Homework on Finality - Questions

Blockchain and Bitcoin 101
#3555
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that when a transaction has happened it cannot be undone.

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

This intrinsic characteristic of the blockchain (if something is logged in the ledger it means that has happened) adds/complements to the other characteristics of the network (consensus, security, …) that makes everything verifiable and therefore eliminating the trust element.

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#3556

  1. What do we mean when we say that blockchain transaction finality/immutability?
    One a transaction has happened it can not be reversed it will stay in the blockchain forever.

  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust the other person they will reverse their payment by their bank, once the transaction happened it happened.

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#3557

1.- When the transaction is secured into the blockchain, no one can deleted o modify it.

2.- Trust is generated not only by relying with your eyes closed on the protocol. Trust is generated because you can verify absolutely everything and once it is secured on the blockchain no one can modify it

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#3558 
1. What do we mean when we say that blockchain has transaction finality/immutability?
	○ No way to reverse the transaction
	○ Transactions are publicly available forever
2. How does this lead to the trustless environment that blockchain creates?
	○ Because the protocol works you know that the transaction will occur as planned - and you will not get scammed - this leads to widespread adoption and trust - in the protocol.
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#3559
  1. What do we mean when we say that blockchain has transaction finality/immutability?

By this we mean that an action committed to/against the blockchain is permanent.
As described before, the blockchain is “digital stone.” A transaction may be inscribed and
added to the record, but nothing may be removed.

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

A perfectly persistent history lends to non-repudiation and, in concert with the other blockchain
qualities already discussed, allows a party to transact with perfect strangers, assured
the universe of the network not only sees the exchange, but has validated and recognized it.

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#3560
  1. Blockchain has transaction finality in a way such that once something happens there is not getting it back. For example if I send you $, I can not take it back from you, once I send it, it is yours. For me to get it back would require you to send it back to me, thus creating another block on the chain.
  2. It leads to a trustless environment due to it being physically impossible to remove the digital transaction once it has occurred. There is not take backs.
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#3561

  1. When a transaction has finality, it means that it can not be undone once its process, it can’t be recovered however it is recorded and shows all the information. immutability means a transaction can be postponed or it stop the transaction.

  2. With blockchain it’s an accurate transaction that will show all the information in real time compared to other organization where it not trusted.

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#3562

1- Transactions are done once and for all in a non reversible fashion

2- There’s no room for dispute or backing out an operation, the algorithm prevails over human manipulation and dissuasion

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#3563
  1. once a transaction is made it cant be reverted
  2. no scam, no charge possible
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#3564

  1. No transaction can be reversed. It is impossible based on physics, mining and proof of work.

  2. Since every transaction can be verified mathematically, there is no need to trust strangers.

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#3565
  1. Can’t do a chargeback on the chain. Irreversible
  2. Can be verified mathematically through mining and proof of work.
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#3566
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it means that when a transaction is completed there is no way to reverse it, node have find consensus and the transaction has been added to the blockchain
  2. How does this lead to the trustless environment that blockchain creates?
    Because there is proof nd consensu that the trnsaction has been completed, there is no need to trust, the network is public and verifiable.
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#3567
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It cannot be reversed or destroyed.
  2. How does this lead to the trustless environment that blockchain creates?
    It allows strangers to transact without having to trust each other or even know who’s on the other side. The transaction is verified by the network/math protocol.
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#3568

  1. It means that if a transaction is made, there is no way back and we can not take it back. Although it is not good for some businesses, it allows the businesses who use crypto to remove the trust factor and do business more freely, even with the strangers.

  2. We don’t need to trust since we can verify the transactions on the system. That leeds to the trustless environment.

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#3569
  1. What do we mean when we say that blockchain has transaction finality/immutability? Means that once a transaction is executed it can not be reversed/mutated, therefore it is immutable/final.
  2. How does this lead to the trustless environment that blockchain creates? Since all transactions are final, and verifiable, then it is feasible to audit/validate that a certain transaction has taken place, without need of contact or control from a central authority.
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#3570

1.That after a transaction, there is no recourse. Once accepted onto the chain, no way to cancel it.
2.It allows us to trade/do business with complete strangers, as we trust the math/protocols.

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#3571

  1. You can’t change undo or refund transactions. Once they are set they are set forever.

  2. You trust the math and protocol that the transaction can not be reversed or undone.

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#3572

  1. Finality refers to that immutable quality of the Blockchain wherein transactions, once confirmed, can never be changed, removed, nor duplicated.

  2. The parties involved in the transaction (e.g., Buyer and Seller) do not have to establish trust with one another, nor do they even have to know one another, nor do they need a centralized intermediary to facilitate the transaction because the inherent nature of the distributed network’s protocol provides finality which disallows changes, refunds, chargebacks, etc. resulting in secure, efficient, worry-free dealings.

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#3573

  1. The finality/immutability feature of blockchain means that once a transaction is verified and that block in now part of the chain, it cannot be changed or erased, reversed or corrected.

  2. This finality feature creates a trust-less environment because it allows for all transactions to be proven/verified using math and calculations and also displays publicly each block that has been “set in stone” so-to-speak.

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#3574
  1. It means that a transaction cannot be reversed
  2. its means that the receiver knows there coin/token is coming to them and they cannot lose it
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