Homework on Finality - Questions

Blockchain and Bitcoin 101
#342

1.What do we mean when we say that blockchain has transaction finality/immutability?
It´s physically impossible to remove data from the blockchain as a single entity so a transaction on a blockchain is irreversible.

1.How does this lead to the trustless environment that blockchain creates?
Its ensured that no one has the power to trick the whole system. Transactions between strangers are insured by the network.

#343

Transactions cannot be reversed and are public forever.
Trust is in the math protocol.

#344

[quote=“ivan, post:1, topic:8424”]
Homework on Finality - Questions

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

Because once a confirmed transaction is complete it cannot be reversed physics says so! It’s immutable at that point cannot be altered it’s in the ledger unchangeable!

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

    There are no chargebacks like a on credit card! It’s a one way transaction. It’s a trust less transaction with a stranger and your paid for product or Services it’s done deal complete finito!

#345
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When the transaction is sent, it removes the trust between strangers and no one can stop or reverse it.
  2. How does this lead to the trustless environment that blockchain creates?
    We can verify all the data and transacions , removing the “trust” to do business with strangers.
#346

1.That a transaction once confirmed is final, it can not be reversed or changed.
2. One can do business with anyone including strangers. It is trust in the blockchain system (based on protocols and math) instead of persons or companies.

#347

  1. It means that they cannot be changed. Once a transaction has been approved, it stays on the blockchain and cannot be removed for taken back. The transaction is final.

  2. The finality means that people cannot change or take back a payment. So you don’t need to trust that they won’t tell the bank to block the transaction or recall the transaction. Once an item is purchased the purchase is final.

#348

  1. This is when a transaction has been confirmed it can never be reversed.

  2. This means we trust the technology of blockchain and the transaction is trusted by the blockchain technology

#349

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Every transaction that has been confirmed can not be reversed, it is final.
  2. How does this lead to the trustless environment that blockchain creates?
    You do not need to verify if the person is who he says he is or that the transaction can be reverted. The trust is in the system instead.
#350

[
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    *Once anything is done in the blockchain, it cannot be undo or reverse. That brings up the level of immutability.
  1. How does this lead to the trustless environment that blockchain creates?
    Tracking, transparency and mining
    [/quote]
#351

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    => once a transaction is confirmed it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    => because we can verify each transaction mathematically

#352
  1. The transaction can not be reversed.
  2. Every transaction can be verifyed and trust is not needed.
#353

  1. It means that transactions are irreversible.

  2. Everybody knows that there can be no chargebacks. Thus, it is easier to trust a stranger.

#354
  • What do we mean when we say that blockchain has transaction finality/immutability?
    a transaction has finality when there is no way to reverse it when has gone trough, and has immutability when is not possible to modify any of it after that has been written in the database.
  • How does this lead to the trustless environment that blockchain creates?
    remove the level of trust where i have to trust my seller or my buyer, anyone can do business with strangers, because cashbacks are made impossible.
#355
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When transactions are written to on the blockchain it is final, meaning unlike visa or other credit card transactions - they can not be reversed and transaction can not be changed.

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

The immutability and finality gives users the confidence that whatever is on the blockchain can be verified and will not be altered in the future, there by taking away the need to trust a 3rd party for this.

#356
  1. Transactions are irreversible.
  2. We can do business with strangers because we do not have to trust them, because we trust the math within the protocol that makes it so that a transaction is final. The stranger cannot reverse the transaction after receiving the good.
1 Like
#357

  1. Finality/immutability within blockchain means that once a transaction has been made; it cannot then be reversed. It’s final. This is achieved with mining and proof of work.

  2. Due to the finality of a transaction, it allows for an individual to transact with a stranger without having the need for trust. The transaction is permanent and cannot be reversed.

#358
  1. When transaction is made it stays on the chain forever. It cant be changed
  2. By verification in the network
#359

  1. The transactions in contained in in block of the blockchain can not be reversed or charged back, because in order to do so you must launch a 51% attack which is a significant cost to the attacker and should out weigh the purported gains, this system inherent within blockchain tech builds a decentivization mechanic for any would be attacker.

  2. The recipient of the transaction does not have to trust the payee to not reverse the transaction and thus allows greater means of payment without the risk of other centralized systems.

#360

[@ivan “ivan, post:1, topic:8424”]
Homework on Finality - 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?
  1. It means blockchain creates permanent records of all transactions that goes through the networks of computers secured by mining system.
  2. In this way, the blockchain make sure all parties who are transacting on the network are fairly treated. No charge backs or scams allow in order to have a trustless system while you still can exchange with strangers anytime.
#361

[quote=“ivan, post:1, topic:8424”]

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Mining secures that a transaction can’t be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    No one is there to fix your transaction. Your transaction is final. The only person you trust is yourself and the math in the protocol.