or deleted. All transactions are therefore public forever.

2)The parties in an agreement canā€™t change it. Trust is placed in the math, protocols, and POW of the network.

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